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Health Insurance Premiums

February 3rd, 2015 at 05:01 am

We've got great coverage for our health insurance through my DH's job. However less and less is being covered and "co-pays" and premiums are going through the roof. It's going up faster than our raises percentage wise. I know others here will weigh in but I hadn't really thought about it till I looked at my DH's paystub this month and cringed a little.

In 2015 we are paying $135/biweekly (26 payments) for family health insurance. We paid in 2014 $119/biweekly for an increase of 13.4% in one year. In 2013 we paid $101/biweekly for an increase in 2014 of 17.8%! In 2012 we paid $96/biweekly for an increase of "only" 5.2%. In 2011 we were paying $84/biweekly for our family plan for an increase of 14.3%. In 2010 when we had our first child and moved to a family plan it was $82/biweekly so the increase was only 2.4%

So in 5 years our premiums have gone up 65%. I imagine in probably the next two years we will have doubled our premium cost. What can be said and done? I don't have a clue. I guess we just suck it up and say I hope we get a raise, which has happened but it's been 2% merit increases. How do we keep up with inflation when some of our fixed costs are spiraling out of control?

I'm not complaining. I'm actually happy we have health insurance and it's a very generous policy. But I worry how much more expensive it's going to get and whether we can ever afford to leave a "group" plan and buy our own.

Have you been tracking your health insurance premiums? Dare I ask what others pay? I am going to guess a lot.

8 Responses to “Health Insurance Premiums”

  1. klarose Says:

    That seems like to steal compared to my DH's work. His insurance is $120 a month. If he was to add me it goes up to $650 a month!!! That is nearly half his entire paycheck. So, not doable. It's ridiculous.

  2. Joan.of.the.Arch Says:

    Twice in the last six years our premium went down! We've paid from $1320 to $1600 per month. We're back to $1320 this year. Office co-pays went down to $15 from $20. ER co-pays have held steady at $50 for as long as I can remember. Deductibles are up some, but I don't recall how much. This is for two people, no dental no vision coverage. At our age, this group policy is definitely welcome. Private coverage was going to be so high that the brokers just told us up front that there was no way they could beat the deal and they did not even give us numbers.

    I think you are wise to try to reckon insurance costs before you retire early.

  3. Xtreme Thunder Says:

    We are at $166.97 bi-monthly for Family Coverage (No kids yet), but either single or family option on this specific insurance. That is paying 20% of the yearly premium. It is excellent insurance, however, I have noticed that we are now being charged a separate co-pay if diagnostic work is done DURING the office visit!

    No raise since 2009 and I feel your pain regarding fixed costs increasing at a ridiculous rate. We are being taxed out of NY between property and school taxes, paying at least $0.70/ gal higher gas, well everything it seems really and we are 90 mins North of NYC!

    We've just about have had it.

  4. LuckyRobin Says:

    Last year our portion of insurance was around $800 a month and the company paid $650 for their portion. This for a family of 4 and with a $5000 deductible that has to be met before they will pay anything. It goes up every year. I shudder to think what our new premiums will be come May.

  5. Kiki Says:

    My insurance for the past 5 years (medical, dental, vision):

    2015: $784.49 per month - $569 union monthly = 215.49 per month 25% increase
    2014: $718.70 per month - $557 union monthly = 161.70 per month 25% decrease
    2013: $745.59 per month - $544 union monthly = 201.59 per month 8% increase
    2012: $685.82 per month - $501 union monthly = 184.82 per month 1.5% increase
    2011: $663.82 per month - $482 union monthly = 181.82 per month

  6. LivingAlmostLarge Says:

    The reality of health insurance being so prohibitive. It's all about where you live. Mr Money Mustache for a family of 3 pays $200/month for his HDHP. I wonder how to get that because I priced it out where we live and we can't get that price. We'd have to move to Colorado.

  7. FrugalTexan75 Says:

    I pay $42/month for individual insurance - $400 deductible, $1500 OOP, $25 Doctor copay, $35 Specialist.

    At the mission school I paid $0 for my insurance, and my prescription Synthroid cost $10 less ... I'm not complaining - more than happy to pay $42/month for a pretty good plan.

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