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Started By
Message
Just had our insurance meeting at work
Posted on 10/28/14 at 11:05 am
Posted on 10/28/14 at 11:05 am
Our Corporate Director of HR referred to the healthcare law as "the Affordable Care Act, better known as Obamacare." I chuckled a little because I've been told by Obama supporters on this forum that no HR professional would ever refer to it as Obamacare.
Our premiums increased by 5%. Our company passed the 5% increase on to associates. I want to be mad about that but they are still paying a large majority of the premiums so I can't really blame them. The total cost would have increased by 13% but our corporate office made the (I think) ridiculous decision to become self-insured and pay out all claims instead of having our insurance company pay our claims. I'm guessing that means our insurance company is basically just billing our company for everything. I think they are going to see a lot more than just a 13% increase from that decision, but time will tell. Either way, this will be a huge increase in costs to our company. For perspective, had they just eaten the 13% it would have been an increase of about $1M per fiscal year. I'm worried this will increase our expenses to the point of being unprofitable and they will have to cut payroll expenses in other ways. I believe job security across the company just went from "green" to "yellow."
Other amazing changes:
-Deductibles increased from $300 to $500 for individuals and from $900 to $1500 for families (per year).
-Our co-pay went from $25 per visit to $30 per visit.
-Emergency co-pay went from $100 to $150.
-Prescription drug coverage co-pay increased by $5.
-Out of pocket max went from $400 to $1500.
We're paying more and getting less!
Our premiums increased by 5%. Our company passed the 5% increase on to associates. I want to be mad about that but they are still paying a large majority of the premiums so I can't really blame them. The total cost would have increased by 13% but our corporate office made the (I think) ridiculous decision to become self-insured and pay out all claims instead of having our insurance company pay our claims. I'm guessing that means our insurance company is basically just billing our company for everything. I think they are going to see a lot more than just a 13% increase from that decision, but time will tell. Either way, this will be a huge increase in costs to our company. For perspective, had they just eaten the 13% it would have been an increase of about $1M per fiscal year. I'm worried this will increase our expenses to the point of being unprofitable and they will have to cut payroll expenses in other ways. I believe job security across the company just went from "green" to "yellow."
Other amazing changes:
-Deductibles increased from $300 to $500 for individuals and from $900 to $1500 for families (per year).
-Our co-pay went from $25 per visit to $30 per visit.
-Emergency co-pay went from $100 to $150.
-Prescription drug coverage co-pay increased by $5.
-Out of pocket max went from $400 to $1500.
We're paying more and getting less!
This post was edited on 10/28/14 at 11:10 am
28
Posted on 10/28/14 at 11:10 am to imjustafatkid
Pay your fair share and quit bitching!
quote:That is ludicrous. What could possibly be the justification for that? Either way, at least your company isn't selling you down the river......this time anyway.
Deductibles increased from $900 to $1500 for families
Posted on 10/28/14 at 11:11 am to imjustafatkid
Yes but you're working to support those that didn't have healthcare before!
Well, they did, but anyway.
Hope and Change = frick and arse.
Well, they did, but anyway.
Hope and Change = frick and arse.
Posted on 10/28/14 at 11:11 am to imjustafatkid
Damn son.....prayers sent before the IRS is completely up your butt.
Posted on 10/28/14 at 11:11 am to imjustafatkid
quote:
this will be a huge increase in costs to our company
No, no, no. Not only will your company save money but they will likely return that savings to you in the form of a raise. Barry said so.
Posted on 10/28/14 at 11:12 am to idlewatcher
quote:
Either way, at least your company isn't selling you down the river......this time anyway.
They're clearly trying to keep their insurance benefits competitive. I don't think that will be an option for long.
ETA: They didn't give us the justification for the deductible increases but I'm sure it was an effort to keep premiums as low as possible.
This post was edited on 10/28/14 at 11:13 am
Posted on 10/28/14 at 11:12 am to imjustafatkid
quote:
We're paying more and getting less!
My quantum TUbanomics is a little rusty, but I fail to see how you saved $2500 this year?
Posted on 10/28/14 at 11:12 am to imjustafatkid
quote:
The total cost would have increased by 13% but our corporate office made the (I think) ridiculous decision to become self-insured and pay out all claims instead of having our insurance company pay our claims.
I could be completely wrong because I really don't know much about how this stuff works, but I think if you work somewhere large enough to support a self-insured model then that's better for you.
My work is a self-insured place and my wife's isn't. Her rates have gone waaaaaaaaay up in the last several years and the coverage has gotten worse and worse. My rates and coverage have remained mostly the same (rates have gone up a little).
My guess is that self-insured places pay for alot fewer, uh, non-contributors or something? Not really sure.
Posted on 10/28/14 at 11:12 am to imjustafatkid
we had ours yesterday. Our premiums went up 2% this year, and our coverage levels remain about the same except on dental we have a higher deductible, not 1500, was 1200.
I can't complain.
No one called it obamacare or even referenced it during our call. but our CEO is a big democratic donor.
I can't complain.
No one called it obamacare or even referenced it during our call. but our CEO is a big democratic donor.
Posted on 10/28/14 at 11:13 am to imjustafatkid
We were advised that with changes, what the company offers may not meet your needs like it did previously and to explore other options. No details yet.
Ours did the same
quote:
Our Corporate Director of HR referred to the healthcare law as "the Affordable Care Act, better known as Obamacare."
Ours did the same
This post was edited on 10/28/14 at 11:15 am
Posted on 10/28/14 at 11:14 am to imjustafatkid
quote:Cadillac plan. Get ready for 2018. May be part of the choice to become self-insured.
-Deductibles increased from $300 to $500 for individuals and from $900 to $1500 for families (per year).
-Our co-pay went from $25 per visit to $30 per visit.
-Emergency co-pay went from $100 to $150.
-Prescription drug coverage co-pay increased by $5.
-Out of pocket max went from $400 to $1500.
Posted on 10/28/14 at 11:14 am to Hawkeye95
quote:
Our premiums went up 2% this year
How much is your company eating? Did they tell you?
quote:
our CEO is a big democratic donor
Probably just letting the company take the hit.
Posted on 10/28/14 at 11:17 am to imjustafatkid
quote:
We're paying more and getting less!
but you're helping the less fortunate, not that you may have already been helping the less fortunate without the fanfare, but now the libs can make sure you are.
Posted on 10/28/14 at 11:20 am to imjustafatkid
quote:
How much is your company eating? Did they tell you?
Well they are going to eat most of it, b.c I pay $300 a month for health, vision, dental, life, ADD, and a whole bunch of other stuff. But the way I read the call was that overall it went up around 2%. We are huge.
quote:
Probably just letting the company take the hit.
Seriously doubtful IMHO. We are run on margins, and they take that very seriously.
They have been killing our perks right and left, I am surprised they haven't cut back our benefits yet. They yanked car allowances this year, and have capped hotels at $200/night even in cities like san fran/NYC, which means staying in flea bags or driving an hour in the AM. They also reduced our free beverage choices in the breakroom by quite a bit, they got rid of the free juice and sparkling water.
Posted on 10/28/14 at 11:21 am to KeyserSoze999
Hope and change baby! Git some!
Posted on 10/28/14 at 11:22 am to Huey Lewis
quote:
My work is a self-insured place and my wife's isn't. Her rates have gone waaaaaaaaay up in the last several years and the coverage has gotten worse and worse. My rates and coverage have remained mostly the same (rates have gone up a little).
I'm seeing the opposite effect this year. My wife's company's insurance has more expensive premiums (like $120 more per month) but the benefits are far better than the sliced up plan we now have at my work. Her's has a $600 max deductible for families with cheaper co-pays. There are other benefits as well but those things by themselves are making us consider switching. My company's insurance plans were much better than their's only two years ago. I'm not sure how they're handling it better. They are a smaller company but have a more educated workforce (everyone needs a degree there, very few positions need one here) with basically no hourly employees but those are the only differences I see.
quote:
My guess is that self-insured places pay for alot fewer, uh, non-contributors or something? Not really sure.
They did mention they will be providing incentives for those of us who don't smoke and who watch our weight, cholesterol, etc, starting with 2016.
Posted on 10/28/14 at 11:24 am to imjustafatkid
quote:
They did mention they will be providing incentives for those of us who don't smoke and who watch our weight, cholesterol, etc, starting with 2016.
i never understood why this isn't the norm.
if i get in a ton of accidents I pay more for car insurance, why not based off of weight/smoking?
Posted on 10/28/14 at 11:24 am to bamarep
As I mentioned in another thread, our deductibles increased about the same as yours, but our rates went up about 125% if you include the $100 per month "frick you for having a spouse and not wanting to manage two different insurance plans" surcharge.
Posted on 10/28/14 at 11:25 am to imjustafatkid
This is what you get when insurance companies write policy.
Sad that this is what it has come to.
Great job Democrats. Great job lining your pockets with insurance gold.
Sad that this is what it has come to.
Great job Democrats. Great job lining your pockets with insurance gold.
Posted on 10/28/14 at 11:27 am to Hawkeye95
quote:
They have been killing our perks right and left, I am surprised they haven't cut back our benefits yet. They yanked car allowances this year, and have capped hotels at $200/night even in cities like san fran/NYC, which means staying in flea bags or driving an hour in the AM. They also reduced our free beverage choices in the breakroom by quite a bit, they got rid of the free juice and sparkling water.
I see. They are cutting in other ways. That's unfortunate. We have restaurants here on property so we are able to get free sodas, water, whatever while working because the cost is always covered by the beverage sales.
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