I am 70 years old and I am a full time employee. Since I have Medicare my insurance at work was approx $300.00 per month. Medicare is my primary. My insurance rate went to $800.00 per month and I was told this was due to the Obamacare plan. Rates are now based on age even if you have Medicare and it is your primary. This seems insane to me. What is the reasoning behind this?
Your rates didn't go up because of legislation directly increasing premiums, some who had lower rates before saw rates go up as a response to new protections. For instance, those who had inexpensive coverage under the old rules (who benefited from others being pushed out of the market due to pre-existing conditions) saw rates rise. That is what is meant as "it's due to ObamaCare". Actually though ObamaCare limits what insurers can charge based on age, so many older Americans are actually paying less under the ACA. All of this being said, a $800 a month policy (assuming this is after employer contribution) IS insane?! Why would your employer offer such an overpriced policy? That is the real question here. Your best bet at that cost is to reject employer based health coverage and purchase a supplemental medicare plan for half the price.