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My impression is that the value of health insurance is the investment in the prevention of a complete financial meltdown, in the event that you survive a health-related catastrophe. My question is, “How much is that insurance worth (in dollars)?â€
The impetus for my question is another increase in my health insurance costs, despite having never used it and having maintained near-perfect health. Currently, I have a low premium, high deductible policy, so as to maximize my cashflow. In effect, it would only do something if something really bad happened, like I lost an arm or a leg. Still, I take reasonably good care of myself and never put my life in extreme danger, beyond driving to job sites.
One concern that I have is because of the type of policy I have, that money is basically being sucked into a vacuum. I’ve heard that there are policies that cover regular checkups and things like that, but such policies are far more expensive than directly paying for itself myself. It seems like the only way the health insurance would be of any value to me is if I’m put in a condition where it wouldn’t matter, because I’d be nearly dead anyway.
Another concern I would have would be the power of these health insurance companies. I’ve heard so many horror stories from people who (just like me) paid their premiums for years, only to have their claim ultimately denied, even though it was supposedly covered by their policy. The problem is that no matter how wealthy I become, the insurance companies would always have more power. Even if the case was so cut and dry, that they had to honor the claim, they could delay it for so many years, that I would be stuck with the financial burden anyway.
By default, I’m keeping my health insurance, but the more I hear, the more it sounds like it’s not worth it.
Thanks for the discussion.
The impetus for my question is another increase in my health insurance costs, despite having never used it and having maintained near-perfect health. Currently, I have a low premium, high deductible policy, so as to maximize my cashflow. In effect, it would only do something if something really bad happened, like I lost an arm or a leg. Still, I take reasonably good care of myself and never put my life in extreme danger, beyond driving to job sites.
One concern that I have is because of the type of policy I have, that money is basically being sucked into a vacuum. I’ve heard that there are policies that cover regular checkups and things like that, but such policies are far more expensive than directly paying for itself myself. It seems like the only way the health insurance would be of any value to me is if I’m put in a condition where it wouldn’t matter, because I’d be nearly dead anyway.
Another concern I would have would be the power of these health insurance companies. I’ve heard so many horror stories from people who (just like me) paid their premiums for years, only to have their claim ultimately denied, even though it was supposedly covered by their policy. The problem is that no matter how wealthy I become, the insurance companies would always have more power. Even if the case was so cut and dry, that they had to honor the claim, they could delay it for so many years, that I would be stuck with the financial burden anyway.
By default, I’m keeping my health insurance, but the more I hear, the more it sounds like it’s not worth it.
Thanks for the discussion.
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