is it a good idea for me to get health insurance? - Page 4

Reprocess · #31 05-13-2005, 09:36 AM

insureance is quite an interesting topic between professional gamblers like us. (disclamaer i havent read any of hte previous responses.) It actually not so much a question of EV. All insurance is -EV by definition (sorry Feeney but you are wrong and make ME cry, you and you volvo). It's a question of Risk of Ruin. ( to a certain extaent its a question of EV) But for MOST ppl its a question of risk of ruin. health insurance especially. basiacally can you afford the cost of a cold that will inflict you once every five years for the rest of your life. Of course, actualy you will pay more than the cost of treatment, that is one of the MANY ways insurance companys make money. What you are actually buyign insurance for is the cost of some unforseen "devastaional" incident, I.E. bone marror cancer, or sudden heart attack at the age of 27 (life sucks huh). So i would ask, fisrt off, how prone to such a "devastainal" incednt are you or your immeidate family prone to? Second, can you afford it and wel quite freakly do your ... um... really care... insurance is the nut low.

-later

Jeff W · #32 05-13-2005, 09:51 AM

[ QUOTE ]
All insurance is -EV by definition...

[/ QUOTE ]

By the same logic, any purchase is -EV. After all, Mercedes wouldn't sell you that new car if it wasn't worth less than you paid for it.

Assuming rationality, people buy goods and services that are +EV. If reducing variance has +EV for someone, then they will purchase services that reduce their variance.

J_V · #33 05-13-2005, 09:58 AM

Dude. Health insurance is more valuable than anything else you could possibly buy right now. Doesn't matter what it costs

AviD · #34 05-13-2005, 09:59 AM

[ QUOTE ]
wouldnt i be better off just paying for hospital bills with cash? i think im well off enough that if something bad happens to me i can just spend some of my savings.

i currently dont have health insurance and dont know if i should apply for it now or not.

any advice appreciated.

[/ QUOTE ]

...
...
...
are you being serious?

ceyoung · #35 05-13-2005, 10:43 AM

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
$400/month around here

[/ QUOTE ]

If that's catastrophic, you're paying way too much.

b

[/ QUOTE ]

I have Empire PPO and my work pays almost all of my premiums, so i pay like 9 bucks a month right now for full dental, vision, and health care.

but, they screwed my paperwork up and said that my job finised May 1 instead of August 1. along with this they told me i could continue my health coverage. to retain the coverage i have now it woule be ~$430. I'm a healthy 23 year old with no known problems, so the $400 for full coverage is about right.

i'm not paying it [img]/images/graemlins/grin.gif[/img] but i'm looking into getting insurance also.

[/ QUOTE ]

Another reason to consider one of them "job" things. [img]/images/graemlins/blush.gif[/img]

[/ QUOTE ]

davelin · #36 05-13-2005, 10:49 AM

Yes

quadzilla · #37 05-13-2005, 10:58 AM

What would be considered catastrophic? I guy I work with didn't get insurance during the 90 day waiting period when he started here. His appendix burst. I think he paid around $14K when it was said and done. Would that fall under the catastrophic category?

Just pay for the insurance.

jedi · #38 05-13-2005, 11:14 AM

[ QUOTE ]
Its not close, do you see why?

I'll let others elaborate

[/ QUOTE ]

[ QUOTE ]
please dont use such [censored] terminology. its really not funny anymore. thank you.

[/ QUOTE ]

Out of everything I've read in these forums for the past year or so, this is the MOST "It's not close"

ScottTheFish · #39 05-13-2005, 03:47 PM

[ QUOTE ]
wouldnt i be better off just paying for hospital bills with cash? i think im well off enough that if something bad happens to me i can just spend some of my savings.

i currently dont have health insurance and dont know if i should apply for it now or not.

any advice appreciated.

[/ QUOTE ]

First, you need health insurance, period. Any serious illness or car wreck can easily run into 100K+ in bills.

Get something with a high yearly deductible (maybe 2-3K). This will make the monthly cost much less, but still cover you if something really bad happens.

Also, make sure the policy has a reasonable lifetime maximum. $1M may seem like a lot, but many people with cancer and long term illnesses like that have exceeded a $1M maximum, then they are SOL.

Look for a $3M lifetime maximum, which is about standard. healthinsurance.com will give you a general idea of what a policy like this would cost. My guess for someone as young as you would be $100-150/mo.

Cleveland Guy · #40 05-13-2005, 03:54 PM

[ QUOTE ]
is that what it is, $85? i have no problem paying $85/m for catastrophic insurance. i just dont know about this stuff is all. also, im entirely on my own financially, but my parents are still liable for me? im only 20. i believe ive heard somewhere that they are liable for me until i turn 21, is that right?

[/ QUOTE ]

Your parents are only liable for you until 18. If you are a college student, then most insurances let a college kid stay on the policy till like 22 or 23.