Cancel my health insurance?

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Topic Author
boglerocks
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Cancel my health insurance?

Post by boglerocks »

I'm self-employed and health insurance for my family seems to cover very little of our (small) medical expenses. Should I consider canceling the policy? Could I run into a scenario that would require me to have health insurance?
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rob
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Re: Cancel my health insurance?

Post by rob »

A serious accident or health scare could wipe out savings.... I understand most plans are pathetic and feel like they cover nothing, and they don't if you don't need a lot of serious care.
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jebmke
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Re: Cancel my health insurance?

Post by jebmke »

boglerocks wrote: Fri Jan 19, 2024 12:43 pm I'm self-employed and health insurance for my family seems to cover very little of our (small) medical expenses. Should I consider canceling the policy? Could I run into a scenario that would require me to have health insurance?
You could become deathly ill or require expensive procedures. Same for family.

Curious what leads you to believe that couldn't happen to you?
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MadDwag
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Re: Cancel my health insurance?

Post by MadDwag »

I’m in a similar boat, and hold my nose and keep buying the health insurance. I figure it’s better to pay it now than have some unexpected health issue bankrupt me.

My homeowners premiums are ridiculous even with a high deductible, so why not do the same for health?
GreendaleCC
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Re: Cancel my health insurance?

Post by GreendaleCC »

boglerocks wrote: Fri Jan 19, 2024 12:43 pm I'm self-employed and health insurance for my family seems to cover very little of our (small) medical expenses. Should I consider canceling the policy? Could I run into a scenario that would require me to have health insurance?
A car crash. A serious illness. Any other kind of accidental injury.

Have you ever gone to the ER? In my area, care for a deep knife wound to a finger - but apparently not bad enough for stitches - cost $1,500 with our HDHP. That was with the in-network, negotiated rates.

What would it cost for something serious? It is crazy to go without health insurance in the US. Why would you put your family at risk?
PaunchyPirate
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Re: Cancel my health insurance?

Post by PaunchyPirate »

boglerocks wrote: Fri Jan 19, 2024 12:43 pm I'm self-employed and health insurance for my family seems to cover very little of our (small) medical expenses. Should I consider canceling the policy? Could I run into a scenario that would require me to have health insurance?
That depends. Is your business so profitable that you could withstand hundreds of thousands or even millions of dollars in medical expenses should anyone in your family get a major illness (cancer, etc.) or get in a major accident that causes major injury? Even with $10 million in the bank I'd probably still pay for health insurance.
Topic Author
boglerocks
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Re: Cancel my health insurance?

Post by boglerocks »

Part of the problem is that if the policy provides the same degree of real world coverage for a catastrophic event that it does for minor stuff then I'll be paying for the vast majority of it out of pocket anyway. Should I assume/hope that a catastrophic event will be covered to a much greater extent than minor stuff is?

And if there is a catastrophic event will I be forced to use a treatment or doctor or hospital which is not my first choice if I want my PPO insurance to cover it? From what I've observed as a policy holder, "coverage" is complex and if I want to make my own choices I feel like I'll be paying out of pocket even if I still have the policy.
exodusing
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Re: Cancel my health insurance?

Post by exodusing »

boglerocks wrote: Fri Jan 19, 2024 1:16 pm Part of the problem is that if the policy provides the same degree of real world coverage for a catastrophic event that it does for minor stuff then I'll be paying for the vast majority of it out of pocket anyway. Should I assume/hope that a catastrophic event will be covered to a much greater extent than minor stuff is?

And if there is a catastrophic event will I be forced to use a treatment or doctor or hospital which is not my first choice if I want my PPO insurance to cover it? From what I've observed as a policy holder, "coverage" is complex and if I want to make my own choices I feel like I'll be paying out of pocket even if I still have the policy.
It depends on the terms of your insurance. For example, an ACA marketplace plan will have an out-of-pocket maximum, provided you stay in network. Other plans have other terms. No way to know what you have, or what other plans might be available to you, from here.
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ResearchMed
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Re: Cancel my health insurance?

Post by ResearchMed »

boglerocks wrote: Fri Jan 19, 2024 1:16 pm Part of the problem is that if the policy provides the same degree of real world coverage for a catastrophic event that it does for minor stuff then I'll be paying for the vast majority of it out of pocket anyway. Should I assume/hope that a catastrophic event will be covered to a much greater extent than minor stuff is?

And if there is a catastrophic event will I be forced to use a treatment or doctor or hospital which is not my first choice if I want my PPO insurance to cover it? From what I've observed as a policy holder, "coverage" is complex and if I want to make my own choices I feel like I'll be paying out of pocket even if I still have the policy.

How have you paid medical bills until now?
Insurance?
If so, you should have some idea how it works.
Different policies can have quite different 'rules' but they generally work the same way.

I'm not sure what you mean by "...if the policy provides the same degree of real world coverage for a catastrophic event that it does for minor stuff ..."
Are you really asking whether insurance would pay the same $ amount for, say, a simple broken arm vs someone laid up in hospital in traction with multiple broken bones and internal injuries?

And if you didn't really mean that, what did you mean?
And what *is* your experience with health insurance?
Then we'll have some basis for an answer.

RM
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mhalley
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Re: Cancel my health insurance?

Post by mhalley »

There seems to have been a breakdown in people’s minds about what insurance is for. Insurance is there for catastrophic expenses that would cause severe financial hardship. CANCELLING health insurance could result in catastrophic bills at any time. A slip in the shower, @ car wreck, an illness can happen at any time. Especially health insurance expectations have increased to thinking it should pay for every little expense. If you don’t like the health insurance not paying for much, switch to an Hsa plan so you can save money on the premiums and fund an HSA.
bradinsky
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Re: Cancel my health insurance?

Post by bradinsky »

OP,
Dropping your health insurance is a very poor idea.
I was healthy and DW & I had decent health insurance. Out of nowhere, I started falling down. I went to see my primary physician & he referred me to a spine specialist. After a few visits I was referred to a neurosurgeon & ended up having an 8 hour spine surgery at a highly regarded northern Ohio hospital. Not complaining or bragging, just saying. Total cost was well in excess of $250K. How would you like to be responsible for that if you were without health insurance?? That amount doesn’t include the costs related to the 8 hour pre admission testing.
To add, that was well over 10 years ago & that is what the medical insurance paid out.
Last edited by bradinsky on Fri Jan 19, 2024 2:28 pm, edited 1 time in total.
JoeNJ28
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Re: Cancel my health insurance?

Post by JoeNJ28 »

Just remember you don’t know what’s lurking sometimes until it’s too late. Cancer is a real sneaky one and no matter how much fruit you eat and how many miles you run it can get you or anyone else in your family. The drawbacks to being in a nation that doesn’t provide coverage for medical like all the others.
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CRC_Volunteer
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Re: Cancel my health insurance?

Post by CRC_Volunteer »

With insurance, you pay a negotiated rate for covered procedures. Without insurance, you pay MSRP.
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Jack FFR1846
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Re: Cancel my health insurance?

Post by Jack FFR1846 »

Do you know what even small medical emergencies cost?

Myself: Broke a finger. Surgery with pins. Later surgery to remove pins. Well over $100k.

Father in Law: Cancer. Bone marrow transplant. Several re-occurances. Lots of chemo and other treatment. So far, over $10M.

Any car crash can easily be over $100k. If it's deemed to be your fault, expect your after insurance cost to be at least mid 6 figures from the law suit you'll face. The attorney you hire will cost you about $100k.

Your premiums are peanuts. Why are you trying to save peanuts?
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PaunchyPirate
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Re: Cancel my health insurance?

Post by PaunchyPirate »

boglerocks wrote: Fri Jan 19, 2024 1:16 pm Part of the problem is that if the policy provides the same degree of real world coverage for a catastrophic event that it does for minor stuff then I'll be paying for the vast majority of it out of pocket anyway. Should I assume/hope that a catastrophic event will be covered to a much greater extent than minor stuff is?

And if there is a catastrophic event will I be forced to use a treatment or doctor or hospital which is not my first choice if I want my PPO insurance to cover it? From what I've observed as a policy holder, "coverage" is complex and if I want to make my own choices I feel like I'll be paying out of pocket even if I still have the policy.
My current health insurance plan has a maximum out-of-pocket expense of $8700. If I undergo major treatment for cancer or an accident this year, that is the maximum I will have to pay for it. This is for one person. Family plans be different. This is FAR better than having to pay hundreds of thousand of dollars should something bad happen. This is why you buy health insurance.
Topic Author
boglerocks
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Re: Cancel my health insurance?

Post by boglerocks »

If I want to choose my treatment, hospital, and doctor, could I end up paying out of pocket anyway?
WhitePuma
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Re: Cancel my health insurance?

Post by WhitePuma »

JoeNJ28 wrote: Fri Jan 19, 2024 2:01 pm Just remember you don’t know what’s lurking sometimes until it’s too late. Cancer is a real sneaky one and no matter how much fruit you eat and how many miles you run it can get you or anyone else in your family. The drawbacks to being in a nation that doesn’t provide coverage for medical like all the others.
Yes- so bring on the cheeseburgers and pizza!! YOLO
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Watty
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Re: Cancel my health insurance?

Post by Watty »

boglerocks wrote: Fri Jan 19, 2024 12:43 pm I'm self-employed and health insurance for my family seems to cover very little of our (small) medical expenses. Should I consider canceling the policy? Could I run into a scenario that would require me to have health insurance?
I have the same problem with my homeowners insurance. It has been over 30 years since they have paid me anything even though I have paid the premiums every year.

But I keep buying it.
PaunchyPirate
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Re: Cancel my health insurance?

Post by PaunchyPirate »

boglerocks wrote: Fri Jan 19, 2024 2:49 pm If I want to choose my treatment, hospital, and doctor, could I end up paying out of pocket anyway?
That would depend on what your insurance plan covers. If you buy a cheap plan, probably yes. If you buy a better plan, probably no.
123
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Re: Cancel my health insurance?

Post by 123 »

boglerocks wrote: Fri Jan 19, 2024 12:43 pm I'm self-employed and health insurance for my family seems to cover very little of our (small) medical expenses. Should I consider canceling the policy? Could I run into a scenario that would require me to have health insurance?
The value of insurance is often in the negotiated prices, almost always 50% to 90%+ less than rack price for same service at doctor/hospital. If you have unlimited funds and could handle $10 million annually in medical expenses (family involved in severe accident) indefinitely you may not need insurance.
The closest helping hand is at the end of your own arm.
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SmileyFace
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Re: Cancel my health insurance?

Post by SmileyFace »

boglerocks wrote: Fri Jan 19, 2024 1:16 pm ... then I'll be paying for the vast majority of it out of pocket anyway.
Are you sure about that? Most policies have an out of pocket max - sounds like you are not sure what yours is (or what insurance you really have).
And cancer treatments can be in the 100s of thousands of dollars. If your Networth is north of $10million maybe you can self insure.
It's "insurance" - you hope you won't make full use of it but should feel safer knowing it's there if needed.
djtx34
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Re: Cancel my health insurance?

Post by djtx34 »

I am self employed as well, and for many years I bought health insurance on the exchange. (Now have coverage through DW). Our goal was to limit VERY HIGH expenses. We looked for insurance where most conditions were covered, was an EPO (had to stay in network, which is fine for us), but the network had to be broad. We were willing to compromise on the max out of pocket expense to get a good premium, but not the coverage itself. So if the coverage was very good, premium was tolerable, but the max OOP was high, that's what we opted for. The we saved up the cash to cover it.
deltaneutral83
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Re: Cancel my health insurance?

Post by deltaneutral83 »

boglerocks wrote: Fri Jan 19, 2024 1:16 pm Part of the problem is that if the policy provides the same degree of real world coverage for a catastrophic event that it does for minor stuff then I'll be paying for the vast majority of it out of pocket anyway. Should I assume/hope that a catastrophic event will be covered to a much greater extent than minor stuff is?

And if there is a catastrophic event will I be forced to use a treatment or doctor or hospital which is not my first choice if I want my PPO insurance to cover it? From what I've observed as a policy holder, "coverage" is complex and if I want to make my own choices I feel like I'll be paying out of pocket even if I still have the policy.
Not having health insurance (forget your own personal health decisions and the gamble you're making there as anyone could get cancer) is trusting others on the road. We live in a BH world but 85% of people are broke and have either state limits (which are often paltry) or they're uninsured altogether and shouldn't even be driving in the first place. If someone puts you in the hospital overnight with just a few broken bones with run of the mil recovery times you'd probably be getting a large bill. The whole penny wise/pound foolish mantra applies here IMO. Get you a 12k Deduc or whatever the max is and chalk this up to the cost of doing business life
Northern Flicker
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Re: Cancel my health insurance?

Post by Northern Flicker »

boglerocks wrote: Fri Jan 19, 2024 12:43 pm I'm self-employed and health insurance for my family seems to cover very little of our (small) medical expenses. Should I consider canceling the policy? Could I run into a scenario that would require me to have health insurance?
A lack of health insurance is a major cause of bankruptcies. One hospitalization without health insurance easily could be a 6-figure medical bill, and a major issue like a cancer diagnosis could be even a much bigger financial disaster without health insurance.

Even a high deductible plan covers substantial cost through the contractual rates the insurers have negotiated with providers. Without health insurance, you will pay the full freight "list price".
broadstone
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Re: Cancel my health insurance?

Post by broadstone »

Just because you have medical insurance doesn't mean the insurance company will pay up.

I had insurance (Oscar) from the insurance marketplace and I had surgery in July 2023. Insurance denied everything because of a clause on pg 75 of the policy. Still fighting with them now as the surgery was medically needed.

In the meantime I had to pay the providers out of pocket so not only am I out the deductible and Max out pf pocket ($7500), I had to pay out the providers who were threatening to send my bills to collections.

I was inclined to forgo insurance in 2024 because of this denial but ended up being the sucker who resigned up (different company) but now paying $550 per month for a policy with a $9,000 deductible.

I don't blame you for considering not carrying insurance.
exodusNH
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Re: Cancel my health insurance?

Post by exodusNH »

boglerocks wrote: Fri Jan 19, 2024 1:16 pm Part of the problem is that if the policy provides the same degree of real world coverage for a catastrophic event that it does for minor stuff then I'll be paying for the vast majority of it out of pocket anyway. Should I assume/hope that a catastrophic event will be covered to a much greater extent than minor stuff is?

And if there is a catastrophic event will I be forced to use a treatment or doctor or hospital which is not my first choice if I want my PPO insurance to cover it? From what I've observed as a policy holder, "coverage" is complex and if I want to make my own choices I feel like I'll be paying out of pocket even if I still have the policy.
It depends on the nature of the plan, but I suspect that you're vastly underestimating the cost of medical care. Most plans do have an out of pocket yearly maximum, plus you get negotiated rates which are usually better than the "rack rates" you'd pay.

My sibling gets an infusion for ulcerative colitis. Each dose is something like $10,000. They get one every 6-8 weeks.

Back in 2005, I had appendicitis. The time I spent in the ER getting to that diagnosis was $75/minute plus supplies and tests. I walked into the ER and walked out 18 hours later with a total bill of something like $17,000. That's almost 20 years ago. Inflation adjusted, that's probably $25,000-$30,000. Note: medical costs have routinely gone up considerably more than inflation over that period of time. I would not be surprised if it would total be over $35,000 now.
exodusing
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Re: Cancel my health insurance?

Post by exodusing »

PaunchyPirate wrote: Fri Jan 19, 2024 3:10 pm
boglerocks wrote: Fri Jan 19, 2024 2:49 pm If I want to choose my treatment, hospital, and doctor, could I end up paying out of pocket anyway?
That would depend on what your insurance plan covers. If you buy a cheap plan, probably yes. If you buy a better plan, probably no.
Even a better plan is unlikely to pay for every treatment the patient might choose. Usually the standard is medically necessary.
exodusing
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Re: Cancel my health insurance?

Post by exodusing »

broadstone wrote: Fri Jan 19, 2024 4:07 pm Just because you have medical insurance doesn't mean the insurance company will pay up.

I had insurance (Oscar) from the insurance marketplace and I had surgery in July 2023. Insurance denied everything because of a clause on pg 75 of the policy. Still fighting with them now as the surgery was medically needed.
Where all providers in network? Was there some pre-approval clause? It would be highly unusual for an insurer to turn down in network medically necessary procedure (unless a needed pre-approval was not obtained).

Good luck with your fight!
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alpenglow
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Re: Cancel my health insurance?

Post by alpenglow »

My in-laws gambled on no health insurance for a period of time, despite not being in the best of health. Of course, my MIL ended up in the ICU with pancreatitis. They are still complaining about the medical bills. I bite my tongue.
fortunefavored
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Re: Cancel my health insurance?

Post by fortunefavored »

Walk-in ER trip, couple broken bones, various imaging, two follow-up surgeries to put in a a plate and some screws.. was billed out as a pre-insurance cost of $900,000.

You aren't paying insurance for "small" things, you're paying to avoid being instantly bankrupt by even a relatively minor injury.

If you have any assets, no health insurance seems utterly crazy to me.
WeakOldGuy
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Re: Cancel my health insurance?

Post by WeakOldGuy »

mhalley wrote: Fri Jan 19, 2024 1:32 pm There seems to have been a breakdown in people’s minds about what insurance is for. Insurance is there for catastrophic expenses that would cause severe financial hardship. CANCELLING health insurance could result in catastrophic bills at any time. A slip in the shower, @ car wreck, an illness can happen at any time. Especially health insurance expectations have increased to thinking it should pay for every little expense. If you don’t like the health insurance not paying for much, switch to an Hsa plan so you can save money on the premiums and fund an HSA.
^^^^ This.

Insurance is there to cover what you can afford. Don't confuse medical insurance with "pre-paid healthcare". If you don't like the premiums you pay, then try to get a Qualified High Deductible Health Plan. You would get access to a HSA and your premiums would be lower and you would be paying out of pocket for the routine type of care.
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Badinvestor
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Re: Cancel my health insurance?

Post by Badinvestor »

123 wrote: Fri Jan 19, 2024 3:23 pm The value of insurance is often in the negotiated prices, almost always 50% to 90%+ less than rack price for same service at doctor/hospital.
+1. I nonetheless agree with the OP's proposal, with one caveat: before you cancel your health insurance, you have to emigrate.
BarbBrooklyn
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Re: Cancel my health insurance?

Post by BarbBrooklyn »

boglerocks wrote: Fri Jan 19, 2024 2:49 pm If I want to choose my treatment, hospital, and doctor, could I end up paying out of pocket anyway?
I'm curious if you are someone who has emigrated from another country, or if you grew up here in the US with our (functionally dysfunctional) health care system?

I understand that if you are young (under 40), you might care to gamble on your own continued good health.

If you have minor children, however, you might want to think about a leukemia/cancer/sepsis diagnosis for him/her. And trying to negotiate the best possible treatment that you can afford while in terror that you might lose them.

You sound like someone who comes from a country with "good" socialized medicine; one where, if you choose, you can pay out of pocket for "extra" and private.

We don't have that here.
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Doctor Rhythm
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Re: Cancel my health insurance?

Post by Doctor Rhythm »

Like others here, I’m a bit perplexed by the question. Insurance is purchased to mitigate against situations for which you can’t self-insure. In the case of health insurance, it additionally provides a steep discount on prices. Giving up on health insurance completely because you can’t go out of network seems to be an overreaction.

How much can you afford to spend on healthcare in the absence of insurance without causing a financial catastrophe?

Will your family forego more routine/mundane healthcare because the retail price (without insurance) is too high?
Scorpion Stare
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Re: Cancel my health insurance?

Post by Scorpion Stare »

boglerocks wrote: Fri Jan 19, 2024 1:16 pm Part of the problem is that if the policy provides the same degree of real world coverage for a catastrophic event that it does for minor stuff then
Why are you wondering “if” it provides catastrophic coverage? Look at your policy and find out what actual coverage it offers. I don't understand why you are trying to make decisions about your insurance when you don't even know what insurance you have.
GreendaleCC
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Re: Cancel my health insurance?

Post by GreendaleCC »

boglerocks wrote: Fri Jan 19, 2024 2:49 pm If I want to choose my treatment, hospital, and doctor, could I end up paying out of pocket anyway?
Have you read your summary of benefits for in-network vs out-of-network coverage? Have you looked at what local health systems / providers accept your plan? We can’t do this homework for you. Sadly, it’s part of being an informed healthcare consumer.
GreendaleCC
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Re: Cancel my health insurance?

Post by GreendaleCC »

boglerocks wrote: Fri Jan 19, 2024 1:16 pm Part of the problem is that if the policy provides the same degree of real world coverage for a catastrophic event that it does for minor stuff then I'll be paying for the vast majority of it out of pocket anyway. Should I assume/hope that a catastrophic event will be covered to a much greater extent than minor stuff is?
If you haven’t met your annual deductible and it’s not a “free” preventative service or associated with a fixed co-pay, then you’re likely paying.

If you meet your annual deductible, then co-insurance will start covering a percentage of costs.

If you meet the annual out-of-pocket maximum, you should be done paying.

If you are not familiar with these terms, I recommend starting there.
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Picasso
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Re: Cancel my health insurance?

Post by Picasso »

I get it, I really do. I hold a leadership position at a national health insurer and this is a terrible idea.

ER visit? $3-15k
MRI? $5k
Knee replacement? $22k
Humaira? $77k
Acthar? $700k

You get the idea.
Dregob
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Re: Cancel my health insurance?

Post by Dregob »

boglerocks wrote: Fri Jan 19, 2024 2:49 pm If I want to choose my treatment, hospital, and doctor, could I end up paying out of pocket anyway?
It seems like you have your mind made up. Go for it and cross your fingers.
sandramjet
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Re: Cancel my health insurance?

Post by sandramjet »

Seems like a huge risk to me. We had twins ... ended up being 8 weeks premature & having complications... hospital bill for both was almost 400K ... and this was almost 25 years ago! I can't imagine how I would have paid for it years ago without insurance, or how much it would be today!
bluebolt
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Re: Cancel my health insurance?

Post by bluebolt »

Three words.

Mary. Lou. Retton.
CaptainT
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Re: Cancel my health insurance?

Post by CaptainT »

As a single in my 20s I went without health insurance for a year. I fell on some ice and twisted my ankle. I didn't go to doctor for fear of cost without health insurance. To this day decades later my ankle still bothers me. Don't do this to your kids your spouse or yourself
CaptainT
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Re: Cancel my health insurance?

Post by CaptainT »

As a single in my 20s I went without health insurance for a year. I fell on some ice and twisted my ankle. I didn't go to doctor for fear of cost without health insurance. To this day decades later my ankle still bothers me. Don't do this to your kids your spouse or yourself
howard71
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Re: Cancel my health insurance?

Post by howard71 »

boglerocks wrote: Fri Jan 19, 2024 12:43 pm I'm self-employed and health insurance for my family seems to cover very little of our (small) medical expenses. Should I consider canceling the policy? Could I run into a scenario that would require me to have health insurance?
Everybody is warning you about the potential catastrophes of not having health insurance as if you never thought of that.

As for your actual question, I went without health insurance for me and my adopted granddaughter for about two years and never ran into any situation where I couldn't get service without health insurance. As a matter of fact, most doctors I went to offered discounts. My granddaughter even broke her arm and had to go to the hospital and have therapy afterwards. Still came out WAY ahead financially over that period.
GreendaleCC
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Re: Cancel my health insurance?

Post by GreendaleCC »

howard71 wrote: Sat Jan 20, 2024 8:53 am Everybody is warning you about the potential catastrophes of not having health insurance as if you never thought of that.
It doesn’t sound like OP knows how insurance even works. OP made it sound like he’s not sure whether insurance will pay more for a catastrophe than routine care.
howard71 wrote: Sat Jan 20, 2024 8:53 am As for your actual question, I went without health insurance for me and my adopted granddaughter for about two years and never ran into any situation where I couldn't get service without health insurance. As a matter of fact, most doctors I went to offered discounts. My granddaughter even broke her arm and had to go to the hospital and have therapy afterwards. Still came out WAY ahead financially over that period.
You were lucky.
Last edited by GreendaleCC on Sat Jan 20, 2024 9:29 am, edited 1 time in total.
yules
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Re: Cancel my health insurance?

Post by yules »

boglerocks wrote: Fri Jan 19, 2024 12:43 pm I'm self-employed and health insurance for my family seems to cover very little of our (small) medical expenses. Should I consider canceling the policy? Could I run into a scenario that would require me to have health insurance?
I have fire insurance, but my house has never burned down, should I cancel the policy? That’s the same idea as you,IMO. If you don’t like your current policy, drop it, but you should have something in case something wild happens

(But I hope nothing wild ever happens to you!)

Yules
howard71
Posts: 469
Joined: Wed Oct 28, 2020 11:10 am

Re: Cancel my health insurance?

Post by howard71 »

GreendaleCC wrote: Sat Jan 20, 2024 9:22 am
howard71 wrote: Sat Jan 20, 2024 8:53 am Everybody is warning you about the potential catastrophes of not having health insurance as if you never thought of that.
It doesn’t sound like OP knows how insurance even works. OP made it sound like he’s not sure whether insurance will pay more for a catastrophe than routine care.
howard71 wrote: Sat Jan 20, 2024 8:53 am As for your actual question, I went without health insurance for me and my adopted granddaughter for about two years and never ran into any situation where I couldn't get service without health insurance. As a matter of fact, most doctors I went to offered discounts. My granddaughter even broke her arm and had to go to the hospital and have therapy afterwards. Still came out WAY ahead financially over that period.
You were lucky.
The odds were in my favor.

BTW, I am not recommedning anything to the OP, just answering what I perceived to be his question.
student
Posts: 10650
Joined: Fri Apr 03, 2015 6:58 am

Re: Cancel my health insurance?

Post by student »

howard71 wrote: Sat Jan 20, 2024 10:14 am
GreendaleCC wrote: Sat Jan 20, 2024 9:22 am
howard71 wrote: Sat Jan 20, 2024 8:53 am Everybody is warning you about the potential catastrophes of not having health insurance as if you never thought of that.
It doesn’t sound like OP knows how insurance even works. OP made it sound like he’s not sure whether insurance will pay more for a catastrophe than routine care.
howard71 wrote: Sat Jan 20, 2024 8:53 am As for your actual question, I went without health insurance for me and my adopted granddaughter for about two years and never ran into any situation where I couldn't get service without health insurance. As a matter of fact, most doctors I went to offered discounts. My granddaughter even broke her arm and had to go to the hospital and have therapy afterwards. Still came out WAY ahead financially over that period.
You were lucky.
The odds were in my favor.

BTW, I am not recommedning anything to the OP, just answering what I perceived to be his question.
Let me ask you this question. If you granddaughter comes to you asking whether her family should skip health insurance. What will your advice be?
JoeNJ28
Posts: 490
Joined: Sat Aug 25, 2018 9:13 am

Re: Cancel my health insurance?

Post by JoeNJ28 »

howard71 wrote: Sat Jan 20, 2024 10:14 am
GreendaleCC wrote: Sat Jan 20, 2024 9:22 am
howard71 wrote: Sat Jan 20, 2024 8:53 am Everybody is warning you about the potential catastrophes of not having health insurance as if you never thought of that.
It doesn’t sound like OP knows how insurance even works. OP made it sound like he’s not sure whether insurance will pay more for a catastrophe than routine care.
howard71 wrote: Sat Jan 20, 2024 8:53 am As for your actual question, I went without health insurance for me and my adopted granddaughter for about two years and never ran into any situation where I couldn't get service without health insurance. As a matter of fact, most doctors I went to offered discounts. My granddaughter even broke her arm and had to go to the hospital and have therapy afterwards. Still came out WAY ahead financially over that period.
You were lucky.
The odds were in my favor.

BTW, I am not recommedning anything to the OP, just answering what I perceived to be his question.
How were the odds in your favor?
exodusNH
Posts: 10077
Joined: Wed Jan 06, 2021 7:21 pm

Re: Cancel my health insurance?

Post by exodusNH »

howard71 wrote: Sat Jan 20, 2024 8:53 am
boglerocks wrote: Fri Jan 19, 2024 12:43 pm I'm self-employed and health insurance for my family seems to cover very little of our (small) medical expenses. Should I consider canceling the policy? Could I run into a scenario that would require me to have health insurance?
Everybody is warning you about the potential catastrophes of not having health insurance as if you never thought of that.

As for your actual question, I went without health insurance for me and my adopted granddaughter for about two years and never ran into any situation where I couldn't get service without health insurance. As a matter of fact, most doctors I went to offered discounts. My granddaughter even broke her arm and had to go to the hospital and have therapy afterwards. Still came out WAY ahead financially over that period.
It feels like OP doesn't understand stand the point of health insurance.

You got lucky. That happens. It is a terrible plan, though.

The issue isn't not being to get care. It's being bankrupted or put into a precious financial situation because of a medical emergency. E.g., appendicitis is completely random and unpreventable and could cost $30,000. (Mine cost about $17,000 in 2005, and it didn't even burst.)
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