I got a letter from my medical insurance company yesterday. Big surprise, another price increase. My monthly premium is now $846 a month plus $20 co-pay. Just for fun, I looked through my old records and discover my premium was $374 in 2002. That’s an increase of 126% in less than five years. To be fair, I must tell you that the $374 plan was for a family of three. The $846 plan is for a family of four or more. If I was on the family of three plan today, my premium would be $706 a month. That’s still an increase of 89%.
I don’t get it. Why is there such a big increase? I know part of the reason for high premiums is the sue-happy nature of our society. But an 89% increase? That’s more than the increase in gas prices over the same time period. In 2002, the price of a gallon of unleaded gas was about $1.50. Today, it’s about $2.75 a gallon. That’s an increase of 83%. We hear about the raising price of gas almost every week, but there’s only an occasional story about the raising cost of medical insurance. Where’s the big outrage? Doesn’t anyone care? Am I the only person pissed off about the sky-rocketing costs of medical insurance?
OK, I’m done venting now. I must now consider a cheaper plan or a different HMO…..or selling one of my kids or two.