Don’t panic though. Lifewise Health Insurance Plans, the Individual Health Insurance division of Premera Blue Cross in Washington just announced their yearly rate increase. As of January 1st 2009 all their plans will increase by the same amount. How does this stack up against this past summers’ rate increases by Regence Blue Shield and Group Health? Pretty darn good.
The Lifewise rate increase for 2009 will be 7.4%. That is not a typo. Single Digits. Below 10%. Wow. Yes, that is still more than anyone WANTS have their plan increase, but it’s still good.
To compare, Regence Blue Shield of Washington just handed their customers about an 18% increase, and Group Health ended up with a 13% percent increase. Ouch.
This small rate increase was predicted. For the past last two years, Group Health has had, in my own opinion, the best combination of benefits AND rates for most of its individual health insurance plans. Regence was usually more expensive and Lifewise was by far the most expensive. I have a post from September 3rd comparing similar health plans and costs for an average Seattle family. By far over the past couple years, the most reasonable cost for comparable benefits was and is Group Health.
However, looking back just a few short years this result was switched. Lifewise was previously the best bang for the buck. Lately though they had been getting hammered due to their rates. Oh yes, Lifewise heard that their rates and benefits were out of whack, and they finally responded. Now, 7.4% will not make their plans more competitive instantly, but I expect both Regence and Group Health to have another round of substantial rate increases next year, which would then bring Lifewise back into the running. Their plans ARE good, with great preventative benefits; they’ve just been priced a bit high.
This all goes to show that you should shop your health insurance plan every couple years. If you or anyone you know is on Lifewise Insurance and want to know more about this rate increase or other available options, give me a call or email. I’m always happy to help!
Michale Simson is a freelance writer and has written of diversified subjects. In the particular articles he has discussed on different aspects of Washington State Health Insurance policies and programmes.