i recently stopped paying for health insurance, for me, it was $1800 a year. $5k deductible, and I got the healthy living discount.
In one of my first jobs out of college I worked for a medical billing company, here is what we learned, while writing the software.
I am not sure on the math, but I think you are more likely to come out ahead when you buy blackjack insurance, than you are in the US when you buy health insurance. HSA's are great and on average most Americans would come out ahead over their life expectancy. And I am almost positive, that if more than 50% of the US paid for healthcare without going through an insurance company, health care would become much more affordable.
The health insurance industry is broken in this country, more than 50% of claims do not get paid, so doctors jack up the rates 50% to cover the failed claims process. Not to mention the frivolous law suits, and hospitals adding crazy crap to the bill of better insurance companies to pay for care. The whole system is more corrupt than the Mob.
HSA's offer the advantage to save and invest that money tax free, so that you can put the buying power back in your hands. Since its your money and you want to save it for old age, you will have the option to opt out of care that is extra. If you feel fine, you go home. Hospitals will need to get better at explaining your risks, and the decision are put in your hands.
Did you know that if you talk to a doc, most will give you a discount on the procedure if you pay for it out of pocket and up front? We saw bills go through that were at 25% of a docs normal billing rate when people paid out of pocket and up front. An example, might be if you had a broken arm, instead of your insurance company paying $1200 for casting, and x-rays, you could walk in and pay $300-600 if you payed up front. The down side to this, for people who do this and have insurance, come in that it does not go against their deductible, so a future incident that year would need to be covered again out of pocket.
In a previous company I started, I set up a $5k HSA for each of my employees, and then they only had a $5k deductible. It was up to them to control costs, and health insurance with a $5k is pretty cheap, if you know how to shop for it.
In one of my first jobs out of college I worked for a medical billing company, here is what we learned, while writing the software.
I am not sure on the math, but I think you are more likely to come out ahead when you buy blackjack insurance, than you are in the US when you buy health insurance. HSA's are great and on average most Americans would come out ahead over their life expectancy. And I am almost positive, that if more than 50% of the US paid for healthcare without going through an insurance company, health care would become much more affordable.
The health insurance industry is broken in this country, more than 50% of claims do not get paid, so doctors jack up the rates 50% to cover the failed claims process. Not to mention the frivolous law suits, and hospitals adding crazy crap to the bill of better insurance companies to pay for care. The whole system is more corrupt than the Mob.
HSA's offer the advantage to save and invest that money tax free, so that you can put the buying power back in your hands. Since its your money and you want to save it for old age, you will have the option to opt out of care that is extra. If you feel fine, you go home. Hospitals will need to get better at explaining your risks, and the decision are put in your hands.
Did you know that if you talk to a doc, most will give you a discount on the procedure if you pay for it out of pocket and up front? We saw bills go through that were at 25% of a docs normal billing rate when people paid out of pocket and up front. An example, might be if you had a broken arm, instead of your insurance company paying $1200 for casting, and x-rays, you could walk in and pay $300-600 if you payed up front. The down side to this, for people who do this and have insurance, come in that it does not go against their deductible, so a future incident that year would need to be covered again out of pocket.
In a previous company I started, I set up a $5k HSA for each of my employees, and then they only had a $5k deductible. It was up to them to control costs, and health insurance with a $5k is pretty cheap, if you know how to shop for it.