Health insurance premium reduction

[mossrose]

Received an email this morning from our health care insurance provider. Because of covid they are reducing monthly premiums across the board on a month to month basis by 25%. This is not a deferral, but will continue until such time as things get back to normal.

Now, this will reduce our premiums to less than they were when we originally signed up, maybe 20 or so years ago. I think it's really good of them to do that during this time, especially since ours went up substantially last year when I turned 65, and will likely go up again this year when Mr. mossy turns 75.

Question: should other health insurance companies follow suit?

Just throwing it out there for consideration.

Please do not bring up the POTUS. If you do, you will be asked to leave the thread.

[DivineOb]

I'm lost. You're saying a 25% reduction in premiums dropped your insurance to lower than it was 20 years ago? Your premiums went up less than half the rate of inflation over the past 20 years?

[mossrose]

I'm lost. You're saying a 25% reduction in premiums dropped your insurance to lower than it was 20 years ago? Your premiums went up less than half the rate of inflation over the past 20 years?

Actually, we signed up 29 years ago when my husband became self-employed and we had no insurance through his work.

Yes, it is about $5/month less than when we joined.

I was saying to him just now that we shouldn't complain about the cost because it really has gone up so little over that length of time.

[DivineOb]

I have no idea what kind of insurance you have which is both so cheap and not worthless but I'm sure the rest of the country would love to sign up for it.

[QuantaFille]

Actually, we signed up 29 years ago when my husband became self-employed and we had no insurance through his work.

Yes, it is about $5/month less than when we joined.

I was saying to him just now that we shouldn't complain about the cost because it really has gone up so little over that length of time.

WHAT.
That's it, I'm moving to Canada.
Seriously, my insurance premiums go up much faster than inflation. I pay more and more every year, and my plan covers less and less.

On a related note, I did get an email from my car insurance company that we are getting a similar discount on our premiums for two months, due to fewer people driving right now. The insurance company is not having to pay out the usual amount for claims so they are passing on the savings to us.

[mossrose]

I have no idea what kind of insurance you have which is both so cheap and not worthless but I'm sure the rest of the country would love to sign up for it.

Well, as Quanta said, I do live in Canada. This is a provincial company, affiliated with the government but separate. It isn't really great insurance, but is sufficient, since we do have socialized medicine, which also isn't great.

Our plan covers a percentage of dental, vision and prescriptions, and some other things like physiotherapy and chiropractor visits, up to a certain number of those. There is always a co-pay, but for us, as seniors, it's a pittance compared to what we would pay if we didn't have it.

Our socialized medicine does not cover vision unless you are under 18 or over 65. And that's only exams. It doesn't cover the cost of eyeglasses or contact lenses. It doesn't cover prescriptions at all, nor dental at all. It also doesn't cover ambulance unless you are over 65. Now, this may be different in other provinces, but that is how it works in mine.

[mossrose]

WHAT.
That's it, I'm moving to Canada.
Seriously, my insurance premiums go up much faster than inflation. I pay more and more every year, and my plan covers less and less.

On a related note, I did get an email from my car insurance company that we are getting a similar discount on our premiums for two months, due to fewer people driving right now. The insurance company is not having to pay out the usual amount for claims so they are passing on the savings to us.

Haven't heard from our auto insurance company about any of that, as of yet. That's why I posed the question as to whether other health insurance, and I guess, by extension, other insurance companies should follow suit.

[DivineOb]

Well, as Quanta said, I do live in Canada.

Ahh, well that explains a lot :). Smart move.

[mossrose]

Ahh, well that explains a lot :). Smart move.

Born and raised here.

[Sparko]

My insurance company raised the cost of one of my medications, to $2300 for a 90 day supply. :rage:

I have a high deductible health care plan so I have to pay 100% until the deductible is met ($2800). So I am like 90% there with just one prescription. Luckily I have a Health Savings plan, where I put in so much a month and the company I work for puts in $100/month. I keep about $4000/year in it just for this reason, so I can just pay for my meds when it renews. After $2800, they cover 90% and after $3800 they cover 100% - so $3800 a year is my max out of pocket. too bad it all happens at once.

[mossrose]

My insurance company raised the cost of one of my medications, to $2300 for a 90 day supply. :rage:

I have a high deductible health care plan so I have to pay 100% until the deductible is met ($2800). So I am like 90% there with just one prescription. Luckily I have a Health Savings plan, where I put in so much a month and the company I work for puts in $100/month. I keep about $4000/year in it just for this reason, so I can just pay for my meds when it renews. After $2800, they cover 90% and after $3800 they cover 100% - so $3800 a year is my max out of pocket. too bad it all happens at once.

Wow.

[Sparko]

Wow.

I think the last price was $900. I have no idea why the price jumped that high. Maybe it is in short supply because of COVID-19? Probably made in China.

[mossrose]

I think the last price was $900. I have no idea why the price jumped that high. Maybe it is in short supply because of COVID-19? Probably made in China.

Regardless, it's an awful price to begin with.

I am frustrated right now that our pharmacists are no longer allowed during this time to fill more than 1 month's supply of any drug. So instead of getting a 3 month script (usually 100 days), which is all our insurance will pay for at a time, we can only get 1 month at a time. So we end up paying 3 times the dispensing fee, which we would only pay once for 3 months.

It's really annoying, but they say it's because people are hoarding drugs. I don't understand how they can hoard them unless doctors somewhere are writing them willynilly and they are going to different pharmacies to get them filled. And if they have any kind of health plan like ours, they can't get more than 100 days at a time anyway. I suspect it is due to a shortage of supply due to manufacturers, as you said.

The worst one is my bone builder for my osteoporosis. I get 14 pills at a time. Now I have to get 4 at a time taking one a week, and so what is going to happen with the last 2? I am going to have to pay 4 dispensing fees, unless they are willing to give me the last 6 in one shot.

[Sparko]

Regardless, it's an awful price to begin with.

I am frustrated right now that our pharmacists are no longer allowed during this time to fill more than 1 month's supply of any drug. So instead of getting a 3 month script (usually 100 days), which is all our insurance will pay for at a time, we can only get 1 month at a time. So we end up paying 3 times the dispensing fee, which we would only pay once for 3 months.

It's really annoying, but they say it's because people are hoarding drugs. I don't understand how they can hoard them unless doctors somewhere are writing them willynilly and they are going to different pharmacies to get them filled. And if they have any kind of health plan like ours, they can't get more than 100 days at a time anyway. I suspect it is due to a shortage of supply due to manufacturers, as you said.

The worst one is my bone builder for my osteoporosis. I get 14 pills at a time. Now I have to get 4 at a time taking one a week, and so what is going to happen with the last 2? I am going to have to pay 4 dispensing fees, unless they are willing to give me the last 6 in one shot.

Our insurance company's are encouraging getting 90 day supplies to keep from having to go to the pharmacy as often during this mess.

[mossrose]

Our insurance company's are encouraging getting 90 day supplies to keep from having to go to the pharmacy as often during this mess.

Not here. Nope. Go more often. Because.