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Tue Jan 1, 2013, 08:08 PM

I swear I'm about ready to cancel all insurance

We have private medical insurance, private dental insurance, private life insurance, plus the car insurance. My medical insurance premiums alone are $775/month which I can barely afford. I'm already running behind on last month's bills and I check my bank account and this month they have charged me $927 for this month's medical insurance. I simply cannot afford this. I will definitely be calling them first thing tomorrow to find out why but this just isn't an expense I can afford. I'm thinking about cancelling all my insurance. I could be putting that $1000/month into a savings account and probably being doing better than I'm doing right now. I'm so sick of this.

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Response to liberal_at_heart (Original post)

Tue Jan 1, 2013, 08:15 PM

1. I gave up dental when I was paying more in preminums...

that a cleaning & filling cost. It hardly paid anything for a crown. I had a root canal done last yrs put it on my credit card...paid it off in a few months.

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Response to Historic NY (Reply #1)

Tue Jan 1, 2013, 08:21 PM

2. yeah we already decided the vision insurance wasn't worth the money but

now I'm wondering if any of it is worth the money. They get $775/month out of me $927 this month every single month and in return I still get to pay 20% copay. If I put that in a savings account I could probably save enough to pay for my bill outright instead of having the 20% I couldn't pay sent to a collections agency.

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Response to liberal_at_heart (Reply #2)

Tue Jan 1, 2013, 08:33 PM

3. The question is whether you have the discipline to actually put the money in a savings account.

Most people don't have that discipline. They have good intentions, fail to save the money, and end up in a world of hurt if and when something catastrophic happens with their health. It's hard to stay focused when other bills arise and you raid that health saving fund to cover immediate needs.

Of course, it's all about catastrophic illnesses, which never give people a five-year warning that they're going to happen. You could do great for a year, putting $1000 away every month, only to have something happen that wipes out the $12,000 you saved in short order.

But sometimes one needs to roll the dice in life. You may be at that point.

Here's hoping the Obamacare exchanges kick in quickly. Then, we'll all have better options.

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Response to liberal_at_heart (Reply #2)

Tue Jan 1, 2013, 08:56 PM

6. I changed my health insurance to a plan with an HSA (Health Savings Account)

So I still have health insurance but I pay for the first $5000 of med needs (my deductible, which I can pull out of the HSA) and then when I meet the high deductible, the 5K, my insurance kicks in and pays 100% of everything--meds, hospitalization, etc.

It works for me because I am relatively healthy, don't have ongoing medical needs right now. And the money in the HSA never has to be spent, and it is always mine (like an IRA).

Research that option. It cut my monthly health insurance payment down by $200.

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Response to Historic NY (Reply #1)

Wed Jan 2, 2013, 02:44 AM

14. in my poorer days

I would set aside a bit of money for "funds" - I remember I had dental and vet funds - money saved strictly for those purposes so when I did get hit (and who won't get hit with dental and vet bills if you have teeth and pets), it helped cushion the blow.

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Response to liberal_at_heart (Original post)

Tue Jan 1, 2013, 08:42 PM

4. I don't know how old you are, but I had my gall bladder removed a couple of years ago

and it cost $44,000 for just a 3 day hospital stay. Please research Obamacare before you do anything drastic. I know it's rough, but it could be worse if you have a medical emergency. Again, this depends on how old you are.

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Response to liberal_at_heart (Original post)

Tue Jan 1, 2013, 08:47 PM

5. The reason premiums are so high is that so many are afraid to cancel.

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Response to liberal_at_heart (Original post)

Tue Jan 1, 2013, 08:58 PM

7. The other thing to keep in mind is that if you have insurance,

the amount charged by doctors or hospitals for whatever you have done, is significantly less than what they charge an uninsured patient.

You might want to research how much it would cost to have a very large deductible, on the order of $10,000, just to get the benefit of the lower charges.

And if you do drop any of the insurance, you absolutely must be rigidly disciplined about putting the former premium money into a separate account that you have earmarked to be ONLY used to pay for medical stuff.

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Response to liberal_at_heart (Original post)

Tue Jan 1, 2013, 08:59 PM

8. If you are fairly healthy, consider a high deductible policy.

Possibly combined with a medical savings account. The premiums should be much lower, you will be protected against a catastrophic illness, and your contributions to the MSA are fully tax deductible.

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Response to liberal_at_heart (Original post)

Tue Jan 1, 2013, 09:23 PM

9. I pay 237. per month....

For major medical. This covers only catastrophic illness/injury. Unless you are on a lot of meds I can't imagine needing 900. a month for healthcare. If you have to pay for your own healthcare, it motivates you to take better care of yourself. You eat better, exercise, take vitamins, drink lots of water. You feel better, look better, live longer and save money...what a deal. Also, you're not tempted into taking unnecessary meds. Personally, I don't trust drug companies and hate meds and would only take them if it were a matter of life or death. Most of them have so many side effects that they defeat the purpose. If I have any kind of problem I google natural treatment and go to the health food store. I have never had a flu shot and never had the flu...ever! Only thing I ever take is advil or aspirin.

On edit: After Michael Moore did "Sicko" he was on Larry King. He was asked...what do we do about our healthcare system. His response was...only thing we can do is take care of ourselves. He's finally doing that by walking everyday and looks great.

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Response to RichGirl (Reply #9)

Wed Jan 2, 2013, 01:45 AM

10. so many people claim they have no time for exercise

yet they watch all kinds of crap on TV, spend all kinds of time online posting bs (don't get on my case; I exercise an hour daily). But good living still only takes you so far; you're gonna pay out the ass for health insurance when you're older no matter what shape you are in.

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Response to RichGirl (Reply #9)

Wed Jan 2, 2013, 02:10 AM

12. I would love if exercise would solve all my problems

My son has autism. I have the brca1 gene that puts me at risk for cancer. My husband has glaucoma, uvitis, migraines, acid reflux, and takes several prescriptions. My daughter just turned 18 so we don't yet know if she has the brca1 gene. She will need to get tested for the gene and if she is positive will need to have regular preventative screening or possibly even preventative surgery. That is why our premiums are so high and unfortunately exercise doesn't solve everything. I'm always uneasy about finances but right now I am more scared than I have been in a long time. I am wondering if I'm living in an illusion thinking I can be this responsible person and have all this insurance when in truth I can't really afford it. I'm just feeling very scared right now.

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Response to liberal_at_heart (Reply #12)

Wed Jan 2, 2013, 02:37 AM

13. I hear you l_a_h

exercise certainly has not prevented arthritis which is slowly swelling and curling my fingers

hey, did you see this article?

http://ctwatchdog.com/health/serious-questions-being-raised-on-myriads-breast-cancer-gene-testing

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Response to liberal_at_heart (Original post)

Wed Jan 2, 2013, 01:51 AM

11. You may want to rethink about the car insurance.

Remember it can be a big problem if you get pulled over.

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Response to liberal_at_heart (Original post)

Wed Jan 2, 2013, 05:43 AM

15. Yes, but remember if you get sick and really need care they'll cancel your policy.

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Response to liberal_at_heart (Original post)

Wed Jan 2, 2013, 10:11 AM

16. It disgusts me that a thread like this even exists in the 'best country on the planet.'

Lots of good advice & options posted. Good luck.

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