To Buy Or Not To Buy For Young Americans
- Thread starter Duaine
- Start date
Is stabilize and release not a concern for the young?
Another thought is I would probably save money on my car insurance if I didn't have any either. However I get in to an accident and hurt someone I'm going to be very happy I have it.
While I see more than the average how Obamacare has effected the young (I'm 28) I still am telling my friends to sign up. I did. Bottom line, with the way our current system works, you need health insurance.
Another thought is I would probably save money on my car insurance if I didn't have any either. However I get in to an accident and hurt someone I'm going to be very happy I have it.
While I see more than the average how Obamacare has effected the young (I'm 28) I still am telling my friends to sign up. I did. Bottom line, with the way our current system works, you need health insurance.
Everyone should have insurance. Insurance indemnifies a person against a loss from an unforeseen event.
We no longer have insurance for health, we have a payment plan.
Visiting the doctor, getting drugs, checkups, and tests are not losses, they're normal body maintenance expenses. These are all budgetable, foreseeable, recurring expenses.
$50,000 bills after you fall off a ladder or $100k for cancer? That's a loss, that's unforeseen, that's what insurance is for.
It's all this other stuff that's mandated in, that all has a cost, that makes this a bad decision for young people. People in the 18-34 age group spend something like 5 to 7 times more for insurance than they claim in benefits.
Car insurance doesn't compare. It doesn't cover maintenance. It doesn't cover "aftermarket parts" or "model changes" or "additives". It doesn't cover tests, scans, or second opinions. Cars are not "stabilized and released" regardless of one's ability to pay for the repair. It's certainly not community rated, guaranteed issue, with no underwriting. Health insurance also does not benefit a 3rd party.
Apples to oranges.
We no longer have insurance for health, we have a payment plan.
Visiting the doctor, getting drugs, checkups, and tests are not losses, they're normal body maintenance expenses. These are all budgetable, foreseeable, recurring expenses.
$50,000 bills after you fall off a ladder or $100k for cancer? That's a loss, that's unforeseen, that's what insurance is for.
It's all this other stuff that's mandated in, that all has a cost, that makes this a bad decision for young people. People in the 18-34 age group spend something like 5 to 7 times more for insurance than they claim in benefits.
Car insurance doesn't compare. It doesn't cover maintenance. It doesn't cover "aftermarket parts" or "model changes" or "additives". It doesn't cover tests, scans, or second opinions. Cars are not "stabilized and released" regardless of one's ability to pay for the repair. It's certainly not community rated, guaranteed issue, with no underwriting. Health insurance also does not benefit a 3rd party.
Apples to oranges.
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- 948
Great analogy . . . .I never thought about car insurance compared to health in that way. I may use that example in some of my conversations . . . .very good.
Thank you for the proper schooling
I'm glad you guys like my viewpoint, and I wasn't out to school anyone. It's something I hear a lot. As you know, auto insurance was "mandated" for quite some time, private market, defined minimum benefits, etc. It's no stretch to make the comparison.
I'm sure you'll have clients pose the same question to you, I hope this analogy makes you look good
I'm sure you'll have clients pose the same question to you, I hope this analogy makes you look good
I'm glad you guys like my viewpoint, and I wasn't out to school anyone. It's something I hear a lot. As you know, auto insurance was "mandated" for quite some time, private market, defined minimum benefits, etc. It's no stretch to make the comparison.
I'm sure you'll have clients pose the same question to you, I hope this analogy makes you look good
I used this same analogy the other day. I often use the structure of auto insurance as a starting point when explaining benefits. Most people confuse deductible with MOOP in HI. I clarify that MOOP is more in line with an auto deductible than the actual deductible itself... and balance billing is the equivalent to taking your car to a body shop that charges more than the insurance company is willing to pay. A lot of people have had at least one auto claim in their lifetime, it seems to help.
- 1,746
Good examples. We have mandated both the maintenance and the catastrophe in ACA. I have had Medicare HMO carriers give stats that in chronic, expensive illness, having maintenance care paid generously dramatically reduces hospitalizations/re-hospitalizations, keeping costs down overall. It's harder to sell young healthy ones on the "law of large numbers" pooled resources the way it's distributed among insureds right now.
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