Planning on dropping Health Insurance. Change my mind.

[MossRoad]

25+ Medical Bankruptcy Statistics To Know In 2025

Do you know medical bills are a leading cause of bankruptcy? Learn more amazing medical bankruptcy statistics in 2025. ✅

spendmenot.com

It's a major mis-quote.

https://www.kff.org/wp-content/uploads/2016/01/8806-the-burden-of-medical-debt-results-from-the-kaiser-family-foundation-new-york-times-medical-bills-survey.pdf

It says "Among those that had problems paying medical bills in the past 12 months" then goes on to provide those percentages you quoted.

It's the percentage of people that can't pay their medical bills, not a percentage of all Americans.

See page 15.

 

[ljjhouser]

Pre-obamacare I wanted the highest deductible I could find which ended up being $10K. Really good insurance but catastrophic insurance. $100/month.
$10,000 no big deal, not like $10 mil. The low premium meant I could save that difference which I paid out of pocket. So in say, 10 years saving $400/month=about $50K.
Most people don't figure it like that.

Well, you are right about catastrophic insurance. But that is not the end of the health care cost of a policy like that. After you meet the High deductible standard, the ins company starts to pay. In the ACA policies and some others, the CoInsurance (co pay) is 20 to 50%. So the cost goes on after the $10,000. Then it is important to move on to look at the Maximum Out of Pocket.

Saving the cost of a low deductible ins can save a large sum over a number of years. But the cost of some injuries from comma state, surgery, rehab and a year of therapy make 50K seem like pennies and just tear your heart out.
I have been very fortunate. But I am certain the cost of hopes of recovery with cancer must be staggering. The insurance my wife has that costs $750 a month. It has a maximum out of pocket of $1350 a year. Pays nothing until she pays in that much, then pays everything, including rx. Getting her the help she may possibly need is what I am paying for. Interesting. There many different ways to look at ins. But I hope EVERY DOLLAR I spend on health care is absolutely WASTED. Ha Hope we never have to use that major coverage.

Years ago, while sitting in a company sponsored meeting regarding insurance and annunties, the presenter made this statement - "you don't want to have too much insurance and be over-insured." I thought about that a few minutes - then leaned over to a co-worker and said - I have insurance on my car. And it is over-insured everyday I don't have an accident. But when I do have an accident, I am probably under-insured." Best Wishes

 

[MossRoad]

According to the census:

19% of U.S. Households Could Not Afford to Pay for Medical Care Right Away

Detailed tables from the Census Bureau’s Survey of Income and Program Participation provide a snapshot of households more likely to have medical debt in 2017.

www.census.gov

The SIPP shows that in 2017, 19% of U.S. households carried medical debt, defined as medical costs people were unable to pay up front or when they received care. Among households with medical debt, the median amount owed was $2,000, meaning half had more and half had less.

Later it gives this graph, which shows a more accurate way of showing who has medical debt by several demographic characteristics.



Overall, it's 19%, not 60%.

 

[lman]

It sounds like Obamacare hasn't solved our medical problems. I've always had insurance through work but my sister's family has a farm and said that the price of their insurance went up considerably with less coverage after obamacare went into effect.

 

[Jstpssng]

I'm still fighting with the IRS about it because I forgot to check the box saying I had health insurance... back in 2017. I thought it was straightened out but last year I started getting threatening letters again. So when the accountant filed my taxes last year I had him refile for 2017, which should have straightened it out. This year I got another letter, which I will turn over to my accountant. I think they realize that eventually it will be cheaper to pay the darned penalties even though I don't owe them. The last time something like this happened was in 1997, somebody keypunched the wrong year while entering my taxes, showing that I had made an extra 17K in 1992... I finally gave up fighting them but by then penalties and interest came to over $5000... for taxes on money I had never earned.

 

[lman]

I saw an article that stated our Senator had to help in a situation like yours.

Viewpoint: Indiana senator: IRS customer service has hit an all-time low

The IRS has a backlog of more than 24 million tax returns and an inadequate plan to clear the logjam.

www.southbendtribune.com

 

[Snobdds]

It sounds like Obamacare hasn't solved our medical problems. I've always had insurance through work but my sister's family has a farm and said that the price of their insurance went up considerably with less coverage after obamacare went into effect.

Obamacare really only addressed access to healthcare, not the cost of healthcare. They also put a lot of weird provisions like a 15% Medical loss ratio. If any company was making 15 cents on every premium dollar, they would have no customers as it would be so expensive. The average BCBS MLR is 6%, so we were all surprised when this 15% was touted as a huge win. People price shop on cost in healthcare, not benefits.

Obamacare really restricts network access. They have a small pool of providers people must see or nothing is covered. Yeah it's coverage, but getting quality care is not how it was set up to work. Obamacare really limits provider reimbursement amounts to a Medicare+ methodology. Providers get more than Medicare reimbursement, but not a whole lot more.

At some point the question is going to have to be asked in the Medical community about excessive billing. The system is unsustainable when hospitals increases prices 2-4 times a year. I get that doctors spend a lot of time in school and rack up huge student loan debt, coupled with high malpractice insurance, but is $5,500/hr surgical fees right?

 

[Larry Caldwell]

It sounds like Obamacare hasn't solved our medical problems. I've always had insurance through work but my sister's family has a farm and said that the price of their insurance went up considerably with less coverage after obamacare went into effect.

Congress was supposed to fund a catastrophic loss basement to limit premiums, but it was repealed and the cost dumped on rate payers. Canceling the universal insurance mandate raised premiums too.

 

[Larry Caldwell]

I'm still fighting with the IRS about it because I forgot to check the box saying I had health insurance... back in 2017. I thought it was straightened out but last year I started getting threatening letters again. So when the accountant filed my taxes last year I had him refile for 2017, which should have straightened it out. This year I got another letter, which I will turn over to my accountant. I think they realize that eventually it will be cheaper to pay the darned penalties even though I don't owe them. The last time something like this happened was in 1997, somebody keypunched the wrong year while entering my taxes, showing that I had made an extra 17K in 1992... I finally gave up fighting them but by then penalties and interest came to over $5000... for taxes on money I had never earned.

I have had a similar experience. I got a letter threatening to attach my assets over a tax bill I have paid three times. It's all computer generated, untouched by human hands, and there is no way to contact a human to talk about it. I have all the paperwork and canceled checks. Find the right form and keep bitching at them. You will eventually get your money back, though it might take years.

 

[two_bit_score]

Insurance companies want to manipulate your coverage for their benefit. All of them. All lines of insurance.