View Poll Results: How much should a person pay for Health Insurance to protect $5,000 in assets?

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  • $1-$99 per month

    8 47.06%
  • $100-$199 per month

    2 11.76%
  • $200-$299 per month

    0 0%
  • $300-$499 per month

    0 0%
  • $500 or more (whatever the cost they should buy it.)

    0 0%
  • $0 No financial planner would recommend insuring $5,000

    7 41.18%
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Thread: Health Insurance

  1. #1
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    Health Insurance

    The purpose of Health Insurance is to protect a person from financial catastrophe. Most young people have very little net worth and very good health. These realities makes the health insurance product very undesireable to young people. Old people have had several decades to accumulate a large net worth. Old age also takes a toll on the body and a major medical event is very likely if not inevitable. These realities make the health insurance product very desireable to older people. The older you are and/or the sicker you are the more likely you are to desire to purchase health insurance. (Anybody see why health insurance continues to skyrocket?) It is very odd that the government thinks they can incentivize young people to want health insurance. The only effective method is to force young people to get health insurance via government force. The Affordable Care Act is not overreaching enough to encourage young people to make a poor financial decision. Many will chose to pay the fine even if the fine exceeds the cost of purchasing health insurance. That's just how much sense health insurance makes to many young and/or healthy individuals.

    My question is about an average individual between the age of 14-39 and how much you think they should pay for health insurance in order for it to be a good financial situation.

    If an individual has a net worth of $5,000 and is vulnerable to losing that $5,000 in the event of a major medical emergency, how much should that person invest per month to protect those assets?

  2. #2
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    Re: Health Insurance

    There is more to protect than assets since a bad debt can ruin your credit, preventing the possible later purchase of a house or car. One of the worst blunders of PPAC was the ridiculous notion that the highest risk medical insurance premium rate can be no more than 3X the lowest.
    “The reasonable man adapts himself to the world: the unreasonable one persists to adapt the world to himself.
    Therefore all progress depends on the unreasonable man.” ― George Bernard Shaw, Man and Superman

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    Re: Health Insurance

    Quote Originally Posted by ttwtt78640 View Post
    There is more to protect than assets since a bad debt can ruin your credit, preventing the possible later purchase of a house or car. One of the worst blunders of PPAC was the ridiculous notion that the highest risk medical insurance premium rate can be no more than 3X the lowest.
    So those $6,000 deductibles won't be much help, will they?

    Anybody with just $5K in assets likely has little or no credit. So, the issue is as much moral as financial. If you run up a bill at a hospital - shouldn't you pay it? If you don't pay it - are you a thief?




    (I don't know where I'm going with this, just musing)

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    Re: Health Insurance

    Quote Originally Posted by vasuderatorrent View Post
    If an individual has a net worth of $5,000 and is vulnerable to losing that $5,000 in the event of a major medical emergency, how much should that person invest per month to protect those assets?
    If you only have $5,000 in assets, chances are that in the case of a major medical emergency, you may be filing for bankruptcy whether or not you have insurance.

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    Re: Health Insurance

    Quote Originally Posted by specklebang View Post
    So those $6,000 deductibles won't be much help, will they?

    Anybody with just $5K in assets likely has little or no credit. So, the issue is as much moral as financial. If you run up a bill at a hospital - shouldn't you pay it? If you don't pay it - are you a thief?




    (I don't know where I'm going with this, just musing)
    That is reason for health savings accounts and catastrophic medical care insurance. At least then the most you need be concerned with is the deductible.
    “The reasonable man adapts himself to the world: the unreasonable one persists to adapt the world to himself.
    Therefore all progress depends on the unreasonable man.” ― George Bernard Shaw, Man and Superman

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    Re: Health Insurance

    Quote Originally Posted by Taylor View Post
    If you only have $5,000 in assets, chances are that in the case of a major medical emergency, you may be filing for bankruptcy whether or not you have insurance.
    What if the person has already filed bankruptcy multiple times throughout their life? Does that change the equation any?

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    Re: Health Insurance

    Quote Originally Posted by specklebang View Post
    So those $6,000 deductibles won't be much help, will they?
    This changes the dynamic completely. How much money should a person pay to insure $0 in assets? Perhaps I will make another poll that adds a $6,000 deductible to the scenario I just described. I guess I was being simplistic and unrealistic by implying a $0 deductible.

    What was I thinking?

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    Re: Health Insurance

    Quote Originally Posted by specklebang View Post
    If you run up a bill at a hospital - shouldn't you pay it? If you don't pay it - are you a thief?
    Another moral question arises. Should a hospital treat a patient that is unwilling to pay for services? Should a person be treated against their will? Can a person that is unconscious or in duress due to intense pain make major financial decisions?

    I think socialized medicine can solve all these moral issues. The few outliers that refuse to pay for the health care of others probably won't make any waves once the decision is final. These people are probably just rapid conservatives that are full of s*** or dummies that love to make simplistic arguments while avoiding the thought of reality at all cost. I don't think these voices that oppose socialized medicine are sincere with their words. Maybe I have too much faith in mankind but I don't really believe very many people exist that would say, "Take that man out of the hospital and go take a coffee break. We have plenty of time and doctors but the surgery cost too much. We'll never get our money back." They might say it in this thread. They might even say it in front of the hospital board. I doubt they would say it if they were looking at the dying man. This type of behavior just doesn't represent any American that I have ever met.

    Note: Health care is the work the doctors do that saves your life. Health insurance is purely a financial product. I did not use these terms interchangeably because I am not an idiot. Health care is a completely different thing than health insurance. Please keep that in mind when you read the above post.
    Last edited by vasuderatorrent; 01-02-14 at 10:04 PM. Reason: Added a note at the bottom.

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    Re: Health Insurance

    Quote Originally Posted by vasuderatorrent View Post
    Another moral question arises. Should a hospital treat a patient that is unwilling to pay for services? Should a person be treated against their will? Can a person that is unconscious or in duress due to intense pain make major financial decisions?

    I think socialized medicine can solve all these moral issues. The few outliers that refuse to pay for the health care of others probably won't make any waves once the decision is final. These people are probably just rapid conservatives that are full of s*** or dummies that love to make simplistic arguments while avoiding the thought of reality at all cost. I don't think these voices that oppose socialized medicine are sincere with their words. Maybe I have too much faith in mankind but I don't really believe very many people exist that would say, "Take that man out of the hospital and go take a coffee break. We have plenty of time and doctors but the surgery cost too much. We'll never get our money back." They might say it in this thread. They might even say it in front of the hospital board. I doubt they would say it if they were looking at the dying man. This type of behavior just doesn't represent any American that I have ever met.

    Note: Health care is the work the doctors do that saves your life. Health insurance is purely a financial product. I did not use these terms interchangeably because I am not an idiot. Health care is a completely different thing than health insurance. Please keep that in mind when you read the above post.
    Anytime we show the milk of kindness, it is much easier to do so if we don't have a cat in the race.

    So your uninsured, uncooperative patient will get treated because hey, it's not your money. Now, if you had to pay the other guy's bill yourself, I don't know how enthused an individual would be about that. I'll guess most "Americans" would say "let the mother****er die - I'm not paying" but that's just my guess.

    As of now, health care is always provided with or without insurance. I don't see any real change. Is that good or bad? IDK.

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    Re: Health Insurance

    Health insurance does not protect assets. It protects your health. Now I don't know about you but I place my health and by extension my life at a greater value than $5K. If you're talking about a mail order bride's life, then yes $5k is about right, although I probably wouldn't pay that much.
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