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RussellP197074
RussellP197074
Contributor ⭐⭐
September 8, 2024

What are the Year over Year rate increases by percentage?

 

Starting in August of 2023, we paid a total of $464.34/month for Male turning 73 on 8/10/23 and Female turning 70 on 8/28/53. No change through May 2024.

 

June 2024 it split and increased to $245.50/$279.25 for my wife and I. Total $524.75 a 13% increase from 8/23

July 2024 it increased to $245.50/$290.50 for my wife and I. Total $536.00 a 15.4% increase from 8/23

August 2024 it increased to $256.75/$290.50 for my wife and I.  Total $547.25 a 17.8% increase from 8/23

 

Does the percentage increase in your link indicate quarter over previous quarter or total for the year?

 

Our new Plan F with CIGNA will cost us ~$360/month total for both of us  ($547 - $360) x 12 equals  a savings of $2244/year if the rates stay the same.  Plan F should have similar data to what you have in your link.

 

 

 

 

 

GailL1
GailL1Author
Community Champion ⭐⭐⭐
September 8, 2024

It’s all actuarial and I am not an actuary - I just posted the link so that people here could see that all plans are increasing - as always, some more than others.

 

Plan F (and other now discontinued plans) are outliers mainly because they are discontinued plans -

Think about it - a plan where NO younger and healthier people are being let in anymore to help balance out those that are getting older and most likely sicker.

 

 Discontinued plans always escalate in premium cost because of that condition.    Remember the ratings are done by the insurers by plans - 

 

I hope you have picked your plan well but if you stuck with staying with Plan F I believe you will continue to see your premiums go higher just because the plan is no longer available to new beneficiaries.  

IT‘S ALWAYS SOMETHING . . . . .. . . . Roseanne Roseannadanna
RussellP197074
RussellP197074
Contributor ⭐⭐
September 9, 2024

I checked for the difference between Plan F and Plan G. At most it was about $3 per month difference after factoring in the yearly deductible divided by 12.  I can always get Plan G when a birthday rolls around if the difference become great enough to make it worth dealing with the billing until the deductible is met.

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