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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsI swear I'm about ready to cancel all insurance
We have private medical insurance, private dental insurance, private life insurance, plus the car insurance. My medical insurance premiums alone are $775/month which I can barely afford. I'm already running behind on last month's bills and I check my bank account and this month they have charged me $927 for this month's medical insurance. I simply cannot afford this. I will definitely be calling them first thing tomorrow to find out why but this just isn't an expense I can afford. I'm thinking about cancelling all my insurance. I could be putting that $1000/month into a savings account and probably being doing better than I'm doing right now. I'm so sick of this.
Historic NY
(37,449 posts)that a cleaning & filling cost. It hardly paid anything for a crown. I had a root canal done last yrs put it on my credit card...paid it off in a few months.
liberal_at_heart
(12,081 posts)now I'm wondering if any of it is worth the money. They get $775/month out of me $927 this month every single month and in return I still get to pay 20% copay. If I put that in a savings account I could probably save enough to pay for my bill outright instead of having the 20% I couldn't pay sent to a collections agency.
stopbush
(24,395 posts)Most people don't have that discipline. They have good intentions, fail to save the money, and end up in a world of hurt if and when something catastrophic happens with their health. It's hard to stay focused when other bills arise and you raid that health saving fund to cover immediate needs.
Of course, it's all about catastrophic illnesses, which never give people a five-year warning that they're going to happen. You could do great for a year, putting $1000 away every month, only to have something happen that wipes out the $12,000 you saved in short order.
But sometimes one needs to roll the dice in life. You may be at that point.
Here's hoping the Obamacare exchanges kick in quickly. Then, we'll all have better options.
Lex
(34,108 posts)So I still have health insurance but I pay for the first $5000 of med needs (my deductible, which I can pull out of the HSA) and then when I meet the high deductible, the 5K, my insurance kicks in and pays 100% of everything--meds, hospitalization, etc.
It works for me because I am relatively healthy, don't have ongoing medical needs right now. And the money in the HSA never has to be spent, and it is always mine (like an IRA).
Research that option. It cut my monthly health insurance payment down by $200.
Skittles
(153,141 posts)I would set aside a bit of money for "funds" - I remember I had dental and vet funds - money saved strictly for those purposes so when I did get hit (and who won't get hit with dental and vet bills if you have teeth and pets), it helped cushion the blow.
Booster
(10,021 posts)and it cost $44,000 for just a 3 day hospital stay. Please research Obamacare before you do anything drastic. I know it's rough, but it could be worse if you have a medical emergency. Again, this depends on how old you are.
reformist2
(9,841 posts)SheilaT
(23,156 posts)the amount charged by doctors or hospitals for whatever you have done, is significantly less than what they charge an uninsured patient.
You might want to research how much it would cost to have a very large deductible, on the order of $10,000, just to get the benefit of the lower charges.
And if you do drop any of the insurance, you absolutely must be rigidly disciplined about putting the former premium money into a separate account that you have earmarked to be ONLY used to pay for medical stuff.
Nye Bevan
(25,406 posts)Possibly combined with a medical savings account. The premiums should be much lower, you will be protected against a catastrophic illness, and your contributions to the MSA are fully tax deductible.
RichGirl
(4,119 posts)For major medical. This covers only catastrophic illness/injury. Unless you are on a lot of meds I can't imagine needing 900. a month for healthcare. If you have to pay for your own healthcare, it motivates you to take better care of yourself. You eat better, exercise, take vitamins, drink lots of water. You feel better, look better, live longer and save money...what a deal. Also, you're not tempted into taking unnecessary meds. Personally, I don't trust drug companies and hate meds and would only take them if it were a matter of life or death. Most of them have so many side effects that they defeat the purpose. If I have any kind of problem I google natural treatment and go to the health food store. I have never had a flu shot and never had the flu...ever! Only thing I ever take is advil or aspirin.
On edit: After Michael Moore did "Sicko" he was on Larry King. He was asked...what do we do about our healthcare system. His response was...only thing we can do is take care of ourselves. He's finally doing that by walking everyday and looks great.
Skittles
(153,141 posts)yet they watch all kinds of crap on TV, spend all kinds of time online posting bs (don't get on my case; I exercise an hour daily). But good living still only takes you so far; you're gonna pay out the ass for health insurance when you're older no matter what shape you are in.
liberal_at_heart
(12,081 posts)My son has autism. I have the brca1 gene that puts me at risk for cancer. My husband has glaucoma, uvitis, migraines, acid reflux, and takes several prescriptions. My daughter just turned 18 so we don't yet know if she has the brca1 gene. She will need to get tested for the gene and if she is positive will need to have regular preventative screening or possibly even preventative surgery. That is why our premiums are so high and unfortunately exercise doesn't solve everything. I'm always uneasy about finances but right now I am more scared than I have been in a long time. I am wondering if I'm living in an illusion thinking I can be this responsible person and have all this insurance when in truth I can't really afford it. I'm just feeling very scared right now.
Skittles
(153,141 posts)exercise certainly has not prevented arthritis which is slowly swelling and curling my fingers
hey, did you see this article?
http://ctwatchdog.com/health/serious-questions-being-raised-on-myriads-breast-cancer-gene-testing
Lady Freedom Returns
(14,120 posts)Remember it can be a big problem if you get pulled over.
Scuba
(53,475 posts)CrispyQ
(36,446 posts)Lots of good advice & options posted. Good luck.