Do you have health insurance

Eh. Just bite on a bullet.

 

Health insurance: can't live with it, can't live without it.

 

Insurance is necessary these days because you never know what will come up. The insurance companies have contracted rates with the hospitals and doctors so my wife's surgery last year that the hospital wanted to bill $105k+ , the contracted cost was I think $20k-$25k, but we only paid the out-of-pocket max on the policy, which was $5,000. When shopping for a policy I prefer a moderate deductable/out of pocket max and fixed prices for office visits and prescriptions, so I'm always in the silver tier.

 

Admittedly I've been fortunate and never had to face possibility of giving health insurance up for costs. I did pay 100% of my family's plan when I was a partner of one firm (My primary firm has usually been a situation where the owners are corporate employee who owned shares). I think I paid $18,000 per year.

That said, insurance is high, I get it. My main complaint (and I'm going to start paying 100% again this month) is that people put that $1000 per mo. as a 4th or 5th priority, right after auto, cable, phone, internet, coffee. I hear employees worrying about co-pays for meds when its what $30? You spend that eating at McDs for 4. Make medicine a priority.

We're talking about the best barrier to staying alive. IMHO I'm making that priority one. Downsize your car, buy a cheaper alternative, give up your iPhone, whatever it takes but don't sacrifice you ability to get the best possible medical care.

 

I guess one could stop eating, sell the house, and move into a tent to make insurance premiums a priority.

 

There is that option. You'd still get to keep your sweet iPhone X, 60" HDTV, and lattes everyday.

 

I have none of the above.

I'm happy for those folks who don't have to worry about dropping a thou a month on insurance premiums, though. Livin' large and in charge.

 

I am not criticizing those who do not have the means to buy medical insurance (if that's you, I apologize), for them I'm a huge supporter of publicly funded health care. I'm only addressing those who have the means but choose to spend money elsewhere then say no $$ for health care insurance.

 

That $18,000/year premium you mentioned . . . is $180,000 after 10 years.

I won't begrudge someone who does the math and decides, "The odds I'll need $180K-plus in medical care in the next 10 years are pretty steep, so I'll just dump all that money into my 401(k), save a ton on taxes, turn it into $300K after capital gains . . . and dip into THAT if I happen to have a medical emergency."

 

I would imagine that's in the back of the minds of most people who bulk up their 401(k) down the home stretch. I know that's my thought. And yet, I'd still walk around worried each day if I didn't have some sort of insurance.

 

My employer pays 100 percent of our insurance costs. I'm extremely fortunate in that regard.

 

My employer pays 100 percent of mine. Zero for dependents.