I received the bad news yesterday. My Anthem health insurance is going up 17.7%.
Background: I am a freelance grant writer, so have purchased my own insurance for several years, primarily catastrophic - if I need to be hospitalized, I'm covered for most of the costs. Sucks, but what can you do? I have never used one dime of my insurance, which means, I've paid for all doctor's visits, diagnostics, prescriptions, lab work, etc., for several years.
My SO is likewise a self-pay since he is an independent contractor brokering athletic wear for a major southern California university. However, he turned 65 in 2008 and so has only to supplement MediCare. He loves that! Major knee surgery last year cost him OOP about $500.
I basically retired 3 years ago (at 57) when my son died, so my SO pays for my insurance (as well as everything else). My coverage went up $100 per month when I turned 60 and we shopped for a less expensive policy. So here we are, about 6 months into this new policy and they raise the rates nearly 20%. (I am convinced that they picked 17.7% solely so we couldn't say they raised the rates 20%).
Anthem wants to get rid of about 600,000 policy-holders in order to increase profits. And it will probably work - my initial reaction was to cancel. If I should need hospitalization I suppose I would technically qualify for MediCal - we live very well, but I personally have no income and no assets.
If this round of increases doesn't shake loose the over 50 or over 55 or over 60 crowd, then Anthem will surely impose yet another increase until they reach the desired balance. And then will do it again anyway - just because THEY CAN. In the meantime, there are people like me who qualify for assistance, don't want it, but will be squeezed into taking it.
I'm frightened for our future.