Cost of health insurance

[New Washdog]

I don't know about other states, but in Vermont open enrollment for insurance is quickly descending upon us. I find that the cost for insuring a family as an independent is outrageous! In 2018 I saw an 8% increase in premiums, and 2020 premiums for me are set to be 16% more than I paid last year. For 2020 if you take the cost of premiums plus the deductible (which I have to reach before seeing any real benefit from the insurance) I'm on the hook for $31,000 a year. I understand there could be some catastrophic event, but seriously the odds are not that great.

I am seriously thinking of forgoing insurance, and just banking the premiums! Is anybody else doing this and are you willing to share your thoughts/experience?

Thanks in advance,

 

[Axxlrod]

I'm in the same boat as you. Prior to Obama-care, I insured my family of 5 for about $600 per month. Then Obama-care arrived, and premiums starting going straight up.

This year my monthly premiums were $1925. I just received my renewal letter, and of course my current plan has been discontinued, and the closest replacement is $2300 per month, and the deductible went up to $12K.

Ridiculous.

My wife and I are healthy, as well as my 3 kids. No diseases or major illnesses. We hardly use the doctor; mainly kids go a few times per year for basic visits and the seasonal flu or cold, etc.

I'm about ready to cancel insurance and bank the money I'd spend on premiums.

I just don't want to be exposed if there becomes a surprise medical issue...

 

[Randy]

Most people I know who are self-employed only have catastrophic health care insurance, they pay for the office calls out of pocket, but it’s still expensive.

 

[New Washdog]

Most people I know who are self-employed only have catastrophic health care insurance, they pay for the office calls out of pocket, but it’s still expensive.

If I understand what I have read on the internet, a catastrophic plan is about half the cost of a traditional plan. And eligibility for a plan is based on your age (30 or under) or you qualify for a hardship exemption, which I don't believe I do. I'll need to read through all the info again at least thirteen and a half more times before I'm confidant I understand it.

https://www.healthcare.gov/health-coverage-exemptions/hardship-exemptions/

Thanks for the responses Axxlrod and Randy

 

[soapy]

I used to have a health plan with a high deductible before Obama care. After it came in I had to get a minimum plan that has a 10K deductible per person that gives my wife and I 4 visits each per year to a doctor and some copay prescription coverage. I am paying almost $900 per month for that and I am sure it will be going up in the next 2 months, I just do not know how much yet.

 

[Axxlrod]

"You can keep your doctor", he said.

"You can keep your healthcare plan", he said.

Friggin liars. All of 'em.

 

[water guy]

Just sit back and wait if they get back in Office it should only get worse. We pay 1200@month for Minimum Insurance and it was 800 a month before Obamacare

 

[Ghetto Wash]

Home - Christian Healthcare Ministries

CHM is the longest-serving health cost sharing ministry in the nation. Learn more about an affordable, faith-based healthcare solution.

www.chministries.org

Last time I got a quote on insurance it was about $2,500 a month for the two of us. I joined these guys 4-5 years ago. Have had a couple claims and works just fine. $300 a month for my wife and I. If you join use my name and I'll get a small kick back (one month free I think).

 

[washnvac]

It is all a scam. Increases every year. My family of four is $1918 per month, with a $13,000 family deductible. I have not got the increase for 2020 yet, but I know there will be one. We do participate in a health savings account which cuts our out of pocket costs by about 30% because the HSA has tax benefits just like an IRA.

 

[water guy]

Home - Christian Healthcare Ministries

CHM is the longest-serving health cost sharing ministry in the nation. Learn more about an affordable, faith-based healthcare solution.

www.chministries.org

Last time I got a quote on insurance it was about $2,500 a month for the two of us. I joined these guys 4-5 years ago. Have had a couple claims and works just fine. $300 a month for my wife and I. If you join use my name and I'll get a small kick back (one month free I think).

Will Check it Out Thanks

 

[mjwalsh]

About a year or so ago ... when I was cleaning & locking up the laundromat ... about a 40 year old black guy (folding his clothes) & me got into a conversation. I honestly believe he was telling the truth. He said that he had escaped Fidel Castro's regime when he was about 20 years old. He made it clear to me that his experience with socialized medicine was also shown to mean letting hospitals force an amputation ... unnecessarily ... cheaper for government interests etc!!! This is one of many reason's my folks & myself have always been pro life including the best approaches to make that high road do-able!

My main help had his health insurance premiums paid for me & the business for well over 10 years ... that started to go out the window & up the creek ... about the time of Biden's vulgar (off mike) remarks celebrating the passage of Obamacare.

Don't get me started on how much time was wasted trying to get my main help's family setup with the healthcare fiasco website sometime after those remarks etc. The business cost for the previous plan skyrocketed even more creating of an impediment for continuing to pay through the business!

Individuals in both parties have to be watched to some extent though. Does this not appear to be a "drunk with power" situation?: