Insurance renewal

[piece-itpete]

Is 8% sustainable?

Pete

[Rex E.]

Originally Posted by piece-itpete

Is 8% sustainable?

Pete

Who knows....


BAM!



(off again today )

[BlueStreak]

Originally Posted by piece-itpete

Is 8% sustainable?

Pete

Originally Posted by Rex E.

Who knows....


BAM!



(off again today )

Was 20-25% percent "sustainable"?

What's to say it will be 8% next year?

Could be more, could be less.

Nice try, Pete.

Dave

[Charles]

Originally Posted by piece-itpete

Is 8% sustainable?

Pete

At 8%, over a period of 9 years the cost of the policy would double.

Chas

[mpholland]

Originally Posted by whell

Just curious - what's the date of the policy renewal? Is it December 1 or January 1?

December 1st, as it is every year.

Originally Posted by piece-itpete

Is 8% sustainable?

Pete

That is much lower than the increases of a few years ago. I am sure we could have probably received lower rates if we wanted to increase the deductible to more than 500/1500. It wouldn't surprise me if some of the increase is due to the policy having to cover more services than it used to because of the ACA.

[whell]

Originally Posted by mpholland

December 1st, as it is every year.

That is much lower than the increases of a few years ago. I am sure we could have probably received lower rates if we wanted to increase the deductible to more than 500/1500. It wouldn't surprise me if some of the increase is due to the policy having to cover more services than it used to because of the ACA.

FYI - because your renewal is December 1, your group policy is actually avoiding the premium impact of the requirements for minimum essential coverage, increased taxes and fees, and community rating. If your company's renewal date was January 1, you'd have seen the premium impact of those changes in the paperwork you received. As it stands now, you'll not see that impact until your December 2014 renewal.

[noonereal]

Originally Posted by whell

FYI - because of renewal is December 1, your group policy is actually avoiding the premium impact of the requirements for minimum essential coverage, increased taxes and fees, and community rating. If your company's renewal date was January 1, you'd have seen the premium impact of those changes in the paperwork you received. As it stands now, you'll not see that impact until your December 2014 renewal.

and he won't have the coverage

[mpholland]

Originally Posted by noonereal

and he won't have the coverage

Care to make a wager on that? Believe it or not there are still some great small companies and owners out there that treat their employees well. I can't speak for employees of mega-corporations as I have never worked for one, but all three of my major long term employers have been small, family owned businesses and the owners understand that if you want good people you have to treat them right.

[JBS...]

Originally Posted by whell

FYI - because your renewal is December 1, your group policy is actually avoiding the premium impact of the requirements for minimum essential coverage, increased taxes and fees, and community rating. If your company's renewal date was January 1, you'd have seen the premium impact of those changes in the paperwork you received. As it stands now, you'll not see that impact until your December 2014 renewal.

Yup, copied this straight from my open enrollment letter from work

"As the impact of the Affordable Care Act (ACA) becomes clearer, we are faced with some challenges for Medical Benefits in 2014. ACA impact on our bill will add approximately $600,000 to our 2014 spend.

o $300,000 for Taxes and Fees
o $300,000 in Base Premium increases

As a result, we need to make some changes to Plan Design and Employee Cost Sharing. The Plan Design changes will allow us to mitigate a portion of the increases in a way that can be managed by employees to not increase out of pocket costs. However there still must be an increase to your premium contribution."

Our renewal date is Jan 1

[piece-itpete]

Pete