Is health insurance really worth the money?

Question

I haven't been to the doctor's office in over eight years because I'm in such good health. Is it really worth spending $55 every pay period for something that I've never used? It seems like so many uninsured Americans are doing fine. I feel like I've been cheated out of $10,000...I could've bought a lot of other things with that money!

Answer 1

It's tempting to go without insurance, and I have for a few months at a time, here and there.
But there are two things you should realize about not being insured -
1. Obviously, a sudden injury or accident can bankrupt you because a couple days in the hospital and some expensive time with specialists or a surgery can cost 40,000 dollars or more. This is for only 3 days in the damn hospital.
2. When the doctor and hospital find out that you are uninsured, they will treat you like a subhuman. They will not help you except to keep you from dying on their doorstep. They will however shun you and scoot you out the door as soon as possible, even if they are forced by law to spend 40,000 dollars on you, they won't help you more than they have to, and it could KILL you.

Answer 2

I can tell you the story of one of my clients. He and his wife started a new business. For the first 6 months they were covered under his insurance from his prior job (i.e. they elected COBRA), then they made sure to apply for a group policy through my office even though because their new business was still not running on all gears they had a tough time paying the premiums. But Brian's reasoning was that he had two boys 6 & 8 years and anything could go wrong. Well playing with the boys he suffered a minor (less than half inch) scratch on his elbow. Within a week Brian was in intensive care with an infection (a type of flesh eating bacteria) and further suffered blood poisoning. All of this within 2 months of purchasing the policy. Brian recovered but I can tell you that he and his wife are very grateful for that policy. The insurance company paid for the hospital stays, the surgeries, physical therapy, etc. No matter how many years pass Brian will never pay enough to compensate for the over $200,000 in medical bills the insurance company has already paid on his behalf. If Brian had not purchased that policy he would have had to file bankruptcy and would have probably lost his business, ruined his credit, would have ended up paying higher costs for his auto & home insurance and might have even lost his home. In addition to all of this, I am sure you have probably heard how stressful it can be when bill collectors start calling. Brian's wisdom avoided all of these negative outcomes and assured him of the best cutting edge treatments to save his arm and hand and as of today he has regained almost total mobility.

Would you honestly prefer to spend your $10,000 on luxuries that you will probably have nothing to show for 5 years from now or on your health?

Answer 3

It really is not worth the risk. If you get in an accident or become seriously ill, you could end up in serious debt. Major treatments are incredibly expensive. For example, I read on the website that does my student insurance that if you were to get into a car crash and required surgery on your legs, you'd end up paying around $2,500 which could be incredibly inconvenient. But uninsured, you could be charged as much as ten times that. Just because you're healthy does't mean something else won't come up. You've also got dental and optical matters to worry about, routine exams are necessary to detect and possible problems early, and these problems DO come up, even to heathy people sometimes.

Try to see if you can manage to find a plan that gives discounts in premiums to non-smokers, and/or people who exercise regularly.

Answer 4

Can't say. But when I was 43, one night I suddenly had a heart attack. Pretty young for a heart attack. Took 3 weeks to recover after surgery, it's not something you have done and go back to work in a couple days. The bill was over $25,000. Glad I had insurance. My deductable was around $250.

You decide. Never know when that idiot driver will broadside you and put you in the hospital. Especially the one who's driving uninsured and doesn't have a cent to his name.

Answer 5

Health insurance is always worth the money, especially if you are in an accident or an illness comes up suddenly as many are known to do. Remember, if you don't have insurance and you get say cancer....you won't get any after the diagnosis is made. Its easier and wiser to carry the health insurance while you are healthy.

Answer 6

Hopefully you'll never need to use it. But you will be so fecking glad you had it if you ever get ill. The NHS is slow, and incompetent. Bupa will get you seen immediately, and it may save your life. Think of £52 a month as an investment in your future, everyone gets ill sooner or later. Enjoy life now, and forget about that £52, pretend you never had it.

Answer 7

If you are young and in good health, you may see paying for health insurance as a waste of money. But, it is a huge risk not to have health insurance. My daughter-in-law (age 33) was recently diagnosed with lung cancer that has spread to her brain. My son has excellent health insurance, so they have been able to travel across the country to seek the advice of a world renowned specialist in her type of cancer. What would she have done without health insurance? I shudder to think about it. She has months of chemotherapy ahead, as well as medication, and, probably a home nurse that will have to be paid for. It's not the known that you have insurance for- it's for the unknown.

Answer 8

Hi There! I Got This For Your... As Always, Its Always Better That You Get The Info Firsthand. So Check It Out Yourself, Im Pretty Sure You'll Discover Something...

Answer 9

Sure it is.

What happens if you happen to be involved in a car wreck. (auto ins co's do not pay bills as you incur them).

You should be going to the dr once a year for your pap smear and pelvic exam. If you are not having these done - how do you know your in good health? By the time you have the symptoms of cervical cancer- and decide to go to the dr - it may have already spread and you may not be able to beat it.

Just cause your not having pain - does not mean that your health is good. Just means that the disease/condition has not progressed enough to cause bad enough symptoms.

Answer 10

Yes.

The problem is, people go from sick to "oops, I have a problem" frequently overnight. And once you have the problem, well, no one is going to SELL you the insurance, and no one is going to COVER you.

Then you turn into one of the OTHER health insurance questions we see here: "I have XYZ wrong with me, and I can't find anyone willing to insure me!".

It's like car insurance. You have to have it BEFORE the accident, or it doesn't do you any good.

Just remember, the #1 cause of bankruptcy filings in the US, is uninsured medical costs.