Monday, September 26, 2016

More 3000% Rate Decreases

Once more, with gusto:

Just got in another batch of renewals on some of my Grandmothered and Grandfathered plans. Sally, for example, has a $3,000 deductible, HSA-compliant plan with no co-insurance. Her current rate of $384 a month is increasing by 17% to $450. She called to ask what we could do about it, and I told her - unironically - that this was the part of the program where she writes the carrier a Thank You note.

Why is that?

Well, I found two plans that came close:

The first has a $6,550 deductible, then 100%, is also HSA-compliant, and weighs in at a respectable $525 a month. So she can spend an extra $900 a year while enjoying twice as much out-of-pocket.

Her other choice is a plan with her current carrier, with a $4,000 deductible, and a $675 a month price tag.

To put this in perspective:

Under her current plan, she's out $8,400 for the year before the insurance pays dime one (well, except for some preventive care).

Under Option A above, she's out just shy of $13,000 before the plan kicks in (well, she would have "free" birth control convenience items and maternity, which may be of limited value to her 55 year old self).

And under Option B, she'd be paying just over $12,000 for the privilege.

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