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Because $300 a month is nothing in comparison to cancer. You're healthy until you're not - just because you're healthy today does not mean you won't get hit by a car or have a heart attack or be diagnosed with cancer tomorrow - all of which can amount to bills in the hundreds of thousands.
But you dont understand reality..
I can take that $300 a month and invest it in an investment trust, yielding me about $50K in 10 years, and then buy catastrophic insurance to cover anything over $50K in expenses..
If I get cancer, I have the investment, and the insurance, if I dont, then I save $50,000..
The figures get even more ridiculous as people start to put $300 away a month for 30-40 years, which would yield $200,000 in the bank, and with a $50K catastrophic policy, you're $150,000 ahead.
Most people could do this, but they are two dam lazy or dumb.
I can take that $300 a month and invest it in an investment trust, yielding me about $50K, and then buy catastrophic insurance to cover anything over $50K in expenses..
If I get cancer, I have the investment, and the insurance, if I dont, then I save $50,000..
Most people could do this, but they are two dam lazy or dumb.
And if you got cancer today? As I have said before, I got cancer 4 months into my first job out of college. Even if I had gotten cancer at 30 and put $300 into an investment trust every month rather than pay for insurance, I would not have saved enough money for your equation.
If you think you can make it to 40 without having a serious health incident, good luck.
I can take that $300 a month and invest it in an investment trust, yielding me about $50K, and then buy catastrophic insurance to cover anything over $50K in expenses..
If I get cancer, I have the investment, and the insurance, if I dont, then I save $50,000..
Most people could do this, but they are two dam lazy or dumb.
It is still health insurance. Effectively you are self-insuring. I don't have a problem with that (although I think your number looks low). But you are assuming the risk that you will not get sick early on in the program.
And if you got cancer today? As I have said before, I got cancer 4 months into my first job out of college. Even if I had gotten cancer at 30 and put $300 into an investment trust every month rather than pay for insurance, I would not have saved enough money for your equation.
If you think you can make it to 40 without having a serious health incident, good luck.
I'm in my mid 40's and have covered all of my medical treatments out of pocket, even when I broke both of my wrists. It was far cheaper than insurance.
My life isnt run by fear, if you want to live in fear, thats your choice, but I choose reality.
It is still health insurance. Effectively you are self-insuring. I don't have a problem with that (although I think your number looks low). But you are assuming the risk that you will not get sick early on in the program.
Obamacare disbans catastrophic insurance, so now I'll be living with nothing. As for the risk that I will not get sick early, how is that any different than employers who hire the young because the risk is lower?
I'm in my mid 40's and have covered all of my medical treatments out of pocket, even when I broke both of my wrists. It was far cheaper than insurance.
My life isnt run by fear, if you want to live in fear, thats your choice, but I choose reality.
Reality is that breaking both of your wrists is dirt cheap. What would you have done if you had gotten cancer or been diagnosed with MS at 35? You are failing to see reality. And I far from live in fear - I live in reality. A reality where illness doesn't care how much money you've saved. I'm glad it worked for you. However, if I had chosen to live as you do, I would have had a grand total of $14000 saved if I had started saving from the moment I turned 18 (and really, did not have that extra $300 to spend when health insurance under my parents and then under college insurance was cheaper). $14000 was about one round of chemo and 2/3 of one scan.
Obamacare disbans catastrophic insurance, so now I'll be living with nothing. As for the risk that I will not get sick early, how is that any different than employers who hire the young because the risk is lower?
That is employers managing their risk just as you are. Like I said, I don't have a problem with it. However, you then have the problem of who pays for older people or the un/under insured or do you just let them die if they have no money?
Reality is that breaking both of your wrists is dirt cheap. What would you have done if you had gotten cancer or been diagnosed with MS at 35? You are failing to see reality. And I far from live in fear - I live in reality. A reality where illness doesn't care how much money you've saved. I'm glad it worked for you. However, if I had chosen to live as you do, I would have had a grand total of $14000 saved if I had started saving from the moment I turned 18 (and really, did not have that extra $300 to spend when health insurance under my parents and then under college insurance was cheaper). $14000 was about one round of chemo and 2/3 of one scan.
Since I started putting money away since I was 18 for medical care, if I had gotten MS at 35, I would have been saving up for 17 years, and thus my catastrophic care would have kicked in and I would have had sufficient money to cover the difference.
And whats missing from your calculations is compounded interest, and tax exemptions on the money earned that you would have put aside.
It is still health insurance. Effectively you are self-insuring. I don't have a problem with that (although I think your number looks low). But you are assuming the risk that you will not get sick early on in the program.
The numbers are low. I had hip surgery last December, less than a year ago. The hospital bill alone was $76K for three days (including OR services). I don't know how many people have that kind of money lying around in a shoebox, or even in some sort of investment where they can get at it in short order.
I work in a dr's office (pediatrics). We get patients with no ins. Some are uninsured b/c they are of modest means and don't have employer sponsored ins, some have made a choice not to be insured. Some of our docs won't give discounts to those who have simply chosen to "go bare". We do try to help the others. One thing I have noticed is that many w/o ins. do not want to bring their kids in, even when we recommend it.
That is employers managing their risk just as you are. Like I said, I don't have a problem with it. However, you then have the problem of who pays for older people or do you just let them die if they have no money?
Who pays for older people to do what? Thats what medicare is for..
I didnt have a problem with it either, most people only need catastrophic care, but thanks to Obamacare, I'll have no insurance next year.
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