Health/Medical Insurance

Every year my job renews Health Insurance. And every year it goes up. Well, I have been told today that the prices are astronomical due to “many surgeries and pregnancies” over the year from our employees.

We have a broker that our company has dealt with for years. Supposedly the company we have now; is still the lowest than the rest of the “big name” companies.

Although my job pays ½; i am scared. She specifically said “people aren’t going to be happy”. She is waiting for the broker to come back with better options; but even that might be very high.

My question here is; is it possible to get health insurance on our own? No, right?
I literally know very little on Obamacare. Is that my only option? What about Aflac? Do I have to be a senior?

What do people do in instances like this where job insurance isn’t affordable? Its just so scary.

Has anyone been in this situation? Taking a huge paycut to pay for the increase is going to be real tough.

Re: Health/Medical Insurance

You can buy health insurance on your own, yes, but it is very expensive. Your company is getting a group discount and they are paying for half of it you said.

Aflac is not health insurance. It's a disability insurance should you get sick or hurt and can't work- they will pay your salary until you can work again.

Message edited 7/26/2018 3:12:11 PM.

Re: Health/Medical Insurance

Look into the Oscar Health for adults and Child Health Plus if you have kids. CHP is based on income. My friend purchased insurnace through Oscar.

Re: Health/Medical Insurance

Go on the exchange and check out pricing. It depends on your income. You’ll see there how much it will cost to get it on your own and hen compare to what your company is offering. Don’t forget to check deductibles and what may Not be covered through the exchange that is covered through the insurance you will get with your employer (or the other way around)

Health/Medical Insurance

I don’t have my employers policy but my job just went through the same thing. Premiums quadrupled, and copays are now $40 for PCP and $75 for specialist, all plans have a 10% coinsurance single plan has a $1k deductible and family has a $9k deductible. Many of my colleagues that had the insurance here have left over time- first big wave was when they cut spouses from our plans if the spouse was offered insurance through their job and second was now. When my husband was dropped from my insurance years ago- his small employer companies insurance was $900 just for him! We looked at the exchange then and it was $1200 just for him and we made less than $100k back then. It’s pricy the exchange. Where I work, it was always because of benefits, certainly not the pay (nonprofit). Aflac has supplements insurance- cancer and accident that you may want to get. I buy it through work because my husbands employer doesn’t offer it. Other than that look into CHP for your kids. Does your employer offer a flex spending or HRA? To try and off set costs?

Message edited 7/26/2018 4:18:55 PM.

Health/Medical Insurance

You can purchase an individual plan directly from the insurance company or through the health exchange. Many of the plans are similar regardless of how you purchase the plan. Depending on your income you could potentially get tax credits towards an exchange plan or qualify for child health plus (the cut off is a bit above $81,000/ year for child health plus). Private health insurance policies are expensive. My husband owns a small business and we have been paying a ridiculous amount of money per year for health insurance the past few years.
Also, there are only a few companies that write individual plans in NYS and very few offer any type of out of network benefits.

Message edited 7/26/2018 9:58:19 PM.

Health/Medical Insurance

Aflac is supplemental insurance - we have an accident policy. If we have an accident, they pay a certain amount.

Group Health insurance tends to be less expensive than indicidua but health insurance in general is pricey.

Re: Health/Medical Insurance

Thank you all for the Informative info!!
Looking into everything!

Health/Medical Insurance

Insurance premiums are no longer discounted to groups. They are the same if the plan is being issued to 1 person or 10000 people. This is an affect of the Affordable Care Act. So if your employer is telling you premiums are increasing due to employee claims, then they are misinformed.
The premium will cost you the same on the open market. But you will not have the employer supplement. Also you can only enroll during open enrollment or due to a life event. Chances are also that unless you qualify for a subsidy, you will end up paying more for less coverage. On the exchange, you will have access to a variety of plans, but always check the coverage limits. You may not save anything even though it looks cheaper on paper.

Re: Health/Medical Insurance

Re: Health/Medical Insurance