Planning on dropping Health Insurance. Change my mind.

[Jstpssng]

First thing anyone needs to do is stop buying lottery tickets.

I buy a sctatchoff on Friday, if I win I keep playing it. If I lose, there's always next Friday. I've never bought a lottery ticket in my life. I see the excitement when the payout goes to a bazillion dollars and just shake my head. The average person doesn't know how to manage 1.6 billion dollars; do they really believe their lives will improve that much?
Somebody won 1/2 million from the local general store; the rumors started that it was my neighbor up the road. I had worked with him several years previously and even went to his wedding; but still didn't feel comfortable stopping by to congratulate him until it came out that the winner was somebody else. He said that he couldn't believe how many people were calling him that he hadn't seen since high school, 20+ years earlier.
1/2 million lump sum payoff would be $250,000; the government would take half. That kind of money I could manage... buy a piece of land an bank enough to cover the maintenance.

 

[widefat]

I have been "noticing" my health insurance quite a bit this year. I have a great plan that I carried with me after retirement from Federal service.
In August I hurt my back; did not realize how bad until it got to the point I could not walk more than a few feet and had to crawl to the bathroom every morning. As I write this, I feel great, and I'm in week 4 from recovery from back surgery.
Being 23, my daughter is still on my plan. Her employer only offers a very basic plan that does not cover very much - so over to my plan. in July, she was diagnosed with breast cancer. My insurance has been phenomenal - they approve, authorize, and pay quickly and don't give us a hard time about whether or not she needs the treatment. What could have been a financially devastating event has been mitigated.

So the point - in 2017, I didnt need health insurance. In 2018, between my daughter and I , I bet we are approaching half a million dollars.
I have made many poor choices - having health insurance is not one of them.

 

[Jstpssng]

^^^^
Hopefully your daughter will make a full recovery. They've come a long ways with cancer treatment.

 

[MossRoad]

We view purchasing lottery tickets or gambling at a casino the same as going to a movie or a sporting event. It's entertainment.

 

[wagne223]

One of the hospital groups around here has 5 or 6 hospitals and a dozen or so urgent care clinics.
In 2017 they showed a profit over 1 billion dollars.

That is why health insurance is so expensive.

Until there is some type of cost control on medical services, we as a nation will constantly be discussing the outrageous cost of health care and insurance.

 

[Gale Hawkins]

Health care cost control will not come by price fixing but by less health care services being rendered I expect.

 

[tjkubota93]

Fellas,

Ones who follow Dave Ramsey, I didn’t buy my house or do a lot of things per his instruction lol.

Been watching videos of his.

He says the house should be bought no more than 15 year mortgage and shouldn’t be more than 1/4 your income lol.

I always heard 1/3 was a good rule.

Mine is 1/2 of my base income, but my wife has a good career too, so it comes out near 1/4 on a 15yr mortgage.

Don't laugh too much at Dave Ramsey. If you aren't able to make your own repairs or end up with children, 1/2 your income to a mortgage can be too much.

I try to avoid any monthly bills. We had car notes, tractor note, wifes student loans. Now just a mortgage. Bills make you a slave.

You can make good decisions and invest or save. You cannot plan your life.

 

[Geotech]

I never had health insurance till I was in my 30's. I don't know dude, it's tough call. $2200/year is a no brainer for me - pay it.

BUT, at 28 years old and at the salary I was making then, I'd probably forego it (in fact, I did). I gather most people on this forum are older. I bet many of them stating the stupidity of going without insurance probably also didn't have it when they were younger.

Since the subject has been so politicized, I think it's hard to find realistic advice. As someone mentioned earlier, the odds are technically against you in terms of cost since pay in has to be greater than pay out....But there are some wrinkles in there were insurance companies can and do (sometimes) negotiate lower rates for services than you could on your own. Only you can decide what's best for you.

 

[buckeyefarmer]

One of the hospital groups around here has 5 or 6 hospitals and a dozen or so urgent care clinics.
In 2017 they showed a profit over 1 billion dollars.

That is why health insurance is so expensive.

Until there is some type of cost control on medical services, we as a nation will constantly be discussing the outrageous cost of health care and insurance.

Agree, just like utilities, hospitals need to be regulated to some degree. Deregulation of utilities has been a huge mistake.

 

[stuckmotor]

My brother came down with a bad case of pneumonia last year and spent around three months knocked out on a ventilator. I believe he said the bill was over $300,000.00. Thank God he had health insurance.

 

[goeduck]

Yeah, you think it sounds stupid, but you don't have all the facts and haven't taken the time to think about it.

What areas of a town are the most run-down? The ones with rentals. So encouraging people to own their own homes is a good thing. Lowering their property taxes while they have a mortgage is a good incentive.

Making those that own their home subsidize those that do not is what it is. Not that it impacts me but I have a hard time with things that are not equitable.

 

[goeduck]

We view purchasing lottery tickets or gambling at a casino the same as going to a movie or a sporting event. It's entertainment.

As long as they keep it in check and can limit it, I agree with this.

 

[D2Cat]

Making those that own their home subsidize those that do not is what it is. Not that it impacts me but I have a hard time with things that are not equitable.

So the person who owns the rental house gets no tax deduction....because HE does not live there?

 

[MossRoad]

I never had health insurance till I was in my 30's. I don't know dude, it's tough call. $2200/year is a no brainer for me - pay it.

BUT, at 28 years old and at the salary I was making then, I'd probably forego it (in fact, I did). I gather most people on this forum are older. I bet many of them stating the stupidity of going without insurance probably also didn't have it when they were younger.

Since the subject has been so politicized, I think it's hard to find realistic advice. As someone mentioned earlier, the odds are technically against you in terms of cost since pay in has to be greater than pay out....But there are some wrinkles in there were insurance companies can and do (sometimes) negotiate lower rates for services than you could on your own. Only you can decide what's best for you.

I'm 57. I had health insurance through my parents as a child. After high school because I was enrolled in college as a full time student, I was able to stay on their policy until up to age 23, as I recall. However, during college, I had a full time job and two part time jobs. I was able to purchase my own health insurance through my full time employer since age 19. I've never been without health insurance. I carried the largest deductible possible when I was young and single. When we got married, my wife was of the same mindset. She's also been employed full time since age 19 as well. Always paid for health insurance.

 

[4570Man]

So the person who owns the rental house gets no tax deduction....because HE does not live there?

Wouldn’t he get the same tax deduction on the house he lives in?

 

[MossRoad]

So the person who owns the rental house gets no tax deduction....because HE does not live there?

The owner of the rental house gets to claim depreciation.

 

[MossRoad]

Wouldn’t he get the same tax deduction on the house he lives in?

You can only claim the mortgage homestead credit here on your primary residence.

 

[plowhog]

So if I want a *** change I need to commit a crime in California?

Thanks for sharing.

Sort of. If you want one for *free*, that's a good way to do it in California.

 

[plowhog]

They paid to have their old hospital torn down and the site prepped for the local Catholic high school to build a new building on the old hospital site at no cost to the high school. All free. As I mentioned before, they moved because too many low-income people live here and don't pay their bills. It's only about 5 miles as the crow flies, but a world away from the people that need affordable care and assistance the most. Very hipocritical for an institution that's supposed to be all about helping the needy. It's all about the money.

I have friends in the healthcare industry in Southern California. Time and again, hospitals are bankrupted from the same source. An indigent pregnant young woman, crack-addicted or meth-addicted, shows up. There has been no record of healthcare during the pregnancy, and the flurry of activity begins. Then a preemie baby weighing just a few pounds is born, and it costs $1 million or more to nurse the unfortunate infant to become as normal as it is capable of being. Mom and baby then checks out of the hospital-- paying nothing-- leaving a bill of seven figures behind for someone.

 

[plowhog]

The owner of the rental house gets to claim depreciation.

Yes but depreciation is a temporary avoidance of paying taxes, whereas a deduction is a permanent one.

When you sell that investment property, you have to financially cough back up all that depreciation you took along the years .....