It’s funny — my husband was talking about the raise they got in December, in his union. Of the dollar and change per hour they got, just under twenty cents made it into their paychecks. The lion’s share of it went into the health and welfare fund, which pays for their insurance premiums, for the most part.
The other members of the union weren’t pleased.
I had remembered hearing about MAJOR premium increases in NYC, but didn’t have numbers to back it up. A look around led me to the Healthsignals blog which had all sorts of numbers to make your head spin.
Rates went up between 15 and 35% per year.
CIGNA went up over $6500 for a family plan. That’s not $6500 a year in premiums, that is an additional $6500 in premiums. We don’t even use that much in a year, if we had that $6500 we could be self paying and that would be that. I’d gladly take that and get just hospitalization coverage, if that were at all possible. Premiums are as high as THREE THOUSAND DOLLARS PER MONTH for some PPO plans, most hover around the $2000 a month mark.
Even individual plans go from a bit over $600 a month to $1000 a month.
These rates make my head spin — what we could do with that money, I bet if we invested it in a tax free fund for medical expenses only, and used it, we’d be better off than what the insurance company does. Outrageous.