 In Easy Terms, what is "Coinsurance"? |
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 I cannot seem to get insurance due to esophagus? |
What can I do I really want to go to the doctor but don't want to cause a financial disaster. Any suggetions help I'm in AZ. Thanks
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Its an eroting esophagus ... |
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Giggly Giraffe | Insurance Part II: Is it better to purchase insurance or to insure myself??? |
Witnessing the treatment clients in the Gulf Cost are getting from the insurance companies … I was wondering if Insuring myself <Paying myself premiums into my own controlled account> would be safer than to continue to buy insurance through a company. Then I wouldn't have to argue about the fine print in the policy should I ever need it!!! What do you think?
http://answers.yahoo.com/question/index;_ylt=AiXHGfR0V4Wu_wR4yFSL9Xvsy6IX?qid=1006042106706
<I have no mortgate; so no banking requirements to make me buy insurance: I am dicipled to pay to my own account>
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Fire Glo ... good points. If I remember right, renters insurance and umbrella insurance do cover this ... with extreemly lower preimiums. Thx. |
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Julisa
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Wow! This is a really good question. If I were going to start an account for my own self insurance, I would want to consider the average cost of your medical care if in a catastrophic senario. In other words, if you suffered from a serious spinal cord injury that required immediate transportation in the form of Bayflight, etc. The current average cost of Bayflight one way, not including any medical attention the physician on board will render is about $4K - $5K. If you had to stay in the hospital for a week not including surgery, rehabilitiation and medications, etc., depending on the facility, it may run approx. $1,50O.OO to $2,500.00 just for a week. Therefore, unless I was in a position to be able to start my account with between a $10,000.00 to $15,000.00 balance and then build from there, I am afraid I would have to look at purchasing some form of catasptrophic policy. Otherwise, I would have to look at going into additional debt to pay for my immediate health needs. Personally, I favor the idea of a regional or family based cooperative for catastrphic purposes. A cooperative would allow each member to buy in for an initial investment and monthly payment and then the cooperative could reinvest a portion (no more than 1/3) of its intake. Then at the end of the year, if the cooperative made more in it's investments than it had to pay out, it could look at offering it members dividends or simply reinvest the dividends for the following year. It is a little less risky than going it alone and potentially having to go into enormous amounts of debt in an emergency situation. |
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It's not a bad concept; in fact, you can negotiate cash terms with your doctor and the hospital before treatment. They usually offer substantial cash discounts. I would suggest however, that you purchase a major-medical plan with a very high deductible (and low premiums) just in case something serious happens and you require a lot of care.
Be sure to save your medical receipts, then you can deduct them from your taxes as well. |
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e_copp
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Hmm i guess if you are displined then and you aren't afraid something might happen in the next year or so then pay yourself. However what happens if you have a total loss in 6 mos. the amount you were going to pay in premium would not cover you. I guess it depends on your finicial situation and what you can put aside. the purpose of insurance is to share the risk with others. Keep in mind insurance pays not only for your dwelling (house) but things such as personal property, seperate structures (sheds), loss of use, and personal liablity. so if you think you can put aside enough money to cover all of these things then that would be great but realise what all your insurance is covering. |
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Fireglo72
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For reasons other than being reimbursed by the insurance company you may want to have coverage for Liability reasons, say in case, there were an accident of some sort on your property or someone elses and someone got hurt, you could pay for it yourself out of your self insurance account, but it may be very expensive...it would be cheaper to pay a premium and let them pay it...although having a back up plan in case of not being covered is a good idea as well. What I would advise first and foremost is to sit down with your insurance agent and review all of your assets, etc and find out where there may be gaps...and then cover them...if you have enough money to self insure...thats your option....
all insurance companies do with your money for premiums is recycle it...it goes into other things, like investments and stuff...and its "supposed" to be there when you need it. However the stipulations are sometimes very stringent and often them put moratoriums on policies in the event of major losses.
Hope that helps |
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Indiandaffodil
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I think you are doing the right thing/// If you are diciplined and in control of your account then the best thing is pay your self insurance every week because then it will be less premium and you will never have to cut down ... I worked in an insurance company and believe me life insurance are for those who can't control their bank accounts... you made a right choice .. go ahead |
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