Just got the ACA Medical Loss Ratio statement from my insurer. 92%. Better than I expected really, but I'm a pessimist so I expected something terrible after hearing that 3.8% example earlier.
Just remember that half the people you meet are below average intelligence.
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Deebaseron my way to work in a suit and a tieAhhhh...come on fucking guyRegistered Userregular
In general benefits provided by employers in the US have to be reported as income and taxed as if they had handed you the cash you would have needed to afford the benefits.
Some exceptions exist, like when certain retirement funds allow you to defer paying taxes on their matching payments until you cash out that retirement fund years later.
Health plan benefits are one of those exceptions (though there is an exception to the exception if you own 2% or more of the company).
kedinik on
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It cant be the "value" of the insurance, because that's a pretty meaningless term.
Ok, more directly, and with "value", it would be what you would pay going out of pocket for your plan if you walked into the insurance and asked for that policy.
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Deebaseron my way to work in a suit and a tieAhhhh...come on fucking guyRegistered Userregular
It cant be the "value" of the insurance, because that's a pretty meaningless term.
Ok, more directly, and with "value", it would be what you would pay going out of pocket for your plan if you walked into the insurance and asked for that policy.
That would be a nightmare to implement. There are too many variables that can impact an individual rate for that data to be worth reporting.
It really isn't. And working backwards from what the plan pays the variables are filled in, because you know x% the population for an area is obese, y% is smokers, etc. Thats entirely how they determine the group rate in the first place. What the "value" would be is the cost of one person, at 100% rate for those risk %'s instead of the discounted amount the employer pays.
Resurrecting this thread because I didn’t want to bog down the Obama thread with ACA talk. If there’s a newer ACA thread, let me know.
I have employee sponsored health insurance (through one of the huge companies) that covers me and my entire family. Every employee pays the same rate on the same plan... the only flexibility is how many family members are included. Our plan is coming up for renewal, and we were told that “because of Obamacare” (my boss’s words), our premiums are going up 12.5% in order for us to keep our same level of coverage. While I’m sure the ACA isn’t 100% responsible for the hike (in fact, I wonder if it would have been worse without the ACA), I am curious what the increase is due to, since 12.5% seems higher than the national average increase for 2013. Do insurance companies have to disclose how rate increases are determined? Would asking our health insurance contact person know what the increase is due to?
tuxkamenreally took this picture.Registered Userregular
Considering that I had increases ranging between 12% and 18% every single year that I've been at my current job (14 years) while covered services have decreased, I don't think it's reeeeeeeally the different-looking President's fault. I would prefer to think it's that the insurance companies are trying to grab as much cash as possible.
What I am seeing is that a lot of large companies are radically restructuring things with (in my opinion) untenable plans in an effort to shed employees before the exchanges come into the market. My wife's open enrollment has come up and her (very large) company has transitioned almost entirely away from HMO offerings towards HSAs (for the invincibles) and one terrible HMO plan with, believe it or not, a five hundred dollar a month cost to the employee.
No, I didn't mistype any numbers. At that price point you might as well buy it yourself. Or kill yourself before this HMO's hospitals do it for you (they're very good at it).
Yeah the ACA talk is bullshit nonesense, if anything insurance rates because of ACA haven't gone up as much as they did under bush. Its just insurance companies fucking people over because they can do that.
I would like some money because these are artisanal nuggets of wisdom philistine.
Insurance has gone up and the insurers have been dicks for long enough that when I'm told the ACA is forcing them to behave badly.. I kind of don't believe a word of it.
until this year my insurance has gone up 15-40% every year, usually outpacing any cost of living increase we get. This year it went down, but our services got major cuts to them.
until this year my insurance has gone up 15-40% every year, usually outpacing any cost of living increase we get. This year it went down, but our services got major cuts to them.
Same. Mine's an HSA too.
not a doctor, not a lawyer, examples I use may not be fully researched so don't take out of context plz, don't @ me
I could understand some short-term costs increases because of the ACA as insurance companies have to spend accounting, legal, and management man-hours rebuilding their policies to comply with the new law.
But like others have said, that doesn't explain a 15% increase, especially from an insurance company that has steadily increased costs 10-15% per year for the last several years.
every person who doesn't like an acquired taste always seems to think everyone who likes it is faking it. it should be an official fallacy.
At my last job, my portion of the premiums for me and my family (wife, 2 kids) was $885/month. And it's not like the plan was really great ($25 typical copays, $2000 individual deductible).
I REALLY like the insurance setup at my new place, but that's mostly due to my employers being VERY generous with keeping the employee portion down. It's a high deductible HSA plan where my portion for my entire family is only $170/month (employee only would be $30/month). The deductibles are really high ($3500 individual, $7000 family), which could be scary, but my company is awesome and will pay the deductible for me once we exceed $500/person and $1000/family. And with the $1000/year they throw into our HSA, we basically have no deductible at all.
When I switched jobs, I basically got a $700/month raise just from the insurance savings, so yeah, I'm really lucky when I hear about other people's insurance situations.
This thread is getting kind of old, so if someone would be so kind as to start a new one, that would be keen.
Robot Santa, lock the thread please. Try not to incinerate any fleshies in the process, assuming such caution isn't too inconvenient.
ElJeffe on
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Yeah, that's sounds like a pretty old plan. Out of curiosity, is there a Multiplan logo on the back of the card?
Some exceptions exist, like when certain retirement funds allow you to defer paying taxes on their matching payments until you cash out that retirement fund years later.
Health plan benefits are one of those exceptions (though there is an exception to the exception if you own 2% or more of the company).
It's not an old plan. In fact it's the new plan/provider they switched to last enrollment cycle.
http://www.medica.com/default.aspx
Ok, more directly, and with "value", it would be what you would pay going out of pocket for your plan if you walked into the insurance and asked for that policy.
I stand corrected. Still $15 specialist copays with no deductible/coinsurance are pretty uncommon these days.
That would be a nightmare to implement. There are too many variables that can impact an individual rate for that data to be worth reporting.
I have employee sponsored health insurance (through one of the huge companies) that covers me and my entire family. Every employee pays the same rate on the same plan... the only flexibility is how many family members are included. Our plan is coming up for renewal, and we were told that “because of Obamacare” (my boss’s words), our premiums are going up 12.5% in order for us to keep our same level of coverage. While I’m sure the ACA isn’t 100% responsible for the hike (in fact, I wonder if it would have been worse without the ACA), I am curious what the increase is due to, since 12.5% seems higher than the national average increase for 2013. Do insurance companies have to disclose how rate increases are determined? Would asking our health insurance contact person know what the increase is due to?
What I am seeing is that a lot of large companies are radically restructuring things with (in my opinion) untenable plans in an effort to shed employees before the exchanges come into the market. My wife's open enrollment has come up and her (very large) company has transitioned almost entirely away from HMO offerings towards HSAs (for the invincibles) and one terrible HMO plan with, believe it or not, a five hundred dollar a month cost to the employee.
No, I didn't mistype any numbers. At that price point you might as well buy it yourself. Or kill yourself before this HMO's hospitals do it for you (they're very good at it).
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Same. Mine's an HSA too.
But like others have said, that doesn't explain a 15% increase, especially from an insurance company that has steadily increased costs 10-15% per year for the last several years.
the "no true scotch man" fallacy.
I REALLY like the insurance setup at my new place, but that's mostly due to my employers being VERY generous with keeping the employee portion down. It's a high deductible HSA plan where my portion for my entire family is only $170/month (employee only would be $30/month). The deductibles are really high ($3500 individual, $7000 family), which could be scary, but my company is awesome and will pay the deductible for me once we exceed $500/person and $1000/family. And with the $1000/year they throw into our HSA, we basically have no deductible at all.
When I switched jobs, I basically got a $700/month raise just from the insurance savings, so yeah, I'm really lucky when I hear about other people's insurance situations.
Robot Santa, lock the thread please. Try not to incinerate any fleshies in the process, assuming such caution isn't too inconvenient.