Hello,
I am not really sure what kind of replies to expect but I´ll throw this question out to the community and see what happens.
I am 53 years old and have health coverage with CIGNA International. In 2018 the premium for my policy was € 1.581,06. I just got my renewal proposal for the upcoming year and they quote € 2.276,80/year. It was € 1.861,77 last year. These increases scare the heck out of me. I mean, 44% between 2018 and 2022 alone means that in the not too distant future I will be priced out of the market, so to speak. I understand that past is not always prologue, but if the past is anything to go by, premiums will likely creep up even faster in the future, plus the age component becoming an even bigger factor in the insurance company´s calculation.
So in order to make being insured a bit more financially viable, I will now have to check with CIGNA what options are available to reduce the premiums in the year ahead. Such as increasing the deductibles/self-payment, reducing coverage etc etc. And this "etc etc" is actually something that would be interesting to learn from you, if you have been in a similar situation to me. How did you respond to large price increases in the premiums? Just cough up the money? Make some adjustments to your policy? If so, which ones did you make that helped to noticeably reduce the financial burden? Did you look for and select a different insurer? Or did you throw in the towel and cancel the policy altogether?
I admit, seeing a 44% increase from 2018 to 2022 scares the heck out of me. I made the mistake of playing around with this 44% number and looked at what such an increase (if applied over the years to come) would mean for my policy in 20 years time. Unaffordable, to say the least. :-))
I will speak to CIGNA about this and see what changes could be made to my existing policy before it renews this September. But hearing about and learning from other users who have seen their premiums go up massively in the past might be very useful.
Thank you!
DUS