Planning on dropping Health Insurance. Change my mind.

[JFoy]

A family member recently had a stroke. Her yearly premium is around $4K. Deductible is $3K. Co-insurance (the 20% of the 80/20 plan) max is $5k. So, total out of pocket was $12K. The hospital bill was $130K. So, $12K out of pocket because of insurance vs. $130K if she didn't have insurance.

We all hate having to pay for insurance but it only takes one event to make you wake up and realize it is best to have it.

 

[TheMan419]

I was 28 and indestructible once too. Then I got mono. Doc told me it is either mono or lymphoma. Put me in the hospital overnight as my throat was so swollen he was worried it would close and I would stop breathing. Thankfully it was mono not lymphoma. It has been 30 years since then. I don't remember what the cost was. I remember being broke for months until it was paid off.

Three years ago I was in a car v semi accident. I was in the car. So you think well the semi has insurance so I am good right? No of course they want to fight over everything. So my health insurance picked up the tab. Of course they got paid back later by the semi truck's insurance company. But at least I got medical care in the mean time. That was 10's of thousands in care.

 

[KennyG]

i believe the biggest cause of bankruptcies in the U.S. is health insurance bills. All insurance is a gamble.

This isn't true but it's still incredibly foolish to go without health insurance when it would cost only $2200 a year. Yes, you will probably never actually get the insurance to pay anything if you are healthy, but do the math - you may have a 1% chance of having a million dollar medical problem. Even if you have to pay for all medical bills because of high deductibles, you get the advantage of the insurance companies negotiated rates. We often find that a simple medical procedure has a list price of, say, $500 but the negotiated insurance rate is only about $100, which we pay under the deductible. Insurance saves us a fortune that way.

 

[tjkubota93]

I was the same way 10 years ago. Never used insurance. Then, almost overnight I started having bad stomach problems. Turns out I have chron's disease.

Dont know if your married (or have a girlfriend)
My 5 year old was born with a hole in his heart that required surgery. The hospital billed our insurance for $98k.

So, you could end up regretting that decision, things can change REALLY FAST.

 

[gary49]

I guy I know from work had kidney stone issues. 4 stays in the hospital, no insurance. Lost his house, didn't declare bankruptcy soon enough, still has financial issues. Stuff happens, keep the insurance, $2200 is nothing compared to what you'd have to pay if you were 60+. I know lots of folks disagree, but it ought to be required that you have it just like my state requires auto insurance to drive. We all pay for your hospital care once you become indigent, since state funded hospitals can't turn you away due to inability to pay. That's a Reagan era rule, BTW.

 

[plowhog]

It's your money, and your risk to assess. Many people in their 20s feel invincible. Oh I wish for those days.

If you choose to take the risk, and cancel the insurance, you could go one step further. Put the entire $2,200 on one throw on the crap table. Then you might have $4,400. Or zero.

 

[Deere Dude]

A close friend owned a garage as a business, rental properties and other income. He was paying (some years ago) $400 a month, then it shot up to $800 so he cancelled it. A year later his wife got breast cancer so he was stuck with a $300,000 bill.

Another friend was a mason contractor and never had health insurance for family of seven and all was good, until he had a heart attack. He might as well paid the piper before. These are just a couple personal observances I recall.

Insurance is nuts now and is a shame to need to buy. If you have a million in the bank and don't mind loosing it, then go without.

 

[oosik]

Let me tell you of my situation. I'm 76 years young and because of high blood pressure and type 2 diabetes I take meds that would otherwise cost a little over $1750 A MONTH. My health insurance covers the entire cost of the meds plus any co-pay.

Now that is the easy part. The sad part - my wife of 46 years passed nine years ago. I've finally come to terms with this situation but it was not easy. Her combined medical bills - at the hospital - totaled just a tad over $1.6 million dollars.

My medical insurance paid all but about $4500 (co-pays) of this bill also.

I will not presume to tell you what you should/should not do. HOWEVER - if you should choose to delete medical coverage - this is quite easily what you could be looking at also.

My health has always been good - it is even now. So do not think that I am some old, broken down, geezer, fart - far from it.


You think that $2200 is expensive now. Just cancel your insurance plan now and see what the cost is when you are 60 and really need it. Sad thing is - medical insurance is so very expensive at older ages - a lot of folks have to go without.

Its your choice GRASSHOPPER - - roll the dice.

 

[Diggin It]

I have only needed it one time when I laid down my motorcycle 3 years ago or so. I知 28 years old and haven稚 been sick in 5+ years, not even a cold,

Look at the bills the insurance company paid for that one visit. Could you have covered that out of pocket?

I'm ... more than 28 .... and I've never been in a hospital for an injury or illness and I rarely go to doctors for anything. But medical is a legalized racket with a great many paid accomplices in elected and judicial offices. Few other 'industries' can automatically lay claim to your house and property and essentially take everything you have.

 

[Diggin It]

Food for thought ..... just the ambulance bills for an accident can be more than most can pay easily out of pocket. If they call in a helicopter, that alone can be $5,000 or more.