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Hey I know this topic is of concern to everybody. My health insurance has just went up a bunch in the last couple off months. It went up in November an now theres another raise for April. Its over doubled in the last 4 months. Is everyone else having these same raises or is it just me. I havent had any claims in several years. They just says its due the increasing number off claims an incresing health care expenses.
Ours goes up every year. When I was at UP, the out-of-pocket for just me wasn't too bad, but the family plan was really high. We have the family under my wife's Federal Blue Cross plan now, and it just went up again too. I haven't got the prices on my plan under my new employer, but I know it won't be as good a deal as before.
Increasing Costs and claims will just keep insurance premiums to rise (where do you draw the line?)
My insurance I believe is just under $200 per family, but because It's a Mayo Clinic Employee Rate. Coverage is great, but the catch is getting a Mayo Provider to provide care. Coverage gets more expensive for each claim under a "non-Mayo Provider". So if I get sick up here great, somewhere else kind of expensive"
The sad thing is, you can't afford NOT to have insurance. Yeah, It stinks paying over $300 a month and really sucks when you hardly have any claims over the years, but if you figure numbers, it only takes one major surgery or lengthly hospitalization to rack up Outragous Costs. Take this for example: If it takes $1000/day for a hospital room = $7000 for a 7 day stay which can be an average stay in the hospital for many surgical procedures. That is only the cost of the room, NOTHING ELSE. Right there is almost two years worth of Premiums at $300/month. Lets say you have paid 10 years at $300/month thats $3600/year, $36000 for 10 years. $36000 isn't much.
What it boils down too, you just can't Afford NOT to have insurance. It only takes one time. I wouldn't be so concerned about the premiums as relation to what your coverage is. Like what is your deductible and what percentage is covered. For a $100,000 bill, if your insurance covers 80% and you cover 20% than you owe $20,000. That sounds like a lot of money and it is, but having a $100,000 (which can be on the low end, happens everyday),but it's better than having to pay the full 100K. Or worse, the risk of not being able to get the care because of having no insurance.
It is one of those frustrating things about American Health Care and Insurance Premium's are a major reason why many people don't have insurance. Over $300 a month is quite a bit. It's less than a new Truck Payment, but is high enough for many people to not be able to afford it. At minimum wage, takes alot to afford that kind of premium.
I think it's around $350 for the family. I was only paying $90 for a single when I worked for UP.
I double checked on the cost of our insurance, it's actually about $292 per month.
Great info Buck.... We had a huge claim about 5 years ago before our second child was born. My wife went into pre-term labor at 30 weeks. We were living in Helena, Montana at the time and the hospital could not handle it. They flew my wife to Missoula ($6000 just for the flight), and she had to stay there in the hospital for a month. When it was all said and done, the bills totaled close to $50,000. At that time, my wife was primary on her employer's plan and I carried her as a secondary on my family plan. Because we had double coverage, the deductibles were waived and we only ended up with about $400 total out of pocket for that ordeal.... of course I still had all the travel, missed work, etc. since she was 180 miles from home. Fortunately, modern medicine kept the baby from coming early. My wife came home to Helena and a couple weeks later we had a healthy full-term baby.
Looking back at that situation, can you imagine if you wouldn't have had insurance. $400 for a $50000 bill...That's what makes insurance worth while. I'm sure that was a stressful time, but at least you didn't have to worry about the cost of all of it. Nobody wants to worry about how much something is going to cost when it comes to saving your life or a loved one.
When I worked in town I had a great plan and it made it hard to leave the company. Now I have terrible insurance but the boss pays 100% for the employee. The wifey is on her own plan at her work which is highway robbery too. Mine is so worthless that I don't use it. I just keep it in case something major happens.
Sorry guys, been really busy here at the plant. Since I just have myself on my plan, I pay around ninety five a month. My wife carries the kids, since it is a little cheaper for her. It's just stupid for what healthcare is anymore. The thing that kills me, is that they say how expensive it is, then they build these elaborate hospitals, that are way more than they need. Do we really require a waterfall in the hospital lobby to ensure we get well??
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