Reader 2014 Health Insurance Premium Price Change Roll Call
Love it, or hate it – the new exchanges and the plans available within will have an impact on premium prices, quality of coverage, and out of pocket costs.
But it doesn’t seem like there is a general consensus yet on exactly what kind of impact will be had. It’s long been projected that those who are young and healthy will see higher premiums. That seems likely. At the same time, tens of millions of previously uninsured individuals may be able to get affordable subsidized insurance or any insurance (when previously denied due to pre-existing conditions) for the first time… if the bumbling idiots who set up the website structure can get it fixed.
Other than that, it’s been strictly conjecture and prognostication.
For starters, I will personally see an increase in premiums for my employer sponsored high deductible plan. Premiums for me will be up $28.16 per month or $338 annually. This is an increase of over the $936 I was presently paying annually (for my wife and myself). My employer specifically stated that this increase was mostly due to having not increased premiums over the last few years at all (pent-up inflation). If you just look at the increase in percentage terms (27%) – it seems quite dramatic. However, given that I am only paying about $100 per month for two adults, I’m feeling pretty good. Nothing was taken away from me in my plan.
There’s also the matter of what I’ve gained from ACA changes to mandatory coverages from insurers. Two preventative visits annually are covered under my plan. Additionally, my wife’s birth control prescription is now free as a result of the ACA (in addition to 21 other now free female preventative services), and that will save us approximately $254 per year, maybe more, in some years.
We also get free flu shots and 15 basic preventative services covered for everyone now. And while it hasn’t come in to play yet (thankfully), there is the comfort gained from knowing that if my wife or I do come across a catastrophic or high cost ailment, there will no longer be any lifetime coverage caps, that if exceeded, would have the potential to bankrupt us.
Given that I was able to make money on health insurance each of the last two years (in combination with employer HSA contributions) and if things go well again in 2014 – a third straight year, I’m actually feeling very good. I will once again make the maximum HSA contribution to stockpile savings for future medical costs, while I can.
Health Insurance Premium Price Change Discussion:
I’ve shared my story, but I want to hear from all of you as I think it would provide an interesting gauge on the immediate impact of the ACA on health insurance premiums.
I would expect that those who are young and healthy (much of my primary reading audience demographic), and particularly those enrolled in HDHP’s, will see premium increases. I also expect that you’ll also see rises in the quality of what is covered. But beyond that, this could prove to be very informative.
If you’ve run the numbers, please provide as much quantitative and qualitative feedback as you can provide:
- What was your premium price in 2013 and what will it be in 2014?
- Are you eligible through a subsidy on a public exchange? How much?
- Where did you enroll for insurance for both years (employer, public exchange, private exchange, individually bought) and who is the insurer?
- What are the ages/health of those covered?
- What state do you live in?
- If you have any unique scenarios (i.e. could not get covered before due to cost or pre-existing condition, and you will be covered next year), please share!