G. DeMoras: Getting by without insurance

Concerning insurance plans, some people put their money into a health care account at a bank or credit union. Thus, they do not lose the money invested if they lose their jobs, move elsewhere or to another employer. Or, if they are too poor to pay premiums, they lose all money invested from years before.

I lost several thousand dollars I had invested after paying into a health insurance policy for years. None of it was returned to me.

If one is stuck paying a high deductible plan, that person pays both for the premiums and out-of-pocket expenses before the insurance company starts paying the bill. I have been there, done that. I could not afford to pay both places. I had to pay, out of pocket, a $1,000 medical bill. It took me a year or so. Then the deductible began all over again the next year.

So, I gave up the insurance. I am better off without it. I pay the dentist a little at a time. I paid a local hospital for knee surgery the same way. The same for surgeons, pathology, X-rays, etc.

Why waste money on premiums if the insurance companies never cover medical problems until that deductible is paid?

So why pay a penalty if one is not insured? Are we being bullied into submission by those who want to get rich quick by imposing penalties if we do not buy their plans?

Gabrielle DeMoras, Lewiston

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Betty Davies's picture

You're at risk of medical bankruptcy

If you develop cancer or have a stroke or heart attack, or have a devastating accident, you will be stuck paying the entire medical cost of your medical treatments, at a time when you're unable to work. Your savings account will quickly be drained. You will borrow what you can, sell off all the possessions you can, and eventually lose your home and go bankrupt. To my mind, that's reason enough to pay for insurance.

Incidentally, you wrote "I lost several thousand dollars I had invested after paying into a health insurance policy for years. None of it was returned to me." Most people don't expect to get their money back from a health insurance company for not having an illness while covered. That would be like expecting your homeowner's insurance company to give your premiums back when you sell your house, in gratitude for it not having burned down.

 's picture

What is this 'investment' you're talking about?

Health insurance premiums are not an investment. The money is not returned to you later if you manage to stay healthy. Do you expect your automobile insurance premiums to be refunded if you don't have an accident? Don't hold your breath.

I have had high-deductible health insurance for several years because that's all I could afford, thanks to the policies of the government of the state of Maine. When I climb on Medicare soon, if it still exists, I won't get back any of the premiums, because they are bets that I lost. I bet that I would get sick, but I didn't - poor me.

FRANK EARLEY's picture

Hey Mike.......

Pretty good thing, you have such crappy luck. I'll tell you what, it ain't much fun winning those bets............

 's picture

Hey Frank ....

My luck will run out soon enough when the emperor completes his goal of defunding Medicare. When enough young people finally understand how much "free" ObamaCare will cost them, they will demand that the president "do something". He'll happily oblige.

FRANK EARLEY's picture

I'm just curious,,,,,,

What exactly would be the better alternative to ObamaCare. I really don't care one way or another, I pay for my Medicare, and my supplemental coverage, so it won't matter to me. I just wonder what does everyone, who hates Obama, have for an optional plan? I'm assuming it has to be better than Obama's ideas..........................

FRANK EARLEY's picture

Just how long???????????

Just how long would it take to reimburse a $150,000.00 medical bill a little at a time? Thats what I accumulated so far this year alone, I have another big one coming up. I wouldn't even want to guess what it will be by years end. I know this is not a typical medical experience, but having no insurance is playing with fire. Not only for yourself but everyone else. If something major were to happen to you, much the same as I experienced about eight years ago, and I was just 46, you could be bankrupt for life. or worse yet, without insurance you may not get that test which may save your life. As hard as this is to grasp, we are all getting older, Hell, when I first got sick, I had never spent a night in the hospital. I had never been inside an ambulance.
You can't go thru life gambling. The odds are never in your favor, and at anytime disaster could strike. Don't consider insurance the "bad guy", no matter what your political beliefs may be. As hard as it may be to conform, in the end, if you have a major medical catastrophe, and it could happen tomorrow, having insurance will keep you from those little payments, every month, for the rest of your life. Also, if you should contract an incurable illness as I did, you may be sick the rest of your life, and unable to work, you don't need huge medical bills hanging over you head then either.
As much as I hate being told what to do, especially by the Government. I would encourage people to have not only health insurance, but also private long and short term disability insurance. You most likely may never need the disability insurance, but if this was ever the case, I would much rather have it and not need it, than need it and not have it. TRUST ME...

MARK GRAVEL's picture

"Are we being bullied into

"Are we being bullied into submission by those who want to get rich quick by imposing penalties if we do not buy their plans?"

No, the lords of the court say it is a tax - yea right!


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