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Health Insurance of the Future

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BuckBackHome

BuckBackHome

Wolverine is largest member of weasel family
Our health insurance agent told us he expects health insurance to go this way in the future. Kind of like auto insurance: the higher the risk the higher your cost.

I know of health insurance plans that offer reduced rates for healthier lifestyles, but this is the first I recall that will actually charge a higher rate.

Seems the grocery chain Meijer will now be charging smokers more for health insurance. Based on the article I am not sure how they are going to really tell if someone is a smoker.

http://www.woodtv.com/Global/story.asp?S=4172833
 
This is a slippery slope, if I've ever seen one.

I think it's justifiable if you increase your health risk by choice, i.e. smoke; however, I can see this as a problem if you are charged higher rates if you have a familiy history of heart disease or ovarian cancer or something.
 
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FCollinsBuckeye said:
This is a slippery slope, if I've ever seen one.

I think it's justifiable if you increase your health risk by choice, i.e. smoke; however, I can see this as a problem if you are charged higher rates if you have a familiy history of heart disease or ovarian cancer or something.
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That would be my concern to. I don't think it would be fair for someone who has a family history to be punished.

Things like smoking etc are different though in my opinion
 
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FCollinsBuckeye said:
This is a slippery slope, if I've ever seen one.

I think it's justifiable if you increase your health risk by choice, i.e. smoke; however, I can see this as a problem if you are charged higher rates if you have a familiy history of heart disease or ovarian cancer or something.
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Right now I agree with the smoking thing, but it easily could grow to encompass much more than smoking. "Oh you're fat that's and extra $50."
 
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exhawg said:
Right now I agree with the smoking thing, but it easily could grow to encompass much more than smoking. "Oh you're fat that's and extra $50."
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That will be next... but those who choose to do it that way will have to go past the old suggested "weight for height" chart.

Dunno if you could use family history... but Personal history (which they do account for now if you have personal health insurance) is going to be taken into account... (On the other hand, lots of large companies also have plans that don't exclude pre-existing conditions, too... at no additional cost)

Anyway... I thought it was reasonably comomn for tobacco users to have higher rates... (Oh, and how do they enforce it, they void your coverage if you lie.... not a good boat to be in.)
 
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There is another health insurance change going into effect this year. The availability of the Health Savings Accounts.

The good side of these is that for those in reasonably robust health money in the accounts can be rolled from year to year - with modest growth as it is an interest bearing account. And, at the end of employment those funds, including any starter or matching funds made available by the employer, are yours to keep for health requirements in retirement.

The one clear exclusion is that if you elect HSA you cannot use the medical savings account, the one that had a spend it or lose it provision (though a separate pre-tax account for Dependent/ Child Care is allowed).

The great unknown is whether the scheme proposed will have legs as we lurch toward a very uncertain future in health care coverage.

The one clear certainty is that an avowed intent of the HSA, that it reduce family and individual health care costs, is only likely true in the short term. The fact is that, good idea or not, an HSA does not directly address any of the key underlying causes of rising health care costs.

I anticipate more employers phasing out traditional Blue Cross and HMO/PPO plans in favor of these HSA schemes in coming years.
 
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I didn't have a chance to read the article yet, but I'm all for giving reduced rates to people leading healthy lifestyles. I work out all the time and stay active and do not regularly smoke. This altoghether, I get sick once a year max and I believe is because of my lifestyle.
 
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Sandgk,

A high deductible insurance policy was/is intended to go along with the HSA... the idea is to use the HSA for the little things, and let the insurance pick up the big items.

It's basically a way to "self insure" in a tax favored way, without incurring the big risks one takes living without insurance (assuming a high deductible policy goes with it).

It's better than no insurance, and prob. better for most younger folks... it typically isn't too good for the 40 on up crowd...
 
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gbearbuck said:
Sandgk,

A high deductible insurance policy was/is intended to go along with the HSA... the idea is to use the HSA for the little things, and let the insurance pick up the big items.

It's basically a way to "self insure" in a tax favored way, without incurring the big risks one takes living without insurance (assuming a high deductible policy goes with it).

It's better than no insurance, and prob. better for most younger folks... it typically isn't too good for the 40 on up crowd...
Click to expand...

The trend I fear will happen is that companies will elect to drop the HMO / PPO / Blue Cross insurance schemes in favor of the exact thing you describe HSA plus a high deductible policy. The cost to the company is much more attractive when offering that combination, even if they were to sweeten the HSA account on an annual basis to the tune of $2000 it would likely be, in toto a smaller bill for them than having a majority of folks on a traditional HMO / PPO.
 
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