who has insurance?
 

Since graduating from skool last spring, I have been playing full-time, and will be for a year or two. My 6-month temporary health insurance policy will expire soonish, and I don't really know what I should do. Is not having health insurance a bad play?

If you are a full-time player:

Re: who has insurance?
 

Insurance is a -EV play, but the pot is so huge you have to make a crying call.

Re: who has insurance?
 

VNH. This pretty much sums up health insurance, imo.

-Diplomat

Re: who has insurance?
 

Because I'm picky about metaphors, I'd like to point out that while I know what you're trying to say, you should only make crying calls if they're +EV.

Really what's going on with insurance is that all dollars are not created equal. For most people, losing $100,000 is more than 1000 times as bad as losing $10 (in vague terms).

Re: who has insurance?
 

Yes definately, if anything else, you'll get worse medical care if you do come down with some kind of major illness and don't have insurance, and it could mean the difference between life and death. Death is so hugely -EV that even a small chance of it is worth protecting against, it more than makes up for the -EV of the premium.

I didn't have health insurance for a long time, and after a minor health scare decided to buy some. Four months later I was diagnosed with cancer, and I was only 30 at the time. Thankfully I got excellent care, and it is now in remission. Not to mention the $100k+ in medical bills that were covered.

You can get a catastrophic policy as a 20-something really cheap, say with a $2000 deductible or something. Maybe 35-40/mo. That's really all you need.

Re: who has insurance?
 

[ QUOTE ]
Because I'm picky about metaphors, I'd like to point out that while I know what you're trying to say, you should only make crying calls if they're +EV.

Really what's going on with insurance is that all dollars are not created equal. For most people, losing $100,000 is more than 1000 times as bad as losing $10 (in vague terms).

[/ QUOTE ]

Or in other terms, even though insurance is -EV in strictly fiscal terms, it is +EV in utility because a) humans are risk averse and b) money has a diminishing marginal utility (as does pretty much every good or service).

Re: who has insurance?
 

[ QUOTE ]
For most people, losing $100,000 is more than 1000 times as bad as losing $10 (in vague terms).


[/ QUOTE ]

You're right. I would guess its about 10 times worse.

Re: who has insurance?
 

[ QUOTE ]
even though insurance is -EV in strictly fiscal terms, it is +EV in utility because a) humans are risk averse and b) money has a diminishing marginal utility (as does pretty much every good or service).

[/ QUOTE ]

Correct.

Re: who has insurance?
 

Yeah, my mom just got through with chemo (she's fine) in august. When my dad told me how much it all cost, I started to seriously consider whether I wanted to just let my temp. insurance expire (as I had planned), or get a full time plan.