HIPAA Policies with Golden Rule

[dgoldenz]

Just finalized a Plan 100 $1500 deductible HIPAA policy on a 7 year old boy today. Here's how Golden Rule stacked up against the other big carriers:

Anthem BC/BS premium - $470-600/month for $1500-2500 copay plan
Humana premium - $460-600/month for $1k or $2500 copay plan
Aetna premium - $900-1300/month for $1000 or $2500 copay plan
Golden Rule - $136.09/month for $1500 Plan 100 with everything (including Rx) covered at 100% after deductible.

How can GR afford to cover everyone at the standard rate of 220% premium when the premiums for young people are so cheap? Seems a bit strange.

 

[moonlightandmargaritas]

How can GR afford to cover everyone at the standard rate of 220% premium when the premiums for young people are so cheap? Seems a bit strange.

Nobody told you?

 

[dgoldenz]

Nobody told you?

No....please enlighten me.

 

[moonlightandmargaritas]

No....please enlighten me.

You can't make a claim on those policies, hence the very affordable premium...

 

[dgoldenz]

You can't make a claim on those policies, hence the very affordable premium...

Explain? Can't tell if it's sarcasm or not....policy was issued with no exclusions. The HIPAA rates for young people are cheap with GR, not so much on those over 40.

 

[moonlightandmargaritas]

Explain? Can't tell if it's sarcasm or not....policy was issued with no exclusions. The HIPAA rates for young people are cheap with GR, not so much on those over 40.

No no, I was just funnin' ya.

It does seem like an awfully big premium spread though. Are you sure that's the HIPAA 220% premium? Or perhaps that's the standard premium, and needs to have the 220% applied to it? Just a thought.

I don't think exclusions are allowed on a HIPAA policy, btw.

 

[dgoldenz]

No no, I was just funnin' ya.

It does seem like an awfully big premium spread though. Are you sure that's the HIPAA 220% premium? Or perhaps that's the standard premium, and needs to have the 220% applied to it? Just a thought.

I don't think exclusions are allowed on a HIPAA policy, btw.

That's what I thought....trying to make sure I'm not crazy and/or stupid. GR has a standard 220% premium adjustment for HIPAA eligible cases. The standard rate was $58.22/month. I confirmed that the quarterly premium was $408.27. When I was first getting the numbers together I couldn't believe the difference in premium. $12-15k/year less for GR than Aetna on a just a 7-year-old?

 

[retread]

That's what I thought....trying to make sure I'm not crazy and/or stupid. GR has a standard 220% premium adjustment for HIPAA eligible cases. The standard rate was $58.22/month. I confirmed that the quarterly premium was $408.27. When I was first getting the numbers together I couldn't believe the difference in premium. $12-15k/year less for GR than Aetna on a just a 7-year-old?

Where are you coming up with "$12-15k/year"? You seem to be off a decimal point. Don't you mean $1.2-1.5k/year? The math I was taught is that $1k=$1000, therefore $12k=$12,000.

 

[dgoldenz]

Where are you coming up with "$12-15k/year"? You seem to be off a decimal point. Don't you mean $1.2-1.5k/year? The math I was taught is that $1k=$1000, therefore $12k=$12,000.

Aetna at $1300/month is $15,600. GR at $136.09/month is $1,633.08. That's a $14k difference over the course of one year.

 

[retread]

Aetna at $1300/month is $15,600. GR at $136.09/month is $1,633.08. That's a $14k difference over the course of one year.

Wow! Didn't consider your Aetna quote... thought it was misprint!!!