IN$URE POORHOUSE

[thundley4]

HEALTH RATES NOW MORE THAN RENTS

ALBANY -- How absurd is the price of health care in New York City? It now costs more to buy health insurance than it does to rent a two-bedroom apartment in the Financial District.

The average monthly premium for family health coverage has soared from $3,866 last April to $4,354 -- a 13 percent increase -- according to a Post analysis of new data from the state Insurance Department.

That exceeds the $3,947 monthly rent for a place in a no-doorman building downtown.

The jaw-dropping price follows years of double-digit rate increases as tens of thousands of healthy New Yorkers opt to drop coverage and leave insurers with an ever-sicker, costlier client pool.

"This is a huge problem and a major dysfunction of a broken market in New York," said Troy Oechsner, the state's deputy superintendent for health.

  NYPOST

I think if my insurance rates were that high, I'd drop it also.  Put that same amount into a medical saving account and you're better off.  The article also goes on to say that insurance premiums will surge again once new taxes from the state kick in.

[NHSparky]

And the 'Rat politicians wonder why there have been nearly two million people moving out of NY in the last decade...

http://weck1230.blogspot.com/2009/03/htn-new-york-state-losing-population.html

[Gratiot]

I think if my insurance rates were that high, I'd drop it also.  Put that same amount into a medical saving account and you're better off.  The article also goes on to say that insurance premiums will surge again once new taxes from the state kick in.

The link no longer works. 

It's a tough call though, even with saving thousands per month.  One major illness or series of surgeries, can become a staggering load of debt 

[formerlurker]

NYC is the insurance fraud capital of the world for provider fraud (billing for services never given).    Premiums are reflective of the risk coupled with actual payouts.   There is a good reason why the premiums are this high.   

[Gratiot]

NYC is the insurance fraud capital of the world for provider fraud (billing for services never given).    Premiums are reflective of the risk coupled with actual payouts.   There is a good reason why the premiums are this high.

Interesting, I've never heard that before.  I would have considered that sort of fraud easily recognizable by most health insurance providers.  Shrugs

[thundley4]

The link no longer works. 

It's a tough call though, even with saving thousands per month.  One major illness or series of surgeries, can become a staggering load of debt 

New link for the article.

http://www.nypost.com/seven/04202009/news/regionalnews/inure_poorhouse_165236.htm

[formerlurker]

Interesting, I've never heard that before.  I would have considered that sort of fraud easily recognizable by most health insurance providers.  Shrugs

You would think so yes, but no -- or should I say more difficult to prove.      

[formerlurker]

http://www.omig.state.ny.us/data/content/view/28/52/

When I was a casualty adjuster we would cringe at the accidents we got in NYC -- PIP limits are 20K, and you can be sure as shat the professional claimants used every penny of that and more.   Funny how many "professional claimants" that were involved in  accidents with our insureds. 

Huge huge problem in NY.