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I have catastrophic insurance to cover unexpected circumstances and enough money in an account to handle normal, day-to-day healthcare. In setting up my finance
by BrianEatWorld 12y ago
I have catastrophic insurance to cover unexpected circumstances and enough money in an account to handle normal, day-to-day healthcare. In setting up my finances in this way, I am able to cover myself and not have to fork over a premium every month. This has saved me thousands of dollars over the years, if I compare the current premium I am obligated to pay with my previous strategy of putting money into an account.
True insurance is a hedge against risk, I looked at my risks and made the rational decision that covering myself was the better decision.
Its not for everyone and so I don't want to generalize. I just offer it as anecdotal evidence that while increasing the percentage of the population that is insured, may be a nice easy metric to measure and affect, it is not necessarily an indication of improving situations for all Americans.
- avoutthere 12y agoThis has been my approach as well, but effective December 31 my insurance provider will be prohibited from offering a catastrophic-only policy, so I'll likely be completely uninsured come the end of the year. The Affordable Care Act will have priced me out of the market.
- DennisP 12y agoJust the other day I price-compared a catastrophic plan with Bronze plans, and the difference was about $20/mo. That's just an anecdote, a more important point is that if you buy through the exchange, you get subsidized if you're really too poor to pay the premiums on your own. The people really getting screwed are the people in the Medicaid gap, in states where Republicans refused the Medicaid expansion.