Hi…I’m 44 yrs old, no health issues, and an independent contractor. I was paying $600 a month the last 2 years for health insurance. I dropped my insurance plan 10 months ago, and saved $6,000 in a savings account. I’m not sure how long I’ll keep doing this, maybe until I’m 50. But I’m not worried for now.
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That’s your choice, of course. But taking that kind of risk at your age wouldn’t be my recommendation.
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No kidding, a heart attack would ruin him financially.
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A family member had a stroke at 48. Thankfully, there were no lasting effects, but the hospital bill was $220,000. Insurance covered everything except $6,000, which he had to pay.
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You should be very worried.
One accident could use up that $6,000 savings and leave you $100,000 in debt.
Insurance is meant to protect against future health problems. Just because you have no health issues now doesn’t mean you won’t in the future, and you definitely will face health issues at some point. You can’t predict when.
You’re gambling with your future security, and it’s probably the worst financial decision you could make.
At the very least, get a non-ACA compliant plan. They’re usually cheaper, and since you’re healthy, getting approved should be easy.
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One SMALL accident. That’s probably not enough to cover an er bill for anything. My mom fell down playing pickle ball and I think retail was 100,000 before it was all said and done. I don’t think they ended up paying anything. They have good insurance.
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Since you’re healthy, consider a high-deductible health plan (HDHP). With an HDHP, you pay for most services until you meet the deductible.
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I agree with everyone that this is very risky. You should at least consider getting a high-deductible health plan (HDHP) or some form of catastrophic coverage. Last year, Aetna paid almost $200,000 for my husband alone. Compared to that, $6,000 is nothing in healthcare.
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I’ve been an insurance agent for 29 years, and I’ve received many calls over the years from people who felt the same way. I understand how you feel, and it might seem reasonable to skip health insurance. However, I’ve seen many people take the no-insurance route, and if you need life-saving treatment, paying for it will be very hard, if not impossible. Last year, I needed a shoulder replacement, and it cost over $100,000, even as an outpatient. Saving $600 a month won’t cover a bill like that anytime soon.
We live in a free country, and you can choose what you want, but I don’t think this is the best choice. This is just my opinion, but if you’d seen what I’ve seen, you’d probably agree.
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Congrats on saving money. If you require a hospitalization that costs $100k, do you have a plan?
What if you need a monthly medication that costs $1k/month?
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The biggest risk isn’t just bankruptcy; it’s getting treatment for costly conditions. Medical professionals aren’t required to treat you for non-emergency issues. If you were diagnosed with cancer tomorrow, you might not be able to get surgery or chemotherapy without paying upfront. I think $600 a month is reasonable for catastrophic insurance, but that’s your choice.