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Why do people pay so much for health insurance?

I hear a lot of people say that they pay anywhere from $400-$1500 a month for health insurance. How come people don't just save that money for when they might actually need it? Because even when you pay that much each month there's still deductables and what have you, so it ends up being quite expensive. So I'm just wondering why not just save just one year that would be quite a bit of money! And if it's because one could get a life threatening illness or something...wouldn't a lot of insurance companies just drop you?

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Asked by Anonymous at 5:29 PM on Aug. 17, 2009 in Health

Answers (4)
  • Insurance is so expensive because people do NOT go for checkups and well visits. They wait until they are deathly sick and it costs more money when a lot of illnesses can be prevented by just going for yearly physicals.

    Here's a question...why do people pay for car insurance when they may never get into an accident?

    Answer by tyfry7496 at 5:48 PM on Aug. 17, 2009

  • Insurance is expensive because only 60% goes to medical care. The rest goes to advertising, bonuses and stockholders.

    Now consider one of the Federal government run medical programs, the VA. Over 80% of the money spent goes to medical care.

    Which is more efficient?

    Answer by rkoloms at 5:53 PM on Aug. 17, 2009

  • OP here- I pay car insurance because it's required by law. My question is not why is health insurance expensive, but why pay it when you can save it instead and use it when you need it?

    Answer by Anonymous at 6:10 PM on Aug. 17, 2009

  • O.K. using your theory, you save the $4800 which would be $400 for 12 months. This assumes you use none of it for that first year, no check ups, no medicine, nothing. How much health care do you really think that would buy? My husband takes one prescription that is $300 just for 30 days. That doesn't include dr. visits or anything else. And that is for a chronic condition, not an accident or life threatening emergency. You buy insurance so that you are protected from those huge bills. You could not save enough to be prepared for them period.

    Answer by teamquinn at 9:11 PM on Aug. 17, 2009

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