The Insurance Insider

Read Between The Lines Issue No. 2 September 25, 2015

Employer Sponsored Plans Family Health Coverage INCREASED

I remember several years ago when I first started my healthcare component, I was speaking with some business owners who were frustrated about the increase of employer sponsored plans. Insurance plans have always increased. MORE employees are paying deductibles and the DEDUCTIBLE costs are rising FASTER than the wages!! Check out the Kaiser Family Foundation Report. THIS is affecting the wallet!! Guess what happens when people feel the pinch when it comes to health insurance.... (what do you think)?

Is Go Fund Me Your Health Care System?

This morning when I got on Facebook to check out several messages, one of my followers had made a comment on someone's page. When I looked at what it was, it seems as if this singer had set up a Go Fund Me page. He said the page was to fund a travel bus if I recall. Then he came clean and said that several weeks prior, he went to the doctor for a checkup and the doctor told him he had cancer and needed a certain kind of treatment.

So instead of telling his family and friends about it, he set up this page and was untruthful. People did donate to his cause. He used this money for doctor's bills and medications. He was coming clean now because he felt he had another chance. The doctors told him that he was cancer free. Many stories on Go Fund Me catch my attention.

Here's the norm:

(1) There are a lot of people who are setting up these accounts who HAVE health insurance and IT DOES NOT cover their high out of pocket expenses.

(2) There are people who have dental needs and no dental insurance. Or they have very limited insurance, so they set up these accounts to help take care of their oral health.

(3) There are people who set up these accounts and they DO NOT get the money they are seeking whether it is friends, relatives or strangers.

I don't recommend GO FUND ME being your PLAN A if you choose not to carry health insurance. I understand the monthly cost of health insurance is outrageous. I don't carry it. I have a nontraditional plan that saves me money EVERY TIME I go to the doctor.

I have PEACE of MIND. I don't feel guilty. As an entrepreneur, I will not let my nontraditional plan be the first thing to go when times get tough!! I always make sure I have enough clients on my BOOKS to pay my plan and my LIFE INSURANCE!! Hint!! Make sure you have LIFE INSURANCE too. No, I'm not a Life Insurance rep. It hurts my heart because people DO NOT PLAN AHEAD!! It is sad to see SOOOOO SOOOO many Go Fund Me campaigns for people who don't have life insurance and someone died unexpectedly!! KEEP IT REAL!!

I believe in the last two weeks, I saw three campaigns here in our own neighborhood. Seriously!!

Go Fund Me could be in addition to WHAT you have in place so that you are not completely dependent upon family, friends and strangers. Be honest with yourself! Could your family and friends pay your medical bills if you had thousands of dollars in medical expenses?

Health Insurance Companies Asking for Rate Increase

This is one of the areas that I love to keep my eye on. UNDERSTAND these RATES HAVE BEEN APPROVED!! So let me update you:

1) North Carolina, Humana had requested a 11.3 % and is NOW as of 9/22/15, asking for 24.9% increase.
Blue Cross Blue Shield of North Carolina
was asking for 25.7% rate hike and is now asking for 34.6%.

2) Florida, United Health Care largest average increase at 16.4%.
Humana Medical Plan Inc.
requested a rate averaging 7.4% BUT state regulators approved an average rate increase of 16.3%.
Aetna Health
requested an average 20.9% and the state approved a 13.9% increase.

3) Maryland, CareFirst Blue Cross Blue Shield
is raising rates up to 26% on average.
United Health Care will see a decline of 0.5% and 3.2%.
Cigna will see a decrease of 3.3%.

4) Montana,
average rate increase across all plans ranges between 22% and 34 percent% across all companies.

5) Georgia, Alliant Health plans increase
of 27% and 29%.
Blue Cross Blue Shield of Georgia lowered
from 12% to 8.6% for one plan; cut the rate of another from 3.1% to a decrease of 0.2%.
United Healthcare reduced the increase of one plan from 18.6% to 13.2%.

6) Texas, Blue Cross Blue Shield is dropping
a popular PPO and rising premiums on its lower priced HMO by 20%.
Heads up: Harris Health to cut thousands of uninsured from free care.

I will continue to add to this list each week as I get new information!! Be Informed!!

About Us

The Insurance Insider is written from a consumer perspective by Dr. Taffy Wagner, a Healthcare Advocate, Personal Finances Expert and Best Selling Author.