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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 it...in 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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Anonymous

Asked by Anonymous at 5:30 PM on Aug. 17, 2009 in Money & Work

Answers (48)
  • We pay over 12,000 K a year. If we didn't and paid out of pocket for the ped, ob, derm, internal med doc and any labs, tests, or ER visits or unexpected health issue like cancer, we'd be bankrupt and not able to have healthcare.
    jeanclaudia

    Answer by jeanclaudia at 5:40 PM on Aug. 17, 2009

  • I would much rather pay what I do and HAVE health care as it is, if you don't pay when you go-you don't get to come back.
    jenree33

    Answer by jenree33 at 5:41 PM on Aug. 17, 2009

  • And that is why we need universal health care.

    We are one medical issue away from homelessness.
    rkoloms

    Answer by rkoloms at 5:51 PM on Aug. 17, 2009

  • Ever not had insurance and taken a kid to the ER with a broken bone? When my son broke his leg in high school he went to a civilian hospital. We had to deal with all the bills getting to the right place for payment. For one Er visit that included 3 xrays, a posterior splint, and an ortho surgeon consult to see if it needed surgery(it didn't) That bill was just a few dollars shy of $1900.00 Thats one emergency and it didn't cover going to otho the next day, cast, then rexray or fluroscope every 2 weeks and a new cast until healed.
    GrnEyedGrandma

    Answer by GrnEyedGrandma at 6:07 PM on Aug. 17, 2009

  • Because you MUST take the insurance if your employer offers it. If you sign off on the insurance than you must show proof that you have other insurance (in more states). Plus, you would have to be brain dead not to take insurance (when you can afford it and eat also), take it from someone who has lived without insurance - you HAVE TO HAVE insurance.
    To give you an example, a very healthy friend of mine had her intestine open into her stomach - her first week in the hospital cost over one million dollars. If she did not have insurance than the cost for everyone else goes up and up and up.
    Works4Mom.com

    Answer by Works4Mom.com at 6:15 PM on Aug. 17, 2009

  • OP here- I guess I understand if you have a lot of kids or a few accident prone ones lol, but if you take care of yourself and have a smaller family then would you really use it THAT much to make it worth the money? In reference to the 1st person: does lab work, tests, or ER visits really equal out to be about $12,000? And I always hear of people getting dropped after learning that they have cancer or some other life threatening disease, so what's the point in having insurance then? To GrnEyedGrandma I agree $1900 is a lot of money, but if someone had lets say about $10,000 in the bank just for this purpose then it would cover it no problem. And don't most doctors/hospitals give discounts when paying cash?
    Anonymous

    Answer by Anonymous at 6:21 PM on Aug. 17, 2009

  • Gee when I think about it, when my daughter was born she had a heart condition. We were lucky it corrected itself within minutes of birth, but just to have the crash team standing there during my c-section to grab her when she came out cost $10,000.00 - They never touched her. When she came out she started screaming like normal. The left side of her heart started to enlarge by itself with each breath (until she was born I didn't know that breathing had so much to do with the heart other than oxygen.) Again, the surgical crash time never touched her, the nicu nurses did everything, but both of us were in the hospital for a week and it was $10,000.00 just to have those 6 people standing there! We had 7 doctors EACH by the end of the 7 days. My husband reminds me that our home, 3 times over, didn't cost as much as having our first child.
    Works4Mom.com

    Answer by Works4Mom.com at 6:24 PM on Aug. 17, 2009

  • OP here- Works4mom.com: I actually do have insurance through my husbands work, but he won't always have that job...he plans on working for himself. 1 million is outragous and no one would be able to afford that, but wouldn't most have problems getting their insurance companies to pay?
    Anonymous

    Answer by Anonymous at 6:25 PM on Aug. 17, 2009

  • Tha average insured American Household pays $7000 a year in premiums alone! I will NEVER do this! I have an awesome Dental & Medical Discount Program through Ameriplan and an HSA. I spend $200 a month. $40 of that goes for my discount plan and $160 goes in to my HSA. I have a few thosand in there now. And never pay full price for any healthcare because of my plan. Usually we only pay about 40%ish of what it should cost... If we are ever in the Hospital, there is an advocacy program to help out on the costs...

    I'm with you, I don't understand why people pay so much! That $200 a month is more than enough for us and there are 5 of us!
    SabrinaMBowen

    Answer by SabrinaMBowen at 6:27 PM on Aug. 17, 2009

  • OP- You joke about it, but here is one for ya.......
    when I was single, and didn't have a child. I ate well exercised, (personal trainer).
    I got kidney stones, and a kidney infection and my SO had to take me to the hospital that night.
    I didn't have insurance, my hospital bill, was 7,000 alone. Another 800 for radiology, 500 to the Dr. themselves, (all separate bills). Then lost my job.
    I was taken to court on all the bills.
    Now my credit sucks, and I am STILL PAYING ON THEM. A year later.
    If I would have had insurance......Yeah I would have had a 100.00 copay.

    You do the math.
    Anonymous

    Answer by Anonymous at 6:31 PM on Aug. 17, 2009

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