Anyone Else Worried About Health Premiums Going UP?

[mrzrich]

When my husband switched jobs last year I was glad, because his new health plan covered my daughter till she is 26..are old plan stopped on her when she turned 19, she is a college student still living at home so I am glad we can provide this for her...Guess I kinda want more for my kids then I had, I dont want her saddled down with a job she hates and kids on her hips by the time she is 21...

Just because I was able to support myself doesn't mean I had a crappy life.

 

[CruiseGirl71]

I am 25, still covered under my parents insurance and I am very greatful. My parents have a family plan, since they are already covering my 10 year old sister, I am no extra cost to them. I am out of their house and work full time but this has allowed me to use their very good insurance, instead of having to pay for the very poor insurance I am able to get. I pay for all of my own bills, living expenses, and medical expenses. My parents are happy to be able to help me with this especially since it does not cost them any more money.

 

[pryncess527]

I know many graduate students who benefit greatly from being able to be on their parents plan. They are intelligent capable hard-working self-sufficient adults, but their school status means paying for individual health insurance would be prohibitively expensive, and student insurance isn't always that great, especially for those that had pre existing issues. Being able to be covered on their parents plan provides the entire family with health security during that important transition period. It also means kids out of college don't have to take the first crappy job they're offered because they are so desperate for insurance they can't demand what they're worth. I don't have kids, but I don't think you have to be a helicopter parent to want to provide that level of security even at 25

 

[CruiseGirl71]

I know many graduate students who benefit greatly from being able to be on their parents plan. They are intelligent capable hard-working self-sufficient adults, but their school status means paying for individual health insurance would be prohibitively expensive, and student insurance isn't always that great, especially for those that had pre existing issues. Being able to be covered on their parents plan provides the entire family with health security during that important transition period. It also means kids out of college don't have to take the first crappy job they're offered because they are so desperate for insurance they can't demand what they're worth. I don't have kids, but I don't think you have to be a helicopter parent to want to provide that level of security even at 25

Well said.

 

[eliza61]

I'm confused by those saying they are happy they can now cover their kids till they are 26. I guess this a helicopter parent, millennial generation thing. I was kicked way, way out of the nest by the time I was 26. And I thank my parents for it.

LOL. so I guess the thinking is because your parents kicked you out that is the only way to parent or the assumption that we are some how "coddling" our kids by not cutting them off at some magical age.

My son is a student with a part time job. no benefits. I am much happier having him healthy and staying on my insurance, than having him living in the dorm, getting sick and having it escalate because of some silly notion that "kicking" some one out without support some how makes them a man or an adult.

Has nothing to do with millennial or generation. I'm way over 55 and I am proud that my parents offered me support when I needed it until the day they died and that was waaay after I was 26.

And I thank my parents for that.

 

[mrzrich]

LOL. so I guess the thinking is because your parents kicked you out that is the only way to parent or the assumption that we are some how "coddling" our kids by not cutting them off at some magical age.

My son is a student with a part time job. no benefits. I am much happier having him healthy and staying on my insurance, than having him living in the dorm, getting sick and having it escalate because of some silly notion that "kicking" some one out without support some how makes them a man or an adult.

Has nothing to do with millennial or generation. I'm way over 55 and I am proud that my parents offered me support when I needed it until the day they died and that was waaay after I was 26.

And I thank my parents for that.

My parents didn't kick me out literally, it was a figure of speech. I WAS expected to go to college, and I WAS expected to support myself after college.

It IS a millienial thing. No generation before got this kind of treatment.

 

[KBoopaloo]

I know many graduate students who benefit greatly from being able to be on their parents plan. They are intelligent capable hard-working self-sufficient adults, but their school status means paying for individual health insurance would be prohibitively expensive, and student insurance isn't always that great, especially for those that had pre existing issues. Being able to be covered on their parents plan provides the entire family with health security during that important transition period. It also means kids out of college don't have to take the first crappy job they're offered because they are so desperate for insurance they can't demand what they're worth. I don't have kids, but I don't think you have to be a helicopter parent to want to provide that level of security even at 25

This!

I went without health insurance for about 18 months back when I was 24/25 as I went back to grad school and my part time job did not offer insurance. At that time, there were NO options that I could afford while paying for school and my other living expenses. I would have gladly paid if I could have found something less than $800/month. Mostly I just held my breath for that 18 months that nothing bad would happen. That part time job eventually turned into my full time career so it is a leap I was glad I took and a risk that paid off but I had a lot of doubts at the time because of the health insurance issue.

 

[TwoAtDisney]

We've had our HSA for 3 years now. Every year we put more than our deductible in there. The first year was little scary because we didn't have a cushion, but we had an emergency fund we could use if we needed it. Now we have enough that even if we use our deductible, we will have to cover another year's deductible while we rebuild the account. A health incident wouldn't wipe out our entire account because after our deductible my insurance covers everything 100% for the remainder of the year.

We try not to use HSA funds unless we need to (we used it for braces) and look at it more like a Health 401k. We'll keep adding money to use when we retire.

Bummer! I typed up my response & it got lost in space; hope this isn't a duplicate.

Didn't know HSAs had insurance coverage. I thought the HSA had to pay for all of the health care costs. Sounds like a good deal.

So, why do you try not to use it - does it not cover anything until you reach the deductible, such as, office visits, RXs, out-pt tests, hospital stays, etc. - nothing?

Does your employer contribute?

 

[lvillotta1]

Lets not be too harsh on the parents that cover their kids until age 26. This is so imperative to every parent esp if you have a child that has some medical issues. The harsh reality is that our children are going to college and getting degrees,BUT can not find a job that pays them enough to cover basic bills etc let alone health insurance. There a millions of college grads that have moved back home just to pay their student loan bills. I would much rather have my child living with me and working while saving as much as they can. I have no problem providing them with food and shelter so they can get ahead. We live debt free so that is what I will pass on to my children.

 

[Colleen27]

Will it go by how much each person makes or for me a joint income as I am married..My husband makes the most and he carrys insurance on him and the kids..I serve tables part time so I make much less then him per week...

Household income. The reason I brought up single earner income stats is because Manning was talking about young, healthy people opting out rather than paying the unsubsidized rates. Most young people will qualify for at least some subsidy.

I'm confused by those saying they are happy they can now cover their kids till they are 26. I guess this a helicopter parent, millennial generation thing. I was kicked way, way out of the nest by the time I was 26. And I thank my parents for it.

The new law doesn't have the standard dependent stipulations (residence, support, etc), so one doesn't necessarily have anything to do with the other. A child can be grown, moved out, and working but if s/he doesn't have insurance the parent can provide that coverage. But I think the reason most are happy about it is because so many plans use 18 or high school graduation as the cutoff, leaving still-dependent college students ineligible for parental insurance but also without access to employer-based coverage because most don't have full-time, year-round employment.

 

[TwoAtDisney]

My out of pocket maximum for a year is less than half the amount I've built up over three years - one health incident won't wipe us out - unless it lasts three years. And my out of pocket maximum is only $2k higher than it was on my previous HMO style health care - it really isn't a huge change over what I had, but the premiums are a third of the cost and I pay the first $1500 out of pocket. My old plan didn't have a deductible within the system, but it did have co-pays, and those copays were getting to be more and more of the total cost of the visit. Especially for something like a med check.

Interesting. My DS had an option of an employer based "regular" health care plan or an HSA. When he & I looked over the coverage, the HSA didn't cover much. But sounds like yours covers everything except 2,000 per year & you can take that out of your HSA savings.

Sounds like a great deal as long as the coverage after your $2,000 takes care of everything else - does it?

 

[Suger Mag]

My parents didn't kick me out literally, it was a figure of speech. I WAS expected to go to college, and I WAS expected to support myself after college.

It IS a millienial thing. No generation before got this kind of treatment.

Things were very different 40+ years ago (as per the pp who started this sidetopic, who said they were well over 55, so not trying to overly age you). But back then, you could come out of high school and go to work in a factory in manufacturing etc and make good money... not as many of those jobs around today as many manufacturing jobs are now gone overseas. It also used to be that you could get a good paying job with a jr. college degree like an associate degree... or be assured of having a shot at a career with only a bachelors... but not anymore. Those types of jobs/options today are much more scarce, which makes advanced graduate work more of a necessity to be competitive. I think you do a disservice to many hard working students by implying they are coddled and not up to the standards of yesterday. Each generation has its own unique challenges and advantages.

 

[Colleen27]

My parents didn't kick me out literally, it was a figure of speech. I WAS expected to go to college, and I WAS expected to support myself after college.

It IS a millienial thing. No generation before got this kind of treatment.

No generation before needed it. What we're seeing right now, in the cost of health insurance, access via employment, and cost of healthcare for the uninsured, is absolutely unprecedented. Right now, an uninsured young adult involved in an accident can easily accrue five or six figure medical debt even without serious/life changing injuries. Being an uninsured 20-something when you were in college wasn't the same level of risk.

 

[TwoAtDisney]

I'm confused by those saying they are happy they can now cover their kids till they are 26. I guess this a helicopter parent, millennial generation thing. I was kicked way, way out of the nest by the time I was 26. And I thank my parents for it.

Please don't judge others based on your situation & beliefs. Has nothing to do with "helicopter parents" or "generations". Has to do with (1)finances, (2)making intelligent decisions, & (3)protecting an offspring from financial ruin & lack of medical care.

Pre ObamaCare, my DGD could not get insured unless thru an employer based plan because of a birth defect. She is totally healthy now. The surgery at 1.5yo took care of the problem, dr's said no future problems would occur (definitely!), but it involved her kidney, so.....insurance companies are not reasonable!

She is 25yo, unmarried, & still in a full time college student - medical degree. Due to her class schedules interferring with a possible work schedule, she is very limited in finding a job. However, I am very proud of her since she has always found a job & worked. Right now she has employer group insurance coverage, but it's great to know that if she didn't, her Mom's plan covers her.

I'm sure there are many others with even different stories, such as, adult children with disabilities, illnesses, etc. who can't find employer group coverage & can't get their own - they can now - thanks to Obamacare!

 

[Judyat]

Just had some blood tests done. The claim was for $845 and my plan paid $36. That and my $20 copay took care of it. I would not be without healthcare no matter what my age. Everyone needs to have it with the prices hospitals, labs and doctors charge. You just can't be without it. And starting January 1 coverage will be reasonable and affordable.

 

[eliza61]

My parents didn't kick me out literally, it was a figure of speech. I WAS expected to go to college, and I WAS expected to support myself after college.

It IS a millienial thing. No generation before got this kind of treatment.

Because no generation before has these same issues. When my parents were young, children routinely died from tb, when I was young the flu was a serious threat, You cannot compare apples with oranges.
Jobs d with a H.S. Diploma were plentiful, now? Not so much.
My niece is asthmatic, 40 years ago she would most likely be married at 24, thankfully my brother can still ensure she gets decent healthcare without the fear of financial ruin from one asthma attack

 

[mrzrich]

Things were very different 40+ years ago (you did say you were well over 55 so I am sorry if I misunderstood and overly aged you). But back then, you could come out of high school and go to work in a factory in manufacturing etc and make good money... not as many of those jobs around today as many manufacturing jobs are now gone overseas. It also used to be that you could get a good paying job with a jr. college degree like an associate degree... or be assured of having a shot at a career with only a bachelors... but not anymore. Those types of jobs/options today are much more scarce, which makes advanced graduate work more of a necessity to be competitive. I think you do a disservice to many hard working students by implying they are coddled and not up to the standards of yesterday. Each generation has its own unique challenges and advantages.

I never said I was over 55. Think you have me confused with somebody else. I am 41 and I am a nurse.

I will say this. The college degree that my generation was expected to get, no longer promises the pathway to success that it once did. This country needs less MBA's and more plumbers, HVAC techs, and other trades people. People with a trade have a better chance of finding a decent job right now. My father was a tradesman and I was expected to go to college to do better than him. At this point, I would rather my child be a plumber than a CPA.

 

[manning]

I'm interested in where you got the idea that fewer than half of people buying coverage will qualify. The subsidy phase-out ends at 400% of the poverty level. The median annual wage for a single earner in the US is 26K, well below the 40K that represents 400% FPL for a household of one. Someone at that median wage would receive a subsidy to offset roughly 1/4 of the annual premium.

Yes, the penalties will be cheaper for some people. But I'm not sure it follows that many will choose that. They get nothing for the penalty, which starts out at 1% of annual income and goes up from there, and while young people often think of themselves as immortal by the time they're entering the health care marketplace for themselves (now that they can remain on parental coverage into their 20s) they're at the tail end of that stage. Plus the new coverage mandates speak directly to the concerns of young people, unlike under the present system where the things they're most likely to need - preventative care, contraception, etc - are paid OOP on top of any insurance premiums rather than being covered.

Perhaps you missed the first sentence of my post.

 

[TwoAtDisney]

My parents didn't kick me out literally, it was a figure of speech. I WAS expected to go to college, and I WAS expected to support myself after college.

It IS a millienial thing. No generation before got this kind of treatment.

I guess as a technicality it could be called a "millienial thing" or a "generation thing", but only because it has not been offered before. Surely today's parents are not the only ones who would embrace this great opportunity. It's just that today's parents are the only ones who have had the opportunity, thanks to ObamaCare.

 

[Colleen27]

I never said I was over 55. Think you have me confused with somebody else. I am 41 and I am a nurse.

I will say this. The college degree that my generation was expected to get, no longer promises the pathway to success that it once did. This country needs less MBA's and more plumbers, HVAC techs, and other trades people. People with a trade have a better chance of finding a decent job right now. My father was a tradesman and I was expected to go to college to do better than him. At this point, I would rather my child be a plumber than a CPA.

I have mixed feelings on that one. I have one child who plans on going into the trades (CNC/machining or welding, he's not sure which) and I'm very happy that he has found something that really sparks his interest, particularly since he's not academically oriented and has never had any interest in the traditional college path, but even though it is an in-demand skillset I wonder if that will remain the case long enough to sustain a career. I know a LOT of out of work plumbers, post housing bust, and the working plumbers I know are non-union and with companies too small to offer decent benefits. I worry other trades could go the same way - one economic or technical shift away from becoming obsolete, or so niche that there's little chance of getting in with a big company that offers health insurance, 401k match, vacation time, etc.

Of course, I have the same worries about my other child who has her heart set on a field that will demand at least a masters if not a doctorate. I'm not sure I can think of any path that feels certain these days.