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Trebor | My brother is 40 & has a great paying job but NO insurance of any type. He say he needs none, is this true ? |
He has no health ins, no life ins, no dental, he does have a job that pays roughly $350 a day (chief software engineer) proficient in numerous software languages, ie. c++, visual basic etc - but zero insurance..... why do so many say they can't even retire because they cant live without employer insurance etc ? but yet my brother could care less about any insurances. He lives here in the USA..... |
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sarah314
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Your brother may feel like he's doing fine financially now.
However, he's leaving himself wide open if he becomes ill or has an accident. Even if he's saving money towards future health care now, that can be wiped out in an instant.
Once you're already sick and don't have insurance, you're deemed "uninsurable." It will be difficult to nearly impossible to find coverage to help with mounting medical bills.
Is it possible that your brother will be perfectly healthy until he drops dead one day without needing medical intervention? Sure...but somewhat unlikely. And he's backing himself into a corner, with very limited options for the future, if his estimation is wrong and he *does* get sick.
But, that's certainly his choice to make. (Personally, if I were in that situation, I'd purchase my own HSA plan...save money towards future expenses tax free, yet still keep premiums to a bare minimum. Also, you'd be keeping some sort of coverage, so that you aren't considered "uninsurable" if you happen to need it in the future.) |
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mbrcatz
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Well, he doesn't need insurance, until something goes wrong. Of course, by then, it's too late to buy it, and likely his medical costs will have him bankrupt (not too many people can afford $500,000 for a round of chemo).
He won't be ABLE to afford cat food. Poor guy. And the poor cat. |
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Van
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He doesn't need unsurance unless he gets sick or injured, but that is exactly what insurance is. Protection in case something bad happens. My daughter was in a quad accident last year. She fell off and had an internal injury. If I didn't have medical insurance, the hospital/doctor/surgical/etc bill would have exceeded $100,000.
Your brother could also get ill, need a transplant, or any other thing that could get him in the hospital and he will wish he had insurance.
If he is married and has kids, he is just being irresponsible, especially since he makes good money. He can afford it and his company probably pays half or more as a benefit.
Life insurance is also cheap and will allow the people he leaves behind to take care of his funeral expenses and settle any debts he has.
Again, if he is married with kids, the insurance would allow them to continue living as they are without having to make major changes. How would he like his wife and kids to not only have to deal with losing their father, but also end up losing their home, cars, possessions etc. because their income is gone. That's a lot to deal with.
I hope this helps you put it into perspective for your brother. |
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kja63
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If your brother is a chief software engineer making $350 day, he's only making about $35 an hour for a 10-hour day, which most have to put in for that type of job. That's not a lot of money, especially given that his employer gives him NO insurance benefits.
If your brother should become ill with a catastrophic illness (Cancer, Heart Disease, in need of an organ transplant, etc...) he will NEVER be able to pay for it. |
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Angel Insure
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I just can't believe this is still a question! Yeah, you have a job now, but what about tomorrow? If anything bad happens to you, what about your family? Your mortgage? Even if you have your own business, it still has up and down.
Statistics shows that many Americans don't have insurance. Some can't afford it, some don't want to have it even if they can afford it. For people who don't want to have insurance, it is a game of gamble.
My opinion, hope for the best, but prepare for the worst. Insurance is something you must have.
http://www.angelinsuredeal.com |
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aaron p
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If he has no risk, then he's right about not needing insurance.
Your brother may not have adequately considered his risks. Perhaps he thinks that if the insurance companies are making money, then the average consumer must be loosing money without thinking that individuals cannot put the law of large numbers on their side.
Good luck to him. |
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jellybelly
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Just tell him it cost about $20,000 to have your appendix taken out. |
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myacumen.com
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Some people feel that if they make a lot of money they don't need insurance because they can pay for their health care costs with cash.
Your brother could get supplimentary health insurance from one of many companies. |
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Jarod Mancini
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He better get one! You should talk to him. |
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edrogers55
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A gainfully employed 40 year old individual is able to make their own decisions. Although you didn't give any background information, I'm assuming he isn't married with children.
If his job pays enough that he can pay medical/dental expenses and he has a prepaid funeral plan, he may not need insurance. If he loses his job, he'll get unemployment insurance (at least he should) through his state. |
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MSAD
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As long as he never gets sick...never injures himself...is never involved in a car accident..never has a cavity..breaks a tooth...needs glasses...or ever has anything go wrong physically......he's right.
However...at 40 he's old enough that its going to become less and less likely that he will not have physical problems and more and more likely that he will develop problems. And if he thinks he can wait until he's sick and then get a policy (health or life) he's in for a very rude awakening!
At 35 I'm already feeling my age and can't imagine voluntarily going with out insurance. |
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PrincessJ
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Well he doesn't NEED insurance, but it might be helpful. Insurance is really based on helping people that can't handle out of pocket expenses themselves. For example, if he needs to have an MRI done and can shell out the $250+ that might be needed to execute this action than he is good.....a majority of people don't have this luxury so insurance is made for them. Basically it makes money off of the fact that a lot of people that are paying for insurance won't use it that much, so they basically get paid for nothing, and your brother doesn't like the idea.
I would suggest life insurance, but if everything is already paid off then there is no need.....basically life insurance is to cover your bills that you leave behind so that your family isn't stuck with the bill after you are gone :-) |
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Angel
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actually it is your brother's opinion. but afterall it is better and safer with insurance incase anything happens. |
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src50
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If he has no one else depending on him, its his chance to take. Just remind him not to come to you if he gets seriously ill or injured. |
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Prophet 1102
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If he's a Christian he doesn't need insurance, just prayer. |
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