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My company is increasing the insurance rates.

post #1 of 12
Thread Starter 
We had to go to a benefits meeting today where we were told simply that the company can't cover their end of the insurance anymore (or at least not as much as they did) so our rates are going to go up starting July 1st. Our insurance (covering me and hubby) are going from $35.50/pay to $120/pay! Now, I'll be honest..no one could believe the good price our new company offered last year (they had just bought the old company I worked for) and the coverage is VERY good! Only $500 deductible for the 2 of us and they cover everything only doctors visits have a $20.00 co-pay. So, I really can't complain...just now we have to readjust our budget. I feel REALLY bad for some people that have coverage for them and more than 1 child. It went from $57.00/pay to almost $300! We are having some people seriously looking for other jobs because this, on top of moving the company 15 miles away from where most people live, with the price of gas today it's getting to expensive to work there.

This is what I REALLY don't think is fair though. The old company didn't offer health benefits unless the employee was fulltime (40 hrs/wk). When the new company took over, they opened up benefits and considered anyone scheduled 32 hours or over full time for benefit purposes (still no vacation though). So, we had quite a few people who were married (some with kids) that realized this insurance was more affordable than their spouses so they signed the family up, and the spouses dropped their insurance. Now, anything under 40 scheduled hours is NOT considered full time and not eligible for benefits...but they will supply info for COBRA insurence since their coverage will end July 1st. They said they don't think they can afford COBRA, and their spouse can't get back on their company insurance until their next open season. I personally think it stinks that they did that. Especially since the first changes with the new rates and 32 hour eligible only went into effect last August! It was like, they bought the company, appeased the employes, then screwed us in a 5 minute meeting. And, we didn't even get dinner out of it!!

Just wanted to vent.
post #2 of 12
I work for a very large hospital and our health insurance premiums just went up also. We were all in a state of shock. You would think working for a hospital, we might get a break on health insurance. But no, our premiums went up just like your's. Fortunately they still included anyone who works over 32 hours per payperiod (two weeks), but the premiums for a part time person are a bit higher. Nonetheless, this country is in a health insurance crisis and I consider myself lucky to even be able to have it.
post #3 of 12
lol so did mine,
must be that high price in gas
post #4 of 12
Everyones insurance is going up unfortunatly. I now pay over $500 a month for crappy insurance that doesn't hardly pay for anything! Even just me and DH its still that price. You add the 3 kids, its still that price! We have the kids on a different insurance right now. His insurance pays a total of 750 a year for dental for all 5 of us, thats not even enough to get one tooth fixed completly! Especially when kids are young and they need anesthesia!
post #5 of 12
Thread Starter 
I know premiums are going up, and if it was the insurance company raising the rates I could understand it better...but this is the company deciding they don't want to pay their share anymore. They admitted that. We were told in August by their rep that came to explain the insurance plan that "this purchase (of our company) was the largest they have ever done." Our center doubled their employees and there are only 800 employees so this company is small. I think they just bit off more than they could chew and are now kicking themselves. I just wonder what else they have in store for us....
post #6 of 12
Mine went up last year when my company was sold. Health went from $10 to almost $70 per month - and that's just for me! My dental doubled and they won't even pay for a full cleaning (they only pay out $58 and my dentist charges $85). They also changed the rules on domestic partners (not that I'm in that boat right now, but I know people who are) - the old owners allowed gay or straight and the new company only extends it to gay partners.
post #7 of 12
Well its not the company my husband works for that made it go up, he's still paying half of our insurance and everyone else who works theres! (did I mention my grandpa owns the company my DH works for?) So he wouldn't stop paying it, but they are just getting so expensive! I can't imagine him paying half of everyones health insurance, thats 500 per person! OUCH!!
post #8 of 12
Originally Posted by glitch View Post
I can't imagine him paying half of everyones health insurance, thats 500 per person! OUCH!!
post #9 of 12
The people who are going to go on COBRA need to speak to the insurance rep for their spouses company. Don't drop COBRA yet though.
Life changing events will sometimes permit changes in coverage during the year when it is not normally allowed. I'm not sure the COBRA overage will negate that though.
post #10 of 12
Thats the bad thing about group insurance. Its just not OUR policy to have control of. So annoying!
post #11 of 12
They just raised the medical benefits where I work as well. They had $400,000 in claims last year so they decided to raise the amount deducted every week. It is only $5 more each payday, but then I also added Rob to my policy (he doesn't get health insurance where he works). For only me, it was $15 (now $20) a payday. When I added him it went up to $100 (now $105) a payday. Ridiculous!!

My mom spends close to $600/mo for health insurance where she works, and that only includes her and my younger brother. My dad isn't even covered on it! And the benefits aren't even that great.
post #12 of 12
Ours went up also. We know pay 142 for my husband and we are short on money at the end of the month.
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