Should I cancel my health insurance?

[texansfan]

No. We don't need edcation for all. If people don't want to work they shouldn't have it. Thinking universal education is a right is plain bad and wrong.

FiFy

[texansfan]

I appreciate everyone's input. I knew there would be some disagreement. Disagreement is perfectly fine as long as it doesn't turn into belittling one another.

I briefly searched for catastrophic coverage and what I was seeing is you are only eligible if under 30. Is that the case? We are early 30s.

Looked into a couple of faith based programs. Seemed about $500 a month for us and yes you can get them that have no limit. I have a friend that uses one of these. I will talk to him in person about it.

I am currently investing about $24k a year into health care/ins. I can afford that. That is not the issue. But 24k freed up would be a pretty big change for me with an income around 120k. I am the only bread winner in our home. I'm happy to continue to put that same amount into a separate savings account every year and have some kind of catastrophic policy that pays 100% after a $25k deductible.

I have a lot of life insurance. I see it very differently than health insurance. It is very affordable and the ROI is very good. My family will be very ok if I die. I also have some kind of policy that pays off my house if I die.

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Problem is of you don't die but get diagnosed with prostate cancer and you live for 30 more years but need $300k worth of cancer treatments in a 3 year span.
That 24k you're socking away won't cover that

[BowSlayer]

Kids are grown and gone. The wife has crappy insurance through the school system (teacher). I have not had insurance since Obamacare tripled my premiums several years ago. I pay cash for Dr visits and anything else I need. I suppose I'm irresponsible in some folks' opinion.

I had a good friend that could not afford insurance. He came down sick and went in to get some testing done and found out he had cancer. Several months later and I think his bill was close to half a million dollars. He went to the hospital and they told him he could set up a payment plan and just pay what he could afford. He paid $100/ month on the bill until one day he got a letter that said a donor had paid his bill in full. Insurance would have cost him $700/month at the time and he would have still owed the hospital more money than he had to pay when it was over. Insurance is a joke.

The wife needed a cat scan. We got to the clinic and they told her that with her insurance she had not met her "out of pocket" yet so it would be $2800. They said she could pay $500 down and pay the rest out monthly. I was sitting there thinking about telling them where to stick it and I just said "I had a cat scan without insurance and didn't pay that much". The lady says well it's cheaper if you pay cash. I asked how much the cash price was for a cat scan and she says $400. So we paid in full the $400 and didn't file it on insurance. So we could have paid $500 down and paid out $2300 more if we file on insurance or we could pay $400 total and be done. They don't volunteer that information.

The entire system is a joke. I don't have it and don't intend to ever have it. If I get really sick I'll set up a payment plan with them and pay what I can. If it makes you feel all warm and fuzzy inside to have insurance then knock yourself out. I'll pass.

[Ivanite]

you might want to check this out.

https://www.chministries.org

I have this. It is amazing!!! My Wife and 3 kids are all on it and it's under $300 a month. They pay everything. BUT! ya gotta cover up front costs. Including the "Private Pay" discounts it has saved me Thousands!!!

Texas Blue cross was charging us $700 a month and under Obummer care it went to $1300 a month plus deductible. Canceled out of principal and found health share and never looked back.

I'd Highly suggest especially if your self employed!

[centex_aggie]

I appreciate everyone's input. I knew there would be some disagreement. Disagreement is perfectly fine as long as it doesn't turn into belittling one another.

I briefly searched for catastrophic coverage and what I was seeing is you are only eligible if under 30. Is that the case? We are early 30s.

Looked into a couple of faith based programs. Seemed about $500 a month for us and yes you can get them that have no limit. I have a friend that uses one of these. I will talk to him in person about it.

I am currently investing about $24k a year into health care/ins. I can afford that. That is not the issue. But 24k freed up would be a pretty big change for me with an income around 120k. I am the only bread winner in our home. I'm happy to continue to put that same amount into a separate savings account every year and have some kind of catastrophic policy that pays 100% after a $25k deductible.

I have a lot of life insurance. I see it very differently than health insurance. It is very affordable and the ROI is very good. My family will be very ok if I die. I also have some kind of policy that pays off my house if I die.

Sent from my SM-G975U using Tapatalk

I am in a very similar situation as you and was asking all these questions several years ago. In the end we switched to a health sharing ministry ($436/mo for whole family). I am investing the savings and I think it is worth it. I don't really care about the horror stories. I have paid cash for procedures for pennies on the dollar of what insurance would have paid for them. That's just where I fall on my risk tolerance. I know everyone is different so do what you feel comfortable. There are other options besides throwing 24k down the drain every year. Hospitals will settle for much less than the procedures are advertised for. The whole thing is a racket.

[rvd]

Kids are grown and gone. The wife has crappy insurance through the school system (teacher). I have not had insurance since Obamacare tripled my premiums several years ago. I pay cash for Dr visits and anything else I need. I suppose I'm irresponsible in some folks' opinion.

I had a good friend that could not afford insurance. He came down sick and went in to get some testing done and found out he had cancer. Several months later and I think his bill was close to half a million dollars. He went to the hospital and they told him he could set up a payment plan and just pay what he could afford. He paid $100/ month on the bill until one day he got a letter that said a donor had paid his bill in full. Insurance would have cost him $700/month at the time and he would have still owed the hospital more money than he had to pay when it was over. Insurance is a joke.

The wife needed a cat scan. We got to the clinic and they told her that with her insurance she had not met her "out of pocket" yet so it would be $2800. They said she could pay $500 down and pay the rest out monthly. I was sitting there thinking about telling them where to stick it and I just said "I had a cat scan without insurance and didn't pay that much". The lady says well it's cheaper if you pay cash. I asked how much the cash price was for a cat scan and she says $400. So we paid in full the $400 and didn't file it on insurance. So we could have paid $500 down and paid out $2300 more if we file on insurance or we could pay $400 total and be done. They don't volunteer that information.

The entire system is a joke. I don't have it and don't intend to ever have it. If I get really sick I'll set up a payment plan with them and pay what I can. If it makes you feel all warm and fuzzy inside to have insurance then knock yourself out. I'll pass.

My wife went into cardiac arrest 2 years ago and was in the hospital a week afterwards, got a defibrillator, etc. Bill was right at $900k plus a $50k life flight trip. That crappy teacher insurance paid off 100% beyond her deductible which I I think was $3k, that did make me feel pretty warm and fuzzy inside.

FWIW My wife was a perfectly fit 120lb 50 year old when that happened. Health insurance is definitely not worth it until you need it

[BowSlayer]

My wife went into cardiac arrest 2 years ago and was in the hospital a week afterwards, got a defibrillator, etc. Bill was right at $900k plus a $50k life flight trip. That crappy teacher insurance paid off 100% beyond her deductible which I I think was $3k, that did make me feel pretty warm and fuzzy inside.

FWIW My wife was a perfectly fit 120lb 50 year old when that happened. Health insurance is definitely not worth it until you need it

That’s great. My wife pays $400 a month and it never covers anything she needs. I guess if she has a heart attack maybe she can use it.

Like I said, I’ll pass.

[Pushbutton2]

Here's my .02 worth.

You're thread title says Should I CANCEL.
My answer to canceling is no.

However, I would try and see if I could get it cheaper.


I personally I believe what you're paying in insurance is OUTRAGEOUS!!

[twobittxn]

I don't believe this for a second. I don't know of one single person that went BK for medical issue. I do know several who declared BK because they blew every dime on gambling or just whatever. I'm sure though many wait for a medical issue and then blame it on that...maybe.

https://www.investopedia.com/financial-edge/0310/top-5-reasons-people-go-bankrupt.aspx

[M16]

Just going to throw this out there and I know it is a broad statement and every situation is different, but anyone that does not have at least some term insurance and has a family is being completely selfish. What's a few $ per month to protect the standard of living for your family? " Work has me covered." That is great until you find out that $25k isn't going to cover your $300k debt. Not to mention the monthly income you are bringing home.

So if you had cash and assets in excess of 10 million and zero debt does that make you selfish for not having term insurance?

[M16]

The high price of health insurance has chapped me for all of my adult life. I am currently paying $16,000 annually for family coverage. I put another 7-8k into an HSA annually. We are all healthy. No health conditions. No medication. I have 3 kids.

Is it irresponsible to not have health insurance? It just seems like I am giving thousands of dollars away. In the absence of coverage I would just put that same amount of money annually in separate account and use it like an HSA. Even if some kind of tragedy strikes I can pay $20k a year towards it. And if tragedy does not strike, I am putting a good chunk of money into savings.

So tell me the horror stories of someone not having insurance and it ruining their life.

I'd like to hear yalls thoughts on the matter.

It depends. If you do actually stash the cash every year you will likely come out much better not having insurance. I'd go with a faith based insurance and stash the remainder that you would have payed.

Here's the kicker that most people don't realize. Whatever happens you only have to make it to Jan 1st. Then you can enroll in the marketplace (Obozocare). You can't be denied coverage. If you have serious health issues then you can purchase overpriced coverage. If you can't wait that long then fall back on the faith based coverage.

[Smithwr]

My insurance is $1800 a month for me, wife, kid. Thank god my Employer pays it all. I write them a $3,000 check every January (this morning actually) to cover my out pf pocket and pay nothing the rest of the year.

[rvd]

That’s great. My wife pays $400 a month and it never covers anything she needs. I guess if she has a heart attack maybe she can use it.

Like I said, I’ll pass.

[TwoHighways]

My insurance is $1800 a month for me, wife, kid. Thank god my Employer pays it all. I write them a $3,000 check every January (this morning actually) to cover my out pf pocket and pay nothing the rest of the year.

That $1800 is money that could have been paid to you. Employer provided health insurance is a stupid model that only came into existence due to central planner wage controls put in place during WW2.