I’m from a state that has had free access to healthcare if unaffordable or not employer-sponsored. So, I think what happens if employment insurance changes? Is there a safety net in my community?
I’m also aging and, after the past few years, I’m not as risk-tolerant as I used to be.
Health insurance in the US —like car insurance — is about managing risk.
I don’t think this is right, but as long as we have private, managed health insurance, it’s a business that only benefits the insurance companies. There are so many loopholes, contingencies and undisclosed costs.
For the first time, I went to an uber-premium plan ($$$$) after many decades of bare minimum plans. A friend (who is risk-averse with an unknown medical history) had been recommending this as I’ve gotten older.
Hah — it literally saved me from financial ruin after an emergency 21 day ICU stay. They could name a wing after me for what my insurance company paid. I ended up paying my maximum amount ($5k) and the add on cost for a private room (which was priceless and worth any cost).
• Plus my monthly co-payments of $85/pay period $2,040 year
• minimum deductibles $5k,
• plus some other random minimum prescription cost)
If you’re risk-neutral or have the reserves to pay for major out of pocket expenses, then you’re the candidate for the lower premium offerings.
If you’re risk-averse—or don’t have the financial reserves to pay for major expenses— then the higher premium package is the way to go as it spreads your costs over the plan cycle.
Depending on your state, you can get coupons from CGM or pharma companies that further reduce your costs.