Well, Nov 1 arrived so I was finally able to do a little research on what an insurance plan for my family would cost. I do this so I can keep tabs on how much Samaritan saves us each year. Blue Cross is the company I follow, because it’s who we had before Samaritan, they have better customer service than the other options in my state and I want to maintain consistency. The other companies are running about $50-$100 cheaper than the plans I will mention here so it’s not a giant savings and I’ve heard they are an even bigger headache.
The bronze plan which is the cheapest non HSA available is now $1102.27/mo. That’s for a BRONZE plan. $4500 deductible, $9000 per family and max OOP of $6850 per person (so a total of $13700/family/year) with a 50/50 copay. $13700 max OOP on top of $13227.24/yr in premiums equals…
$26,927.24/year OOP + premium
for BRONZE plan
That cost is our total medical outlay assuming we had two medium size events in a year (kidney stones?) on top of our premiums. I’m sorry folks, but that number would bankrupt most families even if you had a decent income.
What if we chose the GOLD plan that we used to have? The gold plan is the one most similar to what we had before Obamacare started.
The one and only Gold plan they offer is now $1683.95/mo. Digest that. Wow. That’s for a GOLD plan. $1500 deductible, $3000 per family and max OOP of $4350 per person (so a total of $8700/family/year) with an 80/20 copay. $8700 max OOP on top of $20207.40/yr in premiums equals…
$28,907.40/year OOP + premium
for GOLD plan
I find it interesting that they are only about $2000 apart if you actually need to use your insurance. If you don’t use it, the numbers are $7000 apart. I find it stunning/shocking/mind blowing that the numbers are so incredibly high to begin with. How does anyone on this planet think this is reasonable and acceptable? Are businesses paying this or even a healthy portion of it for their employees? Some of those premiums are equivalent to another salary!
I enjoy this little exercise every year, but I have to admit it’s starting to make me really nauseated. This cannot continue and I fear what will happen in the years to come. Thank goodness for Samaritan and the other health care sharing ministries to give people a way out of this mess. I cannot thank God enough for showing us the clear path to Samaritan and giving such peace in my heart about it.
Updated Math for late 2016:
|Insurance Premium:||$1102.27/month for bronze plan|
|SAMARITAN SAVES US:||$607.27/MONTH or $7297.24/YEAR|
|Insurance OOP max:||$6850 per person (2 person max)|
|Our Responsibility with Samaritan:||$300 per incident|
|SAMARITAN SAVINGS:||FROM $12,800 to $13,700 (assumes we had 3 incidents per year and would have met our full deductible/OOP, and got full discounts)|
|Insurance Co-pay:||50/50 (so they leave me with 50% up to $13,700 per year for the family)|
As you can see, the spread between Samaritan’s cost and our Bronze insurance plan choice is getting wider. So the “premium” savings each year is getting bigger by staying with Samaritan. That will probably continue to happen for a while. It’s because insurance premiums are climbing faster and higher than Samaritan’s share’s increase. There’s a big difference between increasing yearly (insurance) and increasing every 1 1/2 – 2 1/2 yrs (Samaritan) and insurance rate hikes are bigger each time. The OOP max is still the same if we have 2 kidney stones, but the annual savings if we don’t have many or any needs is getting wider.
Also note: The gold plan for 2016 that most closely matches the plan we used to have before Obamacare began is now $1683.95/mo for our family. Wow.