Planning on dropping Health Insurance. Change my mind.

[MossRoad]

Idiot, schmidiot. All it takes is a large deer through your windshield, or a falling tree on a sunny day, out of the blue. Chances are slim it'll happen to us, but we all know someone that has had unexpected medical catastrophe.

The old saying still applies....

Manure happens.

 

[bigtiller]

Another reason for health insurance. If you need hospitalization and have no insurance do you realize who pays the bill? ME, because the rates are jacked up to cover the cost of the uninsured. That is one reason for the high cost of healthcare, uninsured people.

 

[BrokeFarmerJohn]

You might consider your range of activity also.

You work around farm equipment, drive tractors, are sometimes around spinning PTO shafts, rotary cutters, and drive Husqvarna riding mowers? Nah, nothing bad could happen.

I’m not around as much farm equipment anymore, I think the tractor has been sitting since April, I only use it to feed cattle hay at my place and I’m down to just one steer now, he could go to the butcher this fall, if I did that then I would only start the tractor for snow removal.

My mower is now a JD 455, no longer the Husqvarna lol.

My life now is more lower risk, I have been selling off the projects and different things I had laying around, sold a 81 F150 and my 06 E250 van last week, both my F350s are for sale, I will just go with a car and rent or borrow a truck when needed. I decided to sell everything I can, pay off debt and pay cash for stuff without using unsecured debt to live off of (Credit Cards etc.). I would pay cash for stuff, end up short and have to live off CC’s for a little bit till I got paid.

I’m just looking for places to make more cuts, health insurance was one I had in mind. One I’m more on the fence on now.

I have never paid for WiFi, cable, Netflix etc. I bought my car at the goodwill auction, I own my house. I can pay my bills but still accumulated unsecured debt. I am lower middle class by household income and have always lived frugally. (I refuse to reuse paper towels or some of the other crazy frugal people do lol)

Before I bought my house my plan was to have my first house paid off before I’m 40, around the age of 30 buy my first rental property, age 40-50 retire so to speak financially independent. I’m on schedule to have the house paid off by the age of 40, but I only have two years to pay off all debts outside of tractor and house and save up for a down payment for a rental condo (most likely).

I have taken a loan out on my 401k for 6.5% (paid back to the 401k), not the bank. Consolidated any other unsecured debt with a unsecured loan of 11%. Just trying to pay everything off ASAP. I will not touch equity in the house or tractor. I don’t own on any cars, trucks, lawn mowers (JD 455) etc.

If I dropped health and dental insurance I would save well over 3k next year, I would deff be on schedule to buy a rental within 2 years.

I thought about changing jobs (doing what I do now, just for another company), I could increase my income by 20-30%, Good chance for more than that if I made a move. I have been at my current job almost 6 years, I don’t love my job but I don’t hate my job, I have 3 weeks paid vacation, seniority, matching 401k etc, idk if I want to chase that dollar and might end up in a place I hate as the new guy.

I guess I haven’t made up my mind yet on what I plan to do. If I had ANY medical bills come in, it would just add to the time before I can be out of debt, all my money goes to paying off existing debts. And living that American Dream .

 

[BrokeFarmerJohn]

Another reason for health insurance. If you need hospitalization and have no insurance do you realize who pays the bill? ME, because the rates are jacked up to cover the cost of the uninsured. That is one reason for the high cost of healthcare, uninsured people.

I have paid over 14k into the health insurance pool since being at my job lol, I have been to the doc office maybe twice, urgent care once for poison ivy, and ER once when I laid down a bike to get checked out, all they did was take scans, clean up some road rash, waste a lot of my time and send me a bill of $1800 (not included in previous 14k).

It’s been a waste of money so far the past 4 years, I’m just supporting the people who actually use the insurance.

I guess I have a prob with over paid doctors, greedy pharmaceutical manufacturers that are only out to cure sick people. Those people aren’t in the business of curing people, they are in the business of treatment and pushing pills. I’m just tired of feeding the beast.

 

[Diggin It]

The Pink Elephant in the room is that none of this needs to be so high priced. They do it because they can. No one challenges them. No one says no, you can't charge $10 for a single aspirin.

 

[Travelover]

The Pink Elephant in the room is that none of this needs to be so high priced. They do it because they can. No one challenges them. No one says no, you can't charge $10 for a single aspirin.

You are right , of course, but as long as this situation persists, one would be crazy to go uninsured.

 

[BrokeFarmerJohn]

You are right , of course, but as long as this situation persists, one would be crazy to go uninsured.

Maybe if people said no and refused to pay it, they would change their tune. Just like if we impeached career politicians and took their power away, maybe then taxes would go down, government would be more efficient and less wasteful.

But government and politics are a different discussion for a different day on a different forum lol.

 

[MossRoad]

As someone else has mentioned, if you get hospitalized without insurance, and you go bankrupt, we'll have to pay for you. So don't talk about greedy doctors, hospitals, etc... when the world is full of inconsiderate folks like you who would rather purchase rental property than protect the rest of us from having to take care of them when the time comes.....

Ouch! That was rude. :laughing:

 

[Beltzington]

As of 2019 there is no penalty for not having health insurance.

I have had health insurance threw my job for over 4 years, 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, I don稚 use my insurance other than maybe a check up once a year.

I pay around $2200 a year for the lowest plan of insurance threw work. Middle plan is $4200 a year and the most expensive is $6200 a year. For one person. Seems like a crazy amount of money for something I have only needed once in at least 4 years.

Don't do it - two days after dropping full coverage on our Jeep wife totaled it on an icy curve.

Here is an idea take your young healthy soul down to the National Guard or Reserves and sign-up. Your county will benefits from your experience and vigor and you will have access to much cheaper health and life insurance.

 

[k0ua]

I have paid over 14k into the health insurance pool since being at my job lol, I have been to the doc office maybe twice, urgent care once for poison ivy, and ER once when I laid down a bike to get checked out, all they did was take scans, clean up some road rash, waste a lot of my time and send me a bill of $1800 (not included in previous 14k).

It’s been a waste of money so far the past 4 years, I’m just supporting the people who actually use the insurance.

I guess I have a prob with over paid doctors, greedy pharmaceutical manufacturers that are only out to cure sick people. Those people aren’t in the business of curing people, they are in the business of treatment and pushing pills. I’m just tired of feeding the beast.

If you are a Christian, you can get Christian healthcare. For a single person, less than $150 a month. Would that help?

 

[Fuddy1952]

One last story and I'll shut up.
I grew up on farm, two houses, grandparents lived next door. Grandfather was a Physician! So seven of us, mom's brother lived with grandparents as he had Downs Syndrome.
We all were healthy, great diet, exercise. No smoke or drink (not even soda!).
Dad was 35 noticed lump on neck. Thyroid cancer (as a kid in early 1930s x-ray was used on him for a sore throat!)
He had surgery locally, although surgeon said he was fine grandfather next door insisted he go to Sloan Kettering in NYC.
Dad did, it had metastasized. He had radical surgery, Dad, may he R.I.P., passed away just a few years ago at 89.
Point is: 1) he had insurance, imagine cost even back then early 60s?
2) he lived a good, long life, imagine if no insurance? He was a great Dad, husband.
3) Although I'm on Medicare, I still pay for insurance for me (Anthem part F) and wife.
4) I have insurance on everything, even a Farm Use truck that is rarely driven on road.
Anyone can save money by not having stuff like a generator, extra food, ammo, car, clothes, money, but it's insurance.
Multi-Billionaires have insurance.

 

[Fuddy1952]

That's what I bought for my wife. Medishare, Christian Care Ministries.

If you are a Christian, you can get Christian healthcare. For a single person, less than $150 a month. Would that help?

 

[BrokeFarmerJohn]

As someone else has mentioned, if you get hospitalized without insurance, and you go bankrupt, we'll have to pay for you. So don't talk about greedy doctors, hospitals, etc... when the world is full of inconsiderate folks like you who would rather purchase rental property than protect the rest of us from having to take care of them when the time comes.....

Ouch! That was rude. :laughing:

IF, is the key word there.

I can say the same thing about people saving for retirement, I have to pay social security and taxes to cover the folks who didn’t plan for retirement and find themselves at the age for retirement but no money saved up.

I will pay Society way more then I will take, don’t worry about that. I have already paid into social security since the age of 17, 11 years now, I have always paid my taxes on time and have always been employed, I have another 30-40 years to pay into social security. When I’m that age I plan to be financially independent, I won’t need SS.

 

[BrokeFarmerJohn]

If you are a Christian, you can get Christian healthcare. For a single person, less than $150 a month. Would that help?

Yes I am a Christian, that’s a good idea but I’m paying around $185 a month currently, so it’s not enough of a savings to justify getting away from employers insurance.

Thanks for the idea though.

 

[Jchonline]

I guess I have a prob with over paid doctors, greedy pharmaceutical manufacturers that are only out to cure sick people. Those people aren稚 in the business of curing people, they are in the business of treatment and pushing pills. I知 just tired of feeding the beast.

The overpaid doctors and Pharma companies have been around for decades and we didn't have the issues we have now. What we have now are "Healthcare systems" that treat it as a business. So now you have yet another greedy group taking your money added to the mix.

 

[Fuddy1952]

You've started a post about dropping your insurance, change my mind. Many people here have given great advice and reasons why you need insurance.
Why not simply drop your insurance and say nothing. Maybe you'll be lucky and never have a problem. I hope so.

 

[BrokeFarmerJohn]

Don't do it - two days after dropping full coverage on our Jeep wife totaled it on an icy curve.

Here is an idea take your young healthy soul down to the National Guard or Reserves and sign-up. Your county will benefits from your experience and vigor and you will have access to much cheaper health and life insurance.

That’s a bummer about the Jeep.

I most likely won’t drop my health insurance, mainly because I have assets I don’t want to lose like other have pointed out.

I have always wanted to serve the country, I have thought a lot about enlisting, I have a lot of skills in HVAC, electrical, plumbing, building automations and a bunch of other residential and commercial systems, but I don’t qualify for the military, or I prob would have joined the marines or navy back in HS. The navy has some really cool programs.

 

[Jchonline]

IF, is the key word there.

I can say the same thing about people saving for retirement, I have to pay social security and taxes to cover the folks who didn’t plan for retirement and find themselves at the age for retirement but no money saved up.

I will pay Society way more then I will take, don’t worry about that. I have already paid into social security since the age of 17, 11 years now, I have always paid my taxes on time and have always been employed, I have another 30-40 years to pay into social security. When I’m that age I plan to be financially independent, I won’t need SS.

It is akin to leaving the gas stove on with no fire lit...and hoping you remember to not spark anything in the house. If you do, the you loose the entire house and all your belongings...maybe your livelihood. If you dont, well you dodged the bullet.

I just dont think dodging this kind of bullet is one worth the risk.

My advice to you is take the new job if it pays more and helps you get financially free. From your statements, you are only 2 years away from that rental. With the job you could have both insurance AND the rental. After you get it...if you dont like the job then find a new one. I would much prefer to swap jobs than abandon insurance. And I should qualify I am self employed and have been for 15 years. So I am not a company man!

Now what you haven't told us is what your current policy covers? If you are hospitalized does it cover 80%? 100$? It might be bad enough that you will be bankrupt anyway

 

[BrokeFarmerJohn]

It is akin to leaving the gas stove on with no fire lit...and hoping you remember to not spark anything in the house. If you do, the you loose the entire house and all your belongings...maybe your livelihood. If you dont, well you dodged the bullet.

I just dont think dodging this kind of bullet is one worth the risk.

My advice to you is take the new job if it pays more and helps you get financially free. From your statements, you are only 2 years away from that rental. With the job you could have both insurance AND the rental. After you get it...if you dont like the job then find a new one. I would much prefer to swap jobs than abandon insurance. And I should qualify I am self employed and have been for 15 years. So I am not a company man!

Now what you haven't told us is what your current policy covers? If you are hospitalized does it cover 80%? 100$? It might be bad enough that you will be bankrupt anyway

I’ll have to get back on the coverage, I remember comparing it to the affordable care act plan a year or so ago, it was better but not by a lot.

When I laid my bike down the bill was around 10k, I paid $1800 of that out of pocket on my current plan. Plus $200 ER visit Co-Pay and prob other expenses I’m forgetting. That was the only time I used the insurance that year.

 

[Garandman]

At age 28 I was still in the Army, but after getting out needed knee surgery. In Friday morning, out Friday afternoon. The bill from the hospital was $18,000 and that was 30 years ago.

OP must be making serious coin to entertain this idea. Sounds like the budget could stand some motorcycle training as well.