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The math isn't working out for me, but maybe I am stupid (bring on the snarky Anons LOL)

Ummm, I would ALSO like to point out that none of you seem to have done the math....

If you pay $500 a month for ins thats $6000 a yr

Heck I will even throw in 2 $25 a month thats 600 a yr

Now you people are talking about ONE hosp visit costing $20 to $30,000 Dollars, how are they making huge profits off of you? What do you think they should charge? How does the company even stay afloat if thats how the math plays out? They would have to charge more to those who sre more of risk right?

Answer Question
 
Anonymous

Asked by Anonymous at 1:49 PM on Aug. 23, 2009 in Politics & Current Events

Answers (19)
  • That should say 2 $25 a month Co Pays.
    Anonymous

    Answer by Anonymous at 1:50 PM on Aug. 23, 2009

  • First of all volume. They insure hundreds of thousands of ppl and collect on each and everyone.

    Insurance is like Vegas. The house (Insur. Co) is betting that for every X $$$ they bring in, they will only pay out Y. Just like in Vegas, the house rarely loses. Have you ever received an itemized insurance statement or EOB? Ever wade through the charges and see what they nickle and dime (or rather 100 dollar) you on?

    I think there are many ppl who just pay what it says at the bottom rather than become a sleuth and try to break it all down. The Insur Co are banking that ppl just give up and pay out of frustration.

    Lastly, I think you answered your own question. The numbers do not add up, and the business will not be the one on the short end, the client will own that dubious position.
    Sisteract

    Answer by Sisteract at 1:58 PM on Aug. 23, 2009

  • Insurance companies make their money by NOT having to pay out. The incentive is to keep yourself as healthy as possible--by taking care of your body as much as can be foreseen!

    How many years have you paid into your auto insurance versus the number of claims you have had to make? This is why health insurance companies like mine (Cigna) actually give you CASH BACK with every annual well-check physical-$250 per person...that's a $1000 cash in my hand each year to do with as I please!

    Also why I have been an Allstate subscriber since I got my driver's license at age 16, 25 years ago--since i have never gotten a ticket nor made a claim, I qualify for their lowest full-coverage payment plan, and their "Avoid a Wreck, Get a Check" program!

    It's all about incentives and motivators. What would the government offer by the way of incentives to keep us healthy? Maybe a tax rebate?! LOL
    LoriKeet

    Answer by LoriKeet at 2:01 PM on Aug. 23, 2009

  • well said LoriKeet!
    Now can we end it here?
    Anonymous

    Answer by Anonymous at 2:08 PM on Aug. 23, 2009

  • What sister. Everyone is trying to say the ins company is screwing them because they can't pay out of pocket for $20,000 hospital stays. I am saying How are they screwing you if you don't even pay in that much?
    Anonymous

    Answer by Anonymous at 2:09 PM on Aug. 23, 2009

  • For the past 5 years we have paid in a total of $51,600 to insurance. In the past 5 years, we have gone to the dr a total of 20 times. 10 of those was for well-child exams. The others were for colds, flu, strep types of things. I paid $600 in total co-pays so a total of $52200 out of my pocket. Do you really think 20 regular visits to the Dr cost the insurance company upwards of $50k? Of course it didn't.

    That's how they make their money.

    Like SisterAct said, it's like Vegas. That's why they deny you if you have pre-existing conditions, they're odds of having to pay out go way up if you do.
    Anonymous

    Answer by Anonymous at 2:10 PM on Aug. 23, 2009

  • You're overlooking the fact that if you pay $500 a month for insurance, you aren't using it every single day. You don't go to the doc every day or every week. You don't have a major hospital stay every month or even every year. We never used insurance beyond Well Baby and the occasional ear infection for five years, so that's money straight from our wallets to their pockets. Insurance companies always take in way more money than they have to pay out, they love profit.

    I think an excellent motivator for either the government or insurance companies would be deep discounts or maybe even rebates at the end of the year for people who live healthy lifestyles and can prove it through grocery receipts, gym memberships & attendance records, doctor visits, etc. I know if our insurance company decided to rebate us for living healthy and staying well, that would be an incentive for my husband to get off the couch playing XBox
    yogapantz

    Answer by yogapantz at 2:19 PM on Aug. 23, 2009

  • You're also forgetting that the insurance companies make money by denying claims. This happened to me constantly when we had CIGNA. I'd take DD for her yearly checkup, which was supposed to be covered, and they refuse the claim. I'd have to fight with them to cover what they agreed to cover. Some people won't fight, and just figure that's the "end of the road" and just pay up.
    Jafra_mommy

    Answer by Jafra_mommy at 2:31 PM on Aug. 23, 2009

  • So, in the other ins question all anyone was talking about were these massive amounts they would pay for hosp stays if they didn't have ins. So I ask the Q about the math and now no one has hospital stays and could just pay out of pocket? I don't understand. Yes it is like Vegas, but for the ins co too right? You could be perfectly healthy for 10 yrs then pop up with a debilitating disease that causes them to have to pay out more than you ever paid in. They could take a hit too right?

    Anonymous

    Answer by Anonymous at 2:31 PM on Aug. 23, 2009

  • Me personally, I don't mind paying my insurance premiums one bit. In the 2 years (so far) of my youngest sons life, we have paid around $15,000 (toatal for the whole family) in premiums. My son's hospital bills alone have now reached $1.46 million. Out of that, we have only paid $2500 out of pocket. So for me is a great deal.
    ljmcmichael

    Answer by ljmcmichael at 2:31 PM on Aug. 23, 2009

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