My health insurance premiums went up by over 30%

[RogueDadMD]

My premium is going from ~$98 a month to ~$130 a month.

I'm on a HDHP, $3k deductible (unchanged), OOP max inc from $5500 to $6000.

Employer gives a small amount to the HSA -- would be nice if they bumped it up, but I guess I can't complain considering my HSA each year still covers my entire OOP max with room to spare (if I choose to use it that way).

I can't complain much since that's dirt cheap compared to others.  That highly subsidized healthcare is part of my compensation (though I would rather just have a ton more cash in my pocket).

But 30% is a big jump -- I've been on this plan for 5 years and never had more than a few % increase, and I think this is the first OOP max increase.

No, I don't blame Obama.

[RogueDadMD]

I should also clarify I am not complaining -- I know many of you face substantially higher premiums and higher increases (i.e. paying $20k/year in premiums alone).

The 30% increase is notable, but further increases are likely inevitable given how cheap my health insurance is at the moment.

 

[CM]

Rogue Dad, M.D. wrote:

though I would rather just have a ton more cash in my pocket

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Your employer can obtain health insurance for less than you could obtain it independently, so it's better for both you and your employer to structure your compensation this way (as I'm sure you already know).

[Antares]

I think a few of us, myself included, have recently mentioned figures around $30,000 per year. But I'm counting on Congress to get this thing sorted out.  :evil:

[Lithium]

One of the main reasons I haven't quit my employed job.  If I'm safely FI in the next few years and ready to do so, I'll seriously think about applying to Costco or REI part-time just to get the health insurance.

[RogueDadMD]

CM wrote:

Your employer can obtain health insurance for less than you could obtain it independently, so it’s better for both you and your employer to structure your compensation this way (as I’m sure you already know).

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Oh I know they have an ability to negotiate a rate that I could not get on the open market -- I can't just get the cash and find that same policy on my own at the same price (sans subsidies of course).  In that way I'm being subsidized twice -- the group rate and the employer paid portion of that rate.

As someone who doesn't plan to forgo insurance, my policy is about as good as can be expected (short of going to an employer who offers an even better policy), and cash on hand would go towards a policy.  However the tradeoff isn't in a vacuum, because I lose compensation in other ways.

None of this is a complaint.  That 30% markup is notable regardless of the subsidy, but the potential for a 5-figure increase in my taxes has me far more concerned.  Yes I know the tax bill is not final, so I am at this not going crazy at this point.

[CM]

Rogue Dad, M.D. wrote:

That 30% markup is notable regardless of the subsidy, but the potential for a 5-figure increase in my taxes has me far more concerned.

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Do you know of an accurate online tax calculator that compares current law to the proposal? I'd like to know how my taxes will compare.

[VagabondMD]

No doubt that your employer's cost of insurance has risen, but they are also undoubtedly passing on a disproportionate share of that increase to you.

[RogueDadMD]

CM wrote:

Do you know of an accurate online tax calculator that compares current law to the proposal? I’d like to know how my taxes will compare.

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No -- I've been making estimates based on the most recent proposals to eliminate certain deductions and exemptions.  However given the fluctuating nature of the bill I'm not spending time crunching hard numbers.  It's going through debate and still needs to clear the Senate, so even with only a couple changes it could change how it impacts me by significant amounts depending on what minor change they make.

[VagabondMD]

Just went over to my FB feed, and lots of folks are complaining about rise in health insurance costs. This cannot go on like this much longer, IMO.