Health Insurance Rates

As I was finishing my first blog yesterday, UPS delivered an envelope to our door.  Oh yeah, it is insurance renewal time!  I dreaded opening it because last year at this time, our insurance rates jumped 20-something percent, so I knew it had to be just as bad this year!

When Obama was campaigning, he told us he was going to "reform" the insurance companies in the U.S. and that he would keep our rates from going up because they were, quite frankly, too high already!  OK, I'm paraphrasing!  I really don't think anyone "bought" that line, but..O.K.!  Now, just a few weeks ago, I heard him talking at one of his "little meetings" and he admitted that he KNEW the rates woudl go up...anyone would be stupid (paraphrased again) to think otherwise.  Yeah....NOW we get the truth out of his mouth! 

My surprise in the UPS package was an increase of 29% for our medical coverage!  Two years ago, just before Obama took office, we were paying $954.00/ month for the two of us for insurance.  As of December 1st of this year, we will be paying $1560.80 per month for the two of us!  Now, you are probably thinking we have a really cushy policy, right?  WRONG!!!  It is actually the cheapest policy they offer!  We have a $5,000.00 deductible EACH!  It is an HSA policy, so we have to pay 100% of our medical expenses until the $5,000 deductible is satisfied.  After that, it pays 100%.  As a comparison, I've paid out a little less than half of my deductible this year to date.  The really sad thing is that if it goes up by 29% again next year, I will be paying more for health insurance than our house payment is.

For the benefit of those of you who is fortunate enough to have your employer pay for your health insurance, I hope and pray that things don't change for you!  There are going to be a LOT of companies who stop that benefit for their employees!  The government has said that they are going to fine the companies who don't offer their employees health insurance, but that fact of the matter is, they can pay those fines to the government a LOT cheaper than they can pay for coverage for the employees!  When I worked in the public workplace and was able to get health insurance for a really low amount, I believed that that is what the insurance cost was...or really close.  That really isn't the case!  Now, I just learned last weekend that the cost of the insurance that the employer pays will be added to the employees wages and you will have to pay taxes on that amount of money just as if you had earned that money! 

There are so many of these little things that are taking place that it is very frightening!  BUT, now that I have vented over my health insurance cost rising, I'm going to put it aside and have a great day!  I hope you do the same!