Rise of Premiums

All the town hall gatherings and speeches to preach to the public and assure every one that we need the passage of the health reform bill to lower the cost of insurance and improve the quality of the delivery of medical care. The health reform bill was signed into law March 2010 and it has been a cascading fiasco ever since.

Promises, promises and yet to date there has been no affordable health insurance for any individual in the country. What is happening is as the current affordable insurance policies come up for renewal it is causing many individuals and families to inhale and forget to exhale.

Okay, so out of desperation you agree to renew your long-standing low cost health insurance policy. You realize you can never benefit from it. There have been countless reports of individuals and families reporting how their insurance renewal policy has doubled and tripled in cost, along with a few other changes and additives that were never discussed in the light of day. Why is that?

Now you understand that you will continue to make the average monthly cost for health insurance, payable to the Internal Revenue Service, and your insurance policy is virtually worthless. Keep reading the new insurance policy because there are a few more nuances that you were unaware of at the time of renewal.

One of the first items that become noticeable is the new annual cost of your renewal insurance policy and the rise of premiums. Are your eyes bugging out yet? The annual insurance policy premium has doubled and in some cases tripled in the annual fee. The next thing you look at is what you are covered for and for how much.

The previous health insurance policy averaged fifteen thousand dollars for you and your family. On your new benefits coverage page you search to find what the new deductible is going to be. Why is the annual deductible important? The insurance policy deductible lets you be advised as to how much out of pocket expense you have to pay before the eight percent – twenty percent, or sixty percent – forty percent, or eighty percent – twenty percent, divided payments begin. This read more like an individual health insurance policy.

The previous family insurance policy was one hundred fifty dollars per person with a four hundred dollar deductible per family for the year. Your renewal insurance policy reads one hundred fifty dollars per person and your deductible is now almost three thousand dollars per person. For most families that will mean you are paying for a mandated insurance policy that you will never have the opportunity to use because of the cost. Welcome to universal health care.