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Thanks to my old awesome pre-ACA policy my premature daughters 41 day NICU stay cost me exactly $1,000 out of a grand total of $127,000 dollars in total bills.
She turned out fine in the end but it was very touch and go at first, worrying about bills would have added much emotional strain.
Pretty good ROI on a (then) $700/month policy.
You have me confused here. Are you saying that (A) you think your insurance policy was a better one from a pure financial standpoint that having a higher deductible, or are you saying that (B) it was better from an emotional standpoint, even if it was more costly in the long run?
If you are saying (A), what are you assuming the alternate plan is or was, in terms of deductible and premiums? Again, I highly doubt that the insurance company is not setting out to profit in the long run. The $127,000 figure you quote is only relevant if you're comparing it to having NO insurance at all, which obviously would have been bad! But if you're comparing it to a $5,000 deductible, it's not $1,000 versus $127,000. Rather, it's $1,000 vs. $5,000. And how many months of the difference in premiums does it take to equal that difference of $4,000?
If you are saying (B), my response is, why would you have such an emotional reaction in the first place? Perhaps if you weren't expecting as much, it wouldn't bother you. All of us have some expectations and our emotional experiences are often based more on how we do relative to what we're expecting. If your parents and you had always had a higher deductible, it probably wouldn't bother you so much, in which case the "emotional" argument is considerably weakened.
These already exist. As I said earlier, the problem is the deductible is painfully low (only $6K), and the plans come with 3 free doctor visits. Way more coverage than I need, and that's why it would cost me $2K a year for someone who's young, perfectly healthy, and on average needs zero medical care.
That depends entirely on your age and your health. And even then, you are not immune from accidents. For example, suppose you tear your ACL playing tennis or skiing. By the time you have paid for doctors, scans, knee braces, possibly surgery, etc. etc., with a high deductible plan you are thousands of dollars out of pocket.
i've torn my ACL twice in the past 4.5 years. MRI even if you shop around is $400, and you're gonna need at least 1, plus an x-ray. pre-op physical therapy. post-op physical therapy. my op brace was $700 (reused it for 2nd surgery), crutches i don't even remember how much they were (reused for second surgery), post op athletic brace was another $1,000 (don't need a new one since i already have one), and the surgery itself was around $8,000.
tore it once skiing, the other time doing yard work. i know people who've torn it stepping off a curb.
the idea that you're gonna come out ahead over any reasonable amount of years by taking a high deductible plan is quickly shot down by just talking to anyone who's ever had to go to the hospital for anything.
And, on average, you saved more than that amount out of your premiums.
Insurance is supposed to cover you in face of something you could not otherwise afford. The only real reason to buy a plan other than a high-deductible plan is either:
Your risk profile is higher than would be expected for your age group
You're living paycheck to paycheck.
A plan with a $25K+ deductible would work great for me, for example. I have much more than that saved, and I'm very healthy male at age of 24.
For me, the cost difference between high and middle deductible is $115/month or 1,380/year. In the case of my previous example where I went for a cardiac stress test, the difference in deductible would have paid for three years of difference in premiums. And that is just one test.
You are a healthy 24 years old. But let me give you the benefit of experience from someone who is a bit older than you. As you get older, you tend to get more health events both planned (e.g. colonoscopy) and unplanned (e.g. torn ACL, auto accident, etc.). And each 'event', whether it be the ER, preventative tests, scans, etc. etc. costs a small fortune and eats right into that deductible.
It is purely a question of return on investment. High deductible would have worked for me right up to my forties. Now I am in my fifties it absolutely does not work and that is true for most people of my age. The sad thing is that many don't have the choice and can't wait until they become eligible for Medicare.
i'm 32. this year i went for my PCP health and physical. i also need to go to a dermotologist (which most people, especially a 24 year old, overlook as basic preventative treatment), a urologist, and a cardiologist. i'll likely be told by the urologist that i have no issue, and i was told by the cardiologist i have no issue. but once you hit 30 and actually wise up and start going to the specialists periodically that you should be going to, even if you're a "healthy individual", those high deductible plans are atrocious.
These already exist. As I said earlier, the problem is the deductible is painfully low (only $6K), and the plans come with 3 free doctor visits. Way more coverage than I need, and that's why it would cost me $2K a year for someone who's young, perfectly healthy, and on average needs zero medical care.
I think it's great that you're in healthy physical and financial positions. But a deductible of $6K is rather high for most people already. I'm not an insurance actuary, but it may be that to convert that to say a $2K deductible, the premiums might only minimally budge downward. Just a thought. Because with our AZ plan last year the Platinum with a low deductible was minimally more expensive than the high deductible Bronze. It almost made no sense.
i'm 32. this year i went for my PCP health and physical. i also need to go to a dermotologist (which most people, especially a 24 year old, overlook as basic preventative treatment), a urologist, and a cardiologist. i'll likely be told by the urologist that i have no issue, and i was told by the cardiologist i have no issue. but once you hit 30 and actually wise up and start going to the specialists periodically that you should be going to, even if you're a "healthy individual", those high deductible plans are atrocious.
have kids? even more atrocious.
My father died of a coronary thrombosis aged 43. My genealogical research turned up a history of heart disease amongst the men in his side of the family. Amazing how many of them dropped dead between the ages of 40 and 60 with a heart attack. Armed with that knowledge, my doctors have ensured that I am kept under observation with periodic tests for heart disease. So far, so good. But it all costs money.
My wife tore her ACL a couple of weeks ago playing tennis (and that was her good knee ). So far we have had two doctor's appointments, one x-ray, one MRI, one outrageously expensive knee brace, one set of crutches (borrowed from a friend) and another doctor's appointment on Friday to discuss the results of the MRI and next steps.
Talking of 'shopping around'. The local MRI unit was all booked up through mid-November. The alternatives were one hour away or two hours away. When you are in pain, you want to get the treatment moving and waiting weeks is not always a good option. One of the reasons we have insurance is so that we can get treatment when we need it and, hopefully, where we need it.
Does your auto insurance pay for new tires and oil changes? Mine doesn't.
Does your homeowner's insurance pay when you need a new refrigerator? Mine doesn't.
Do I bear the ultimate responsibility for my own health care? You betcha. And if folks were paying out of their pockets, they'd demand better care and it would be priced competitively.
my auto insurance gives me a discount if i take a defensive driving course. a discount if i have a car alarm. a discount if i have airbags.
my homeowner's insurance gives me a discount if i have an alarm. a discount if i have sprinklers. a discount if i have a fire extinguisher. a discount if i have proper railings on stairs. a discount if i have a newer roof vs and older roof.
oil and tire changes don't impact your insurance because they aren't really "preventative" maintenance for what auto insurance covers.
neither is a refrigerator relevant if you bring up homeowner's.
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). So far we have had two doctor's appointments, one x-ray, one MRI, one outrageously expensive knee brace, one set of crutches (borrowed from a friend) and another doctor's appointment on Friday to discuss the results of the MRI and next steps.
