OT: Insurance
- Thread starter OSU COWBOYS
- Start date
RealSlimShady
EOG Dedicated
Re: OT: Insurance
Munson, you are correct. Past results is not always a definite predictor of future results(ala the stockmarket). I'm pretty sure that he would have saved money in the previous periods, though. Even going forward, I would still guess this to be the case.....BARRING a catastrophe. Basically, this is what it boils down to.......are you willing to overpay to cover yourself from a disaster?
Munson, you are correct. Past results is not always a definite predictor of future results(ala the stockmarket). I'm pretty sure that he would have saved money in the previous periods, though. Even going forward, I would still guess this to be the case.....BARRING a catastrophe. Basically, this is what it boils down to.......are you willing to overpay to cover yourself from a disaster?
Tomorrow's Newspaper
EOG Master
RealSlimShady
EOG Dedicated
Re: OT: Insurance
Possibly true. But not all cancers will result in a financial KO.
Possibly true. But not all cancers will result in a financial KO.
munson15
I want winners...
Re: OT: Insurance
Agreed it's a tough call, but for me the defining factor is that Travis appears to be reasonably wealthy and has more to lose than some schlub who doesn't have much going for him anyway. I would recommend to him that he take a policy with a pretty high deductible to protect his assets against something catastrophic.
RealSlimShady
EOG Dedicated
Re: OT: Insurance
Valid point. Seeing that you are a little older than me(and wiser), he probably should heed your advice!
Valid point. Seeing that you are a little older than me(and wiser), he probably should heed your advice!
Timely Hero
Jacoby Blows
Re: OT: Insurance
My gramps is a professional gambler and has been his entire life and the first thing he taught me when I started playing cards was that "Most things in life are worth a gamble, including your monthly bills, but when it comes to family you're better off overpaying to insure they're always happy, than short changing them to save yourself a buck. You can't put a price on their life." Wisest words I've ever heard IMO, but I only cover myself now.
My gramps is a professional gambler and has been his entire life and the first thing he taught me when I started playing cards was that "Most things in life are worth a gamble, including your monthly bills, but when it comes to family you're better off overpaying to insure they're always happy, than short changing them to save yourself a buck. You can't put a price on their life." Wisest words I've ever heard IMO, but I only cover myself now.
Timely Hero
Jacoby Blows
Re: OT: Insurance
To try and quantify the lives of your family, or the likelihood of their demise is something that should never be gambled on IMO. I'd rather over pay my life savings and save my own blood than underpay or invest and risk their lives.
To try and quantify the lives of your family, or the likelihood of their demise is something that should never be gambled on IMO. I'd rather over pay my life savings and save my own blood than underpay or invest and risk their lives.
Timely Hero
Jacoby Blows
Re: OT: Insurance
I'd beg to differ. I know that my mothers mental struggles early in life, and my jaundice as a young child cost about as much as insurance has cost the past 20 years of my life. Any major illness to your family, and your insurance is a huge +ev investment, and as TN said the cancer rates have risen and the cost for that is certainly more than your insurance payments.
IrishTim
EOG Dedicated
Re: OT: Insurance
The insurance company obviously isn't going to charge you less than they think you will cost them in your life. That's what I meant by -EV. They are professionals at calculating the probabilities. Of course randomness plays a role and many will end up in the black, but based on pure money and probabilities, insurance is -EV. That said, I don't think it's one of those things worth gambling on - at least for your family. Perhaps a single male is a different story.
The insurance company obviously isn't going to charge you less than they think you will cost them in your life. That's what I meant by -EV. They are professionals at calculating the probabilities. Of course randomness plays a role and many will end up in the black, but based on pure money and probabilities, insurance is -EV. That said, I don't think it's one of those things worth gambling on - at least for your family. Perhaps a single male is a different story.
Timely Hero
Jacoby Blows
RealSlimShady
EOG Dedicated
SlipperyPete
EOG Dedicated
Re: OT: Insurance
Save the premiums, put them in an interest bearing account and then if and when you get sick go overseas (Thailand, Brazil, Hungary etc) and get it done cheaply and just as well.
If you are young enough and nothing happens to you for 10 years, you would be set
or as someone else mentioned go with the high deductible plan in case you get into an accident but for everything else, you go overseas
Save the premiums, put them in an interest bearing account and then if and when you get sick go overseas (Thailand, Brazil, Hungary etc) and get it done cheaply and just as well.
If you are young enough and nothing happens to you for 10 years, you would be set
or as someone else mentioned go with the high deductible plan in case you get into an accident but for everything else, you go overseas
Bucky
EOG Dedicated
Re: OT: Insurance
OSU - you need to factor in the implied odds that your policy could pay (what) up to $5 million per family member. Agrees to insure them as long as the premium is paid to their age 65 even if their health changes and they have claims every month. Blue Cross is high because it has office co-pay coverage and a prescription drug card. Do you think you could get into a specialists office if a member of your family comes up with a difficult issue that the local general practioner cannot diagnose or determine? At that point $7500 would be pretty cheap if it would save a life. Sure, you can always get medical care - you just cannot get care from the best in America upon your demand without insurance or money up front.
You don't even want to collect $7500 on your insurance just so you get "value". You don't want your house to burn down every year so you can collect and get your money's worth. You don't want to wreck your car every year so you can collect back your premiums. Insurance and gambling do not have that much in common. You can't bet a million bucks and manage the risk so the most you pay out is 5k if you lose. An insurance claim is a bet you don't want to collect on. Because if you win and collect more than you paid in you are really losing because you went thru the misery of the health issue.
The $7500 you pay would have tremendous value if you had a million dollar claim. That's what you are paying the premium for is the implied odds. The insurance company stepping in and paying the amount of money that would be a hardship to write a check for. People lose everything they have or ever will have when a family member gets sick and they have no insurance. On top of that a man has a responsiblity to his family to take care of them if they become sick or injured.
The advice the other posters gave about getting a bigger deductible in order to reduce the premium is very sound. Just remember you can move the deductible up within the company you are with without underwriting but if you ever get sick you cannot reduce the deductible again unless you can prove you have good health (catch 22).
Ok, this is not directed at you OSU or anybody in particular but there is a part of America that thinks they should get healthcare from a Doctor for free. They don't want to pay a premium but if they get sick they want a Doctor to give them medical care and not bitch when they don't pay them. Say what? Hey- how about some free groceries - gas - utilities, etc., etc. People pay insurance premiums for the "promise" from the insurance company to pay claims if something big comes up. Not to get the X-Ray paid for on a sprained ankle.
OSU - you need to factor in the implied odds that your policy could pay (what) up to $5 million per family member. Agrees to insure them as long as the premium is paid to their age 65 even if their health changes and they have claims every month. Blue Cross is high because it has office co-pay coverage and a prescription drug card. Do you think you could get into a specialists office if a member of your family comes up with a difficult issue that the local general practioner cannot diagnose or determine? At that point $7500 would be pretty cheap if it would save a life. Sure, you can always get medical care - you just cannot get care from the best in America upon your demand without insurance or money up front.
You don't even want to collect $7500 on your insurance just so you get "value". You don't want your house to burn down every year so you can collect and get your money's worth. You don't want to wreck your car every year so you can collect back your premiums. Insurance and gambling do not have that much in common. You can't bet a million bucks and manage the risk so the most you pay out is 5k if you lose. An insurance claim is a bet you don't want to collect on. Because if you win and collect more than you paid in you are really losing because you went thru the misery of the health issue.
The $7500 you pay would have tremendous value if you had a million dollar claim. That's what you are paying the premium for is the implied odds. The insurance company stepping in and paying the amount of money that would be a hardship to write a check for. People lose everything they have or ever will have when a family member gets sick and they have no insurance. On top of that a man has a responsiblity to his family to take care of them if they become sick or injured.
The advice the other posters gave about getting a bigger deductible in order to reduce the premium is very sound. Just remember you can move the deductible up within the company you are with without underwriting but if you ever get sick you cannot reduce the deductible again unless you can prove you have good health (catch 22).
Ok, this is not directed at you OSU or anybody in particular but there is a part of America that thinks they should get healthcare from a Doctor for free. They don't want to pay a premium but if they get sick they want a Doctor to give them medical care and not bitch when they don't pay them. Say what? Hey- how about some free groceries - gas - utilities, etc., etc. People pay insurance premiums for the "promise" from the insurance company to pay claims if something big comes up. Not to get the X-Ray paid for on a sprained ankle.
Tamer
EOG Enthusiast
Re: OT: Insurance
Increase the deductible and contribute to a HSA account.
Must have a high deductible in order to qualify for a HSA (Health Saving account) You can contribute pretax dollars to these plans and make withdrawals for medical expenses, deductibles etc. And if you don't use the money, it can be rolled out into an IRA.
Or try and find a like group of people as yourself and form a common group to qualify for a group plan...TTP would no more about that.
Increase the deductible and contribute to a HSA account.
Must have a high deductible in order to qualify for a HSA (Health Saving account) You can contribute pretax dollars to these plans and make withdrawals for medical expenses, deductibles etc. And if you don't use the money, it can be rolled out into an IRA.
Or try and find a like group of people as yourself and form a common group to qualify for a group plan...TTP would no more about that.
Re: OT: Insurance
Great advice! I have a $10,000 deductible, and have used very little of my contributions over the years.
OSU COWBOYS
EOG Dedicated
Re: OT: Insurance
All you guys have done a great job of chiming in. I thank all of you for your comments and input.
Leaning to a very,very high deductible policy. Will shop around to my current carrier and ones mentioned in this thread.
I'll post my preliminary findings and let you guys toss it around.
All you guys have done a great job of chiming in. I thank all of you for your comments and input.
Leaning to a very,very high deductible policy. Will shop around to my current carrier and ones mentioned in this thread.
I'll post my preliminary findings and let you guys toss it around.
winkyduck
TYVM Morgan William!!!
Re: OT: Insurance
^^^^^^^^^^ One thing to keep in mind is having a kid under your policy changes everything because at his age ANYTHING can happen and since he means EVERYTHING to you making sure he gets the best medical care he can if he needs it is something you need to have happen
^^^^^^^^^^ One thing to keep in mind is having a kid under your policy changes everything because at his age ANYTHING can happen and since he means EVERYTHING to you making sure he gets the best medical care he can if he needs it is something you need to have happen
Re: OT: Insurance
This option with very high deductible would probably be appropriate for most...
This option with very high deductible would probably be appropriate for most...
idiotspayforpick
EOG Dedicated
Re: OT: Insurance
who gives a f&ck
who gives a f&ck
KingRevolver
Born Rambler
Re: OT: Insurance
Good post.
Recently changed to Blue Cross/Blue Shield of AZ.
$3,000 Deductible
0% Coinsurance after Deductible
And I don't have to pay anything else (prescriptions, vision, visits, bills) after deductible is met each year.
I'm basically insuring myself in case of a catastrophe. Other than being 20 pounds overweight, I'm pretty healthy, so I can handle small doctor's visits myself. Plus, it would go toward my deductible.
The plan is also HSA eligible. So I can save money (toward medical expenses) in a tax-favored savings account.
Not bad for $95 a month. :btj:
Good post.
Recently changed to Blue Cross/Blue Shield of AZ.
$3,000 Deductible
0% Coinsurance after Deductible
And I don't have to pay anything else (prescriptions, vision, visits, bills) after deductible is met each year.
I'm basically insuring myself in case of a catastrophe. Other than being 20 pounds overweight, I'm pretty healthy, so I can handle small doctor's visits myself. Plus, it would go toward my deductible.
The plan is also HSA eligible. So I can save money (toward medical expenses) in a tax-favored savings account.
Not bad for $95 a month. :btj: