My health insurance is gonna end up being $2500 a year or ~200 a month ($100 per paycheck)
Is this standard? This is so high !!!!
This is excluding dental and any other add ons.
How much are yall paying ? Aetna PPO btw
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Im paying $158/mo which is $1,896/yr for all health insurance coverage:
$126(best health insurance) + $25 (best dental) + $7 (eyes)
What’s your deductible?
Based on the most helpful WSO content, here are some insights regarding health insurance costs:
If you need more specific advice or comparisons, you might want to check out more threads on WSO or consult with a healthcare advisor.
Sources: Marine Officer/Aviator Ask Me Anything, Part 1: Insurance 101, https://www.wallstreetoasis.com/forum/investment-banking/laid-off-in-may-at-my-wits-end?customgpt=1, Life in General Will Cost More Than You Think, Laid off in May; at my wits end
Lol, that's not a bad price assuming its decent coverage and you're in NY.
The answer to question posed in thread title is, of course, "because of the government."
I would kill for premiums of just $2.5K with reasonable coverage.
Government. That is the only answer. This doesn't mean that all of the cost inflation that is driven by the government holds no value. However, much of it is entirely unnecessary and unrelated to care delivery.
Oh stop it.
American healthcare is so expensive because of private administration expenses (which are literally almost 5x other first world countries such as Canada), corporate greed and price gouging (insulin is 10x the price in the States vs. Canada just as one example), and a higher utilization of technology (Americans get MRIs and other tests at a much higher rate than other first world countries.)
"Government" my ass.
Do you know anything about this at all? Do you know WHY there is so much admin overhead? Government regulation is why. People think that when people like myself blame the government it is because we only think government run services are grossly inefficient, which is true, but in reality the vast majority of regulation is designed to suppress competition in the market and increase the barriers of entry for any non legacy participant. For example the affordable care act increased regulatory and record keeping overhead costs by about 2 - 3x. This was "subsidized" by the federal government, but those subsides came with some stipulations. The most glaring of them was that providers could no longer see patients who paid cash. This forced more people into the insurance system.
So when people say "government" and then simps like you come in and make these idiotic responses like "government my ass" just lets me know that many of the authoritative claims that you make on this website should be ignored.
Please fix by using common sense. The reason healthcare insurance expensive is because insurance companies want to make lots of money at the expense of consumers
No. You are wrong.
I'll throw in some additional reasons:
Consequences of having insurance in the first place:
-Tragedy of the commons: people overusing expensive healthcare options because they are protected from the brunt of the cost. Ever go to an ER in the urban area of a city? You'll find a ton of Medicaid patients with minor, non-emergency issues. It's free, why not? Yes, Medicaid funding comes from a separate pocket (still yours, though) but this unnecessary demand on fixed healthcare supply allows hospitals to charge more for their services. I am not immune- whenever I hit my out-of-pocket max, I am willing to play fast and loose because heck, why not?
-Moral Hazard: People are less likely to try to live healthy lifestyles if they don't bear the brunt of the cost of the healthcare consequences. Sure, not every person would suddenly get in shape if they had to pay for all the consequences, but some would, and that makes a big difference.
-Price obfuscation: I have 4 hospitals all within similar distances to me. Which one is the cheapest for a no-complications childbirth? Non-emergency surgery? Specialist visit? no fucking clue. Most people don't care because it comes out roughly the same after insurance. This allows prices to bloat because no one really has incentive to try to stop it.
Regulation/general legal related consequences:
-Malpractice lawsuit payouts come back to the people in the form of higher legal insurance for hospitals and doctors, higher admin costs to make sure they are up to date and compliant with regulations, and most importantly: expensive ass-covering. My insurance carrier has a nurse hotline you can call if you aren't sure if you should go to the ER or not. Guess what? They are always going to tell you to go to the ER (barring a situation where you are blatantly overreacting.. and even then). They can't afford not to. You have to search high and low for a doctor who will give you their genuine thoughts that aren't doused in copious amounts of ass-covering. It is the byproduct of a litigious society. Hard to avoid this without seeing an increase in medical malpractice.
I'm sure there are plenty of other reasons. Other countries have similar issues, they just have much higher taxes rather than expensive health insurance. But in the not-so-distant past, healthcare costs were much, much lower- so clearly there's something that worked that we should be trying to return to.
I pay $50/month ppo but I got the shittiest plan they offered.
I don’t pay hospital bills anyway so idrc
Mine is $30/mo ($360/yr) but that's HIGHLY subsidized by my employer. It's also a high-deductible plan, so something like the first $2k is 100% out of my pocket, (but at the insurance negotiated rates) then I'm on the hook for 20% until something like $8k total. I know I could have a big bill some year, so I just max out my HSA every year, and I've never had to pay a medical bill out of my checking account. This is administered by Aetna, BTW.
HSAs can be pretty nifty if you end up not being sick and using your HDHP all that much. I hate the operator of mine but I like that I have one overall.
You’re lucky bro.
Went up a ton from Obama Care, used to be way cheaper
Here's a good American Health Insurance story since we're talking about it - I have a herniated disc in my lower back that has been causing a significant amount of back pain but also a lot of phantom hip & quad pain and a lot of weird tingling running down my legs. It's been pretty debilitating the past two months or so. I haven't been able to move correctly, let alone work out. I would "lock up" from time to time and lay on the floor wimpering like a bitch because it hurt so bad. Not good!
A week ago I got some shots from a spine specialist to dull horizontal nerve activity at the disc in question as well as the one above and below it. The doctor's office called me the next day and asked how it went, and I told them that the shots immediately cured the back pain and the phantom hip pain, which were the primary issues, but they did not cure the radiating weird sensations I still feel in my quads, my knees, and my shins. They pressed for a percentage so I told them 67%, as the shots cured 2/3 of my issues.
Today they called me back and pressed me a little if I would say the shots were more effective than 67% or not. Since my life has quite dramatically improved over the past week, I said sure, 90% even, just casually throwing around percentages. Turns out, if the recipient of the shots doesn't self-report 80% improvement, the insurance doesn't authorize a second round of shots, and if you don't get the second round of shots, the insurance won't authorize ablation, which is a more long term solution.
What kind of clownish system relies entirely on self-reported, made up percentages given over the phone like it's a customer service survey? In my mind, 2/3 improvement is crazy good, but it wasn't enough for some moron in a cubicle who can't hit an "approve" button if the survey result says >80%. Doctors should solely make these determinations through actual intelligent discussion and diagnosis.
Health insurance costs can really stack up, especially if you're not getting any employer subsidies. When I was paying for my own insurance, my premiums were around $200 a month too, and that was just for basic coverage with a high deductible. Adding dental and vision made it feel even pricier. It’s definitely frustrating how expensive it can be, especially if you don’t use it regularly but still need to have it just in case.
If you're in the UK and looking at private medical insurance, there are brokers that help compare plans to find the best deal. For example, I found that getting tailored quotes from https://premierpmi.co.uk/ can make a big difference in finding a plan that actually fits your needs and budget.
The $200 per month is likely for a single person and sounds reasonable to me Premiums for families are many multiples of this.
A combination of industry lobbying and a fundamental disagreement between Republican politicians and the rest of the country on whether or not healthcare is something that all people should have access to, or whether it's a private good and it's okay to let poor people die in a ditch.
The system sucks because almost all normal people in this country feel entitled to decent healthcare at a price they can more or less afford, but roughly half of those people vote for politicians who refuse to allow it to become a public good. The result is a messy "worst of both worlds" situation where the government attempts to help the least fortunate get healthcare, but the system is run on the ground by for-profit private operators who are (rightly) heavily regulated.
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