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It’s a complete scam run by insurance companies who operate with ostensibly a government mandate (although with seemingly zero oversight). I work for myself an
by cmollis 7y ago
It’s a complete scam run by insurance companies who operate with ostensibly a government mandate (although with seemingly zero oversight). I work for myself and and have historically been paying about 20k per year in premiums for my family with a family deductible which I’ve never gotten remotely close to hitting. I have an hsa which I use to pay for out of pocket expenses pre tax and there is a tax deduction for health care premiums. This year I decided to test the system.. and didn’t purchase health care for myself. It turns out that many of the services and drugs we all pay through the nose for are so much cheaper If you ‘self pay’. I spoke to admins at both my doctor and the affiliated hospital and they all have programs to help alleiviate payment hardship if you don’t have insurance (translation: you’ll just have to pay the actual cost of the procedure. Not the bullshit one that the insurance company tells you that you saved a bunch on by overpaying for their insurance). Ridiculous. Inevitably someone will figure out that it’s the insurance companies ripping everyone off and do something that removes their intermediation state-sponsored fleece-job. Ultimately you’re actually paying for catastrophic insurance, oh and Medicaid and long term elderly Medicare, but the rip off of your standard, healthy consumer is a travesty. Maybe someone should be reviewing the actuarial models (or whatever they are) to determine an apporopiate cost for someone who’s ‘heathy’. Me? I’ll just continue to pay like I’m poor... and save some cash.
- codegeek 7y agoI wish i could upvote you 1000 times. Why is it so hard for many people to understand all of this ?
- gen3 7y agoPart of the point of insurance is to offset risk. He says that he doesn’t have insurance for himself. While he is probably fine, he is taking the gamble that he will not require any expensive procedures. Depending on your risk tolerance, it could pay off for people to do this... But it’s certainly not for everyone.
- TheAlpacalypse 7y agoBecause it takes advantage of risk. OP's gamble pays off if he never has an emergency, but if he ever pays more than 20k on doctors visits he's fucked. Granted, that doesn't often happen. But it's a risk that most people can't afford.
- shoo 7y ago> but if he ever pays more than 20k on doctors visits he's fucked. I agree with the general point that there's more risk, but it doesn't logically follow that if you pay more than 20k in a given year you are ruined, compared to if you'd taken the insurance policy. Suppose you were paying 20k / year minimum for "insurance", needed some healthcare, and ended up paying 25k = 20k for the cost of the "insurance" and another 5k out of pocket that wasn't covered. Does that mean you're ruined even if you do take insurance? To make a better argument we'd need to understand how much wealth & income & expenses someone has, and if they're able to set aside spare cash (perhaps in an investment account) that's saved in the good years by not paying for insurance, that can be used to cover or partially cover expenses in the years where healthcare expenses are high.
- senordevnyc 7y ago“I stopped paying all the premiums on my car insurance! You wouldn’t believe the savings! Why hasn’t everyone figured out this hack? Why no, I haven’t had an accident...why do you ask?”