A Scary Observation. . .

As I pour through the newly released rate grids from Blue Cross and try to assess the impact of coming changes to the health insurance market to me and my family, it has hit me that things are changing VERY soon.  Here is where I am now and what I can see coming.

My family and I (me, my wife and 3 kids under 11) are currently insured with Humana.  Since I am unable to run 2014 rates for Humana at this point, I cannot make the comparison.  But, I will.

We have been on an HSA eligible plan for a long time now (8 years, I think).  We currently have a $7,000 family deductible and the plan pays everything after that.  We pay about $750/month and I think that includes a small amount of life insurance.

For a comparable (actually much higher OOP – $12,600) plan with BC in 2014, I would pay $902.62 per month – about 20% or $2,500 per year more!  So, I will get to pay more AND pick up another $5,000 in out-of-pocket exposure.  That is NOT cool.

I was curious to see how this compares to similar Blue Cross plans available still this year.  So, I ran a quote for my family with a December 1st effective date and was blown away.  A slightly richer plan ($11,000 OOP instead of $12,600 and 80% coinsurance instead of 70%) was $634 per month.

Now, I know this is not exactly a fair comparison.  Because, my family and I would need to submit an application answering medical questions and be approved for a 2013 policy.  Blue Cross and others will not be able to ask those questions or decline coverage starting in January.  BUT, that is more than a 30% increase in the family premium for the a plan that is not as rich.  That is  not good news.

Sorry to be the bearer of bad news (at least for me).  I know that there are plenty of folks who will be helped significantly by the changes coming from the Affordable Care Act.  And, I know that the proponents have had the best intentions.  But, for me and my family, it seems Affordable Care will come at quite a price.


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