I need some advice! Should I get health insurance?

2 the Gills! wrote:

Kind of Old wrote:

You might want to get catastrophic coverage just in case. Also if you don't have insurance most medical systems charge way more than if you do. I have seen some insurance negotiated bills 70% or more lower than what somebody without insurance would have to pay.

This is the opposite of what I have seen. Normally charges are much higher for people with insurance because the insurance is going to cover it.

My (American) experience mirrors Kind of Old's.

Insurance companies negotiate procedure prices with their in-network providers, in advance. A hospital can bill an insured patient $5000 for an xray if they want, but it's meaningless, as they already know the insurance company values the procedure at, say $100.

I could be wrong, but I believe providers intentionally set their nominal prices super high, so that (1) they are sure to max out whatever allowance insurance companies have for the procedure, and (2) as a negotiating tactic, so that insurance companies are technically receiving a big discount.

This is all fine, if a bit silly, until an uninsured person (who probably can't afford insurance) falls off a ladder and is then presented with a $5000 bill for the same xray, because that's the list price.

Don't you have to pay a penalty if you don't have health insurance because of Obamacare? When you file your taxes, part of it is proving you had health insurance coverage, if you don't then you have to pay some stupid penalty. So if you're trying to save money by not having health insurance, you're going to have to pay that penalty anyway. So you might as well pay for the insurance.

Don't you have to pay because of Obamacare? wrote:

Don't you have to pay a penalty if you don't have health insurance because of Obamacare? When you file your taxes, part of it is proving you had health insurance coverage, if you don't then you have to pay some stupid penalty. So if you're trying to save money by not having health insurance, you're going to have to pay that penalty anyway. So you might as well pay for the insurance.

After looking it up, thankfully Trump got rid of that penalty. So there is no longer a payment you have to make for not having health insurance after the 2018 tax year. We'll see if it comes back because of Biden.

doin it wrote:

Blowing Rock Master wrote:

^ This.

Paying $600/month for something you will almost certainly not need is stupid. Don't be stupid just because a bunch of stupid people tell you to be stupid.

Do you offer the same advice for car or homeowners insurance?

If you're paying $600/month for car insurance then yes I would.

Don't you have to pay because of Obamacare? wrote:

After looking it up, thankfully Trump got rid of that penalty.

Thankfully?

If you pay for insurance, then fewer opting to get coverage means you (or your employer) has to pay more.

Is that something you are thankful for?

Better safe wrote:

Blowing Rock Master wrote:

^ This.

Paying $600/month for something you will almost certainly not need is stupid. Don't be stupid just because a bunch of stupid people tell you to be stupid.

I had a hospital Bill north of $55K when I was perfectly healthy other one random event. Luckily I had insurance.

I don’t blame you for not wanting to pay for something you don’t think you need, but you’ll be glad you have it if you ever do need it.

I didn't say don't buy health insurance. I said paying $600/month for health insurance is stupid. You can get catastrophic plans for much less. I'm 57 with early onset arthritis (that has already caused 1 knee surgery). I pay $140/month for a catastrophic plan. If "one random event" results in a $55K bill then I'm just as covered as the fool who is paying $600/month.

X-Runner wrote:

Don't you have to pay because of Obamacare? wrote:

After looking it up, thankfully Trump got rid of that penalty.

Thankfully?

If you pay for insurance, then fewer opting to get coverage means you (or your employer) has to pay more.

Is that something you are thankful for?

Let me get this straight. You want more people to buy insurance so that your insurance will cost you less. While this makes perfect sense from your viewpoint it is completely irrational from the rest of the world's.

Blowing Rock Master wrote:

Let me get this straight. You want more people to buy insurance so that your insurance will cost you less. While this makes perfect sense from your viewpoint it is completely irrational from the rest of the world's.

I want more people to buy insurance so that everyone's insurance will cost less.

That includes you and the person I responded to.

My view is good for a lot of people, including yourself.

Your view is good for a small amount of people.

I already said the OP should not get insurance under the current circumstance.

Blowing Rock Master wrote:

I didn't say don't buy health insurance. I said paying $600/month for health insurance is stupid. You can get catastrophic plans for much less. I'm 57 with early onset arthritis (that has already caused 1 knee surgery). I pay $140/month for a catastrophic plan. If "one random event" results in a $55K bill then I'm just as covered as the fool who is paying $600/month.

The premium on your state exchange varies by income. For example, my current plan is a $6000 deductible Bronze plan for $724 per month. The least expensive plan was right around $700 per month. Folks with lower incomes get a subsidy but I am not eligible.

From Healthcare.gov: "In all states, your household income must be between 100% and 400% of the federal poverty level to qualify for a premium tax credit that can lower your insurance costs."

Insurance companies are evil scammers. Stealing money, using any lame excuse to charge a premium, and then being a hassle to pay you if you have a legitimate claim. You're typical insurance broker is a lying, scamming, selfish con-artist.

The argument for getting health insurance at your age is that if you are hospitalized (for any reason and really for any amount of time, even "just" an ER visit) when you have no insurance coverage you pay the full list price for all medical services. Hospitals charge those without any insurance completely ridiculous costs for things like a CT scan or an MRI and all kinds of service providers somehow figure out a way to bill you for reviewing your X Ray or "consulting." I wouldn't get health insurance because it's expected or mandated, I'd do it to avoid getting socked with $25K or $50K or more in costs. Even if your insurance coverage is only for catastrophic events and copays are very high you should be billed at some negotiated rate which reduces your exposure to a hospital charging the list price

healthinsurance? wrote:

I'm turning to the LR threads to get a more straightforward answer.

I turn 26 in December and will be off my dad's health insurance. Is it worth it to get health insurance? My employer doesn't believe in providing health insurance to its employees (it's a smaller company) and make decent money. I'm a competitive runner, vegan, and have never had any major health concerns.

I live in Washington where I can find plans out-of-pocket for $225-$600 a month (based on my county & income). The lower plans are catastrophe plans with deductibles of $8000+

Is it worth it to pay for health insurance? Or should I send it without it and say fu$# you to the system?

By FU to the system, i assume you man you would like to join the other libertarian slackers who feel they shouldnt have to buy health insurance because they assume the rest of us (the system) will cover their costs? The simple fact is, you live in a society. Some things work better when everyone chips in (spread risk). For you, it doesnt matter how healthy you are, you need at least to be covered against catastrophic things that happen every day. If you get in a car wreck and get airlifted to the hospital and spend 4 months in ICU, who is going to pay your 300K bill? How about if the sig other gets pregnant and spends a couple months in hospital with complications? You got 200K? Who pays? Sounds like me (or as you like to call it, the system) We all pay more for people who dont have insurance. Drive a car , buy insurance. My advice, grow up and buy big boy insurance.

Get a catastrophic plan at least.

ER visits can be well north of $100K(depending on severity of injury/illness) so that's something to maybe consider.

need advice too