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Vivianna | Why pay $800 a month for health insurance when it does not guarantee to cover anything? |
On top of that there is a $500 dollar deductable so how many people do you know that can pay $500 dollars out of pocket at a time. Most people I know just live paycheck to paycheck.So what do you think? Should poeple continue to pay insurance when they are done paying it holds no cash value and they do not do the job they should be doing which is covering health expenses? |
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natethenorsk
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Who can argue with such coherent, solid logic? |
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Zarnev
 |
tom_baer explained the reason for health insurance from a personal viewpoint.
Health insurance is for the "big stuff". $500 is not big stuff, even for people living from paycheck to paycheck. Almost all doctors and hospitals will work out a payment plan and most will give you all the time you need to pay. $60,000 a year IS big stuff, and is the reason to have insurance. Even if you don't have a chronic health condition a major accident that puts you in ICU for a week and the hospital for a month can easily run over $100,000. Again, this is big stuff.
There are hundreds of policies available, all with varying amounts of coverage. Visit a local independent agent to find out your options. Get a high deductible plan and put the $400 per month you save into an HSA or even a regular savings account. In a year you've saved enough to pay the higher deductible, and from then on your ahead of the game (just don't get hurt or sick that first year). |
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mbrcatz
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People who live paycheck to paycheck can't manage their money very well, most of the time - so giving them 'cash value' and expecting them to manage, say, a health savings account, isn't going to work, either.
Under your theory, people wouldn't buy cigarettes or lottery tickets, either, because there's no cash value when they're done, and nothing is guaranteed. But in the real world, they do.
Insurance is a bet. You're betting that you'll have more than $800 of insurance expenses that month - and the odds are very, very long, but the payout can be tremendous. The problem is, if you DO have that big problem, with no insurance, then no one will give you any insurance in the future, ever.
And with an $800 premium, you're either insuring a whole family, or you already have stuff wrong with you. |
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sarah314
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Agree with the others - quite frightening that most of the people you know live paycheck to paycheck.
A $500 deductible is pretty low. Keep in mind that health insurance was never intended to cover every health expense you might have - it was intended to be a safety net for big stuff. It has strayed from that somewhat over the years, with people expecting coverage for anything and everything. (One of the dangers of the system design where most people get insurance through employers - they wanted more without fully realizing how much that increased the cost.)
Seriously though - if a person is paying $800 a month for a $500 deductible policy, they may want to see if another plan might fit their needs more. (Unless they are very ill, and that's the reason that the premiums are so high.) |
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tom_baer
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although health insurance is costly, look at the flipside, I have chronic arthritis and if i did not have insurance I would have to pay about 5,400 a month for medical checkups and humira infusions.
My policy is about the same I pay 835 a month, and then I cover all medical bills up to the first 3000.00, so even with the garbage insurance that I have, I still save money in the end. |
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aaron p
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If most of the people you know live paycheck to paycheck, most of the people you know need financial help. A $500 deductible is really low, and perhaps that's why it costs so much. There are some easy ways to have a cash value health insurance. It's called an HSA, and it allows you to use pre-tax money for your care with the health policy as a safety net in case something really bad happens, but it requires some financial discipline.
Go see a fee-only financial advisor who receives no compensation outside of the fee you pay to help make wise, informed decisions. |
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