Planning on dropping Health Insurance. Change my mind.

[two_bit_score]

Health insurance is a money wasting idea... unless you need it. If you know 'when' you'll need it, drop it until just before you do. otherwise, don't take the gamble. Same goes with life insurance, or any other insurance for that matter.

For a lot of people that was the only attractive thing about Obamacare.

 

[two_bit_score]

And if you know "when" you'll need any insurance, you'd likely be wealthy because you'd also know when every stock was going to go up, or split.

Broke Farmer, instead of telling yourself you're wasting money on insurance payments, save your mental health by considering in a savings plan for future health care needs.

The pre-Tax Health Care Savings plan is a cornerstone of a sensible approach to health care. Unfortunately it has been limited to people with employment base health care insurance.

Everyone should be eligible to put money away tax free to cover health/ medical expenses. I could cover my out of pocket expenses from my Health care Saving plan with tax free money. I could also put money in the plan into investment plans that doubled the amount of money invested over time. I’ve got a sizable amount of money in my account just thanks to the Stock market.

 

[ultrarunner]

In practice it has been time consuming... spent hours trying to get a 110 dental bill approved.

Used the card and it did not work... replacement card and worked. 6 weeks later letter asking for details... 4 weeks asking for more information.

Forward to Dentist and they provide same I provided and finally approved.

Simply not worth it in my limited experience.

Daily I get calls asking for specific details from patients who are having trouble with their surgical procedure billing.

These things can burn a lot of hours on all sides.

Dad had something similar... he asked dentist to discount for cash at time of service and he did.

Good feeling knowing you walk out the door with bill paid and you saved money too...

 

[murphy1244]

Insurance is like owning a gun. You don't need it to you really need it. I would trade everything I have for your health.

 

[ruffdog]

I have a friend that has Multiple Myeloma...a blood cancer. One of the drugs they are on is about $250,000 a year.

 

[MossRoad]

I have a friend that has Multiple Myeloma...a blood cancer. One of the drugs they are on is about $250,000 a year.

My father had multiple myeloma. They gave him 4 years. A few weeks later he developed Amyloidosis. They gave him 6 weeks and he was gone in 5. In just that short time, he had huge bills. When I closed his estate, there were no outstanding medical bills because insurance covered all of it.

 

[MossRoad]

My father had multiple myeloma. They gave him 4 years. A few weeks later he developed Amyloidosis. They gave him 6 weeks and he was gone in 5. In just that short time, he had huge bills. When I closed his estate, there were no outstanding medical bills because insurance covered all of it.

I should note that was in 1995. They've made great strides in treating that form of cancer in the past 25 years.

 

[Gale Hawkins]

I have stayed out hospitals for years and just turned 70. Last week my right leg had some swelling that was much worse Friday morning so at 7 am I drove myself to ER. I had a blood clot as long as my leg per ultra sound. 6 hours later they did a CT of my chest and found clots in both lungs after they discharged me. They call and told me to be re emitted to ER and shipped me to Baptist in Paducah by ground ambulance. By 9 pm I was out of surgery with tPA flowing into each lung and heparin by IV and was discharged yesterday. I am sure six months of Xarelto is going to cost something not covered by part A and coverage under wife's policy. The good news is when I did my 1/4 mile walk down a steep hill and back up today I did it non stop for the first time without stopping to rest about 8 times like had been the case for a few months.

I do know some asset free persons that make out fine going naked on health insurance.

 

[drssg]

I'm glad you're feeling better, Gale. All the money going into health insurance can seem like a waste, until we need it.

 

[Frankenkubota]

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’m 28 years old and haven’t been sick in 5+ years, not even a cold, I don’t 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.

it gets worse

 

[Frankenkubota]

In practice it has been time consuming... spent hours trying to get a 110 dental bill approved.

Used the card and it did not work... replacement card and worked. 6 weeks later letter asking for details... 4 weeks asking for more information.

Forward to Dentist and they provide same I provided and finally approved.

Simply not worth it in my limited experience.

Daily I get calls asking for specific details from patients who are having trouble with their surgical procedure billing.

These things can burn a lot of hours on all sides.

Dad had something similar... he asked dentist to discount for cash at time of service and he did.

Good feeling knowing you walk out the door with bill paid and you saved money too...

as i said before, the only medical procedure that has gone down in price is lasic surgery and that's because insurance doesn't cover it and the govt. has nothing to do with it.

 

[Frankenkubota]

I have stayed out hospitals for years and just turned 70. Last week my right leg had some swelling that was much worse Friday morning so at 7 am I drove myself to ER. I had a blood clot as long as my leg per ultra sound. 6 hours later they did a CT of my chest and found clots in both lungs after they discharged me. They call and told me to be re emitted to ER and shipped me to Baptist in Paducah by ground ambulance. By 9 pm I was out of surgery with tPA flowing into each lung and heparin by IV and was discharged yesterday. I am sure six months of Xarelto is going to cost something not covered by part A and coverage under wife's policy. The good news is when I did my 1/4 mile walk down a steep hill and back up today I did it non stop for the first time without stopping to rest about 8 times like had been the case for a few months.

I do know some asset free persons that make out fine going naked on health insurance.

asset free is the key. 2 friends, no insurance, 1 cancer, 1 heart surgery.

they both said all they gotta do is pay $10 a month and they are teflon.

maybe that's the answer, give it all away so they can't take it away?

 

[ultrarunner]

I managed subsidized housing for a number of years and being unable to pay isn’t a barrier in receiving health care.

The grandson of my 31 year old tenant was born premature with heart defect...

Posted before how over a million dollars in medical provided at Stanford at no cost to family including stays at Ronald McDonald house...

Insurance here is more about protecting assets or so it seems to me.

 

[drssg]

it gets worse

Ha! Are you referring to the cost? Your health? Both, I would presume.

 

[drssg]

An old acquaintance of mine spent some time homeless before getting into an apartment for people with drug/alcohol issues. He was about to get kicked out for not following the rules when he had a heart attack.

This was before Obamacare, and we supposedly had a healthcare crisis, but you wouldn't know it to look at him. He had surgery to get a stent, and he then had follow-up visits with a regular doctor, a cardiologist, a nutritionist, a physical therapist, and he had a free gym membership at the local YMCA.

He also became exempt from getting kicked out of his apartment, because you can't send a poor old sick man out to die in the street.

I still wouldn't want to live like him, but yes. If you have nothing, you can get a lot of stuff for free.

 

[hosspuller]

I used to work in a regional hospital. Staffed for many medical specialties and trauma. I got to see many of the bills and who pays them. I estimate 1/3 were Medicare, 1/3 insured and 1/3 indigent or Medicaid. Since Medicaid and indigent doesn't pay the cost of their care. And Medicare barely does... Guess who pays the hospital's bills for material, wages, utilities, taxes, etc. ?

Second question ... Who wonders why health insurance is so expensive?

 

[KennyG]

Since this thread has been revived, I will note again that the main reason to have insurance is to get their negotiated discounts. If you are in good health, buy the cheapest high deductable plan you can get. You will get some free preventative services like physicals and vaccinations and, when you do need medical care, you will get a 50% to 90% reduction from the "list prices" for the insurance negotiated cost.

 

[two_bit_score]

Since this thread has been revived, I will note again that the main reason to have insurance is to get their negotiated discounts. If you are in good health, buy the cheapest high deductable plan you can get. You will get some free preventative services like physicals and vaccinations and, when you do need medical care, you will get a 50% to 90% reduction from the "list prices" for the insurance negotiated cost.

Basically what we have done all our lives.

 

[ultrarunner]

Insurance changes perception of cost...

Cash pay is often on par with best discounts...

This time of year paying deductibles sinks many.

This morning surgery had a cancellation with patient unhappy.

Patient had 2k deductible on employer plan and declined...

Options offered for cash pay or Care Credit declined...

Apparently last year deductible was half at $1,000... messages left regarding co-pay and deductible with date and time.

 

[buckeyefarmer]

Insurance changes perception of cost...

Cash pay is often on par with best discounts...

This time of year paying deductibles sinks many.

This morning surgery had a cancellation with patient unhappy.

Patient had 2k deductible on employer plan and declined...

Options offered for cash pay or Care Credit declined...

Apparently last year deductible was half at $1,000... messages left regarding co-pay and deductible with date and time.

I will face this Monday. Dr practice trying to get me to prepay because of deductible, nope, not gonna happen. When my insurance tells me how much I owe, then I’ll pay. I’ve had this go around with this outfit before. They usually ask for me to prepay more than what it will cost me after insurance. I have been with the practice over 20 yrs and have never not paid, but new company took over the practice.