Originally Posted by
Timequake
I think you and everyone else misunderstood my point. If you look at the monthly insurance premiums you pay, then deduct the amount actually paid out to you by insurers when you make a claim, you will realize you are paying in way more than you are getting out of it. That's why insurance companies exist. They make money off of consumers' fear and bad math skills. And they make a lot of it!
Originally Posted by
indyfabz
LMAO! My open heart surgery hospital stay and attendant costs like surgeon fees was WAY more than the premiums paid and my out of pocket cost, the latter of which was was $10 for the phone in the room.
I don't even have to have quote open heart surgery. My costs are under $100 a month for health insurance, and while I don't pretend to know what it costs my employer, a single 3 month supply of one of my two insulins runs north of $3000. If I am in a car crash in which my insurer has to pay out, my limits are far in excess of what I will ever pay into it. As indyfabz mentioned, have one catastrophic health incident, and see where your cost-benefit ratio ends up, or ask all the folks in Texas and Florida how saving money by not having flood insurance is going to end up working out for them.
You do the math. Insurance is to keep you from financial ruin when something bad happens. It is folks like you who are likely screaming the loudest for help the second your cost savings blows up in your face.