Do I need health insurance?

Question

I am a healthy 20 year old male... I have a wife, who is also healthy, that really thinks we should get health insurance... My work offers a decent plan for $300 a month... I think this money could be put to better use... a savings account or something. The problem is of course, emergencies. I've seen plans that cover emergencies but only like 80% and they have a high deductible/monthly payment. Any suggestions/ideas??

Answer 1

If you have dependents (aka your wife), it is downright irresponsible not to have health insurance. I personally recommend an HSA plan. This combines a high deductible insurance plan with a tax exempt savings account. you can make pre-tax contributions to the savings account up to your deductible. These funds can be withdrawn tax free if used for ANY medical expenses, even expenses that would not normally be covered by insurance. Any money remaining in the account continues to accumulate forever. YOU own the account and can take it with you if you change jobs.

You can probably find an HSA plan on your own for less than $300/month even after including the contribution to the savings plan.

Answer 2

Get and compare quotes from different companies at http://help.insure-cheap.info/-yyiomTL063

RE Do I need health insurance?

I am a healthy 20 year old male... I have a wife, who is also healthy, that really thinks we should get health insurance... My work offers a decent plan for $300 a month... I think this money could be put to better use... a savings account or something. The problem is of course, emergencies. I've seen plans that cover emergencies but only like 80% and they have a high deductible/monthly payment. Any suggestions/ideas??

Answer 3

I would recommend one to try this internet site where onel can compare quotes from the best companies: http://COVERAGEDEALS.NET/index.html?src=2YAYhx3ohp09gCh

RE :Do I need health insurance?
I am a healthy 20 year old male... I have a wife, who is also healthy, that really thinks we should get health insurance... My work offers a decent plan for $300 a month... I think this money could be put to better use... a savings account or something. The problem is of course, emergencies. I've seen plans that cover emergencies but only like 80% and they have a high deductible/monthly payment. Any suggestions/ideas??
Follow 17 answers

Answer 4

You definatly need health insurance, if you are uninsured and you get diagnosed with a dibilitating disease...you will never be coverd for the disease (even if you get health insurance at a later date it is a pre-existing condition). Or what if you fall down the back steps and break your leg or arm. What if your wife wakes up in the middle of the night burning up and you need to take her to the emergency room. Do you think all your savings will prepare you for the $100,000 dollar bills that hospitals charge now a days. I had an MRI for a herniated disc, that was over $1000. I couldn't have paid that without insurance.

Medical Insurance is THE MOST IMPORTANT INVESTMENT YOU CAN MAKE FOR YOUR FAMILY!

Answer 5

Are you willing to risk bankruptcy and ruin your financial future gambling that you'll never need any expensive medical procedure or prescriptions?

Sure, it seems like a small chance, but that's what insurance is best at -- making sure a small chance of a big loss doesn't ruin you financially.

High deductible policies are a good idea. Pity your work health plan isn't cheaper, but they do tend to be the best deal around usually (*not* always). Check with some of the big companies that have a local presence in your area -- like the BlueCross/BlueShield affiliate, etc. Also, if you are a member of an organized group, sometimes they can offer group medical policies at a slight discount.

Answer 6

Everyone needs health insurance! My husband and I are 23/24 and healthy but we both carry insurance. What if your wife got pregnant? Not method of birth control is 100%. There are so many "what if's" that it makes no sense not to have it. To be honest, 300 isn't a bad price. My husband and I are on seperate plans. he pays about 200 a month and mine is about 450 a month (however I am a teacher so the school board pays the monthly premium).

Answer 7

Yes. Definitely get health insurance. Nothing can wreck your finances faster or worse than an unexpected health problem. Medical debts are more often the reason for personal bankruptcies than any other problem. Further, if you participate in your employer's insurance plan, you'll be entitled to COBRA rights if you leave the job, which allow you to stay in the employer's health plan for up to 18 months (paying full premiums, but that's better than no protection). Once you join a health plan, you get greater protection. If you don't join a health plan, you'll have no protection.

Answer 8

I'm a big believer in savings and investing. But before that, health insurance is more important.

Be financially responsible for you and your wife. Don't take the chance of destroying the next 20 years by leaving yourself exposed like this. Gambling with your health & finances is just plain wrong.

Answer 9

You need health insurance because you may never know when your health will be in ailment and your funds in your bank account will not be able to cover them. There is a health savings account plans for people to have if they are hardly sick. It is similar to the 401k plan, but you can use that money for health purposes only (whatever your health plan don't cover). Try kaiser permanente. They have really low rates.

Answer 10

if you have a group plan at work, take it!!!! my hubby is self employed and we wish we could get that kind of rate. to buy it as in individual health plan is double that. and emergenices are usually very expensive. would you rather pay 100% or 20%? and i'm sure your plan covers things you'll deffinately use, like dental and vision. if you don't do the plan at work, look into a health savings account. it's the next best thing if you're young and healthy.

if you have a baby without health insurance it will cost you at least $10,000. i know i did it.