Isn't buying medical insurance not +EV?

X-Files · Jun 22, 2008

Don't the medical insurance companies know that the costs they will
incur for medical services will be significantly less than the amounts
they are charging? Therefore a profitable business for them, but
negative EV for the purchaser {i.e. their customers}?

Likewise for life insurance companies.

Convince me i should purchase medical insurance.

whalewager · Jun 22, 2008

have a heart attack and then ask

X-Files · Jun 22, 2008

georgejefferson said:
have a heart attack and then ask

In that case i would hopefully die, so that the money grubbing
insurance companies don't get my hard earned gambling $ ;

whalewager · Jun 22, 2008

great way to think

X-Files · Jun 22, 2008

So what are the odds on a heart attack {non fatal}?

Let's say a healthy 50 y.o. getting one in the next 20 years, assuming he lives that long.

Is it more profitable to payout med insurance payments every month for 20 years, or invest that money and save it?

X-Files · Jun 22, 2008

georgejefferson said:
great way to think

Do you gamble on sports?

whalewager · Jun 22, 2008

you gotta be kidding me x files

one major medical emergency could ruin the average person without it

whalewager · Jun 22, 2008

X-Files said:
Do you gamble on sports?

no

whalewager · Jun 22, 2008

do you smoke?

X-Files · Jun 22, 2008

georgejefferson said:
you gotta be kidding me x files

one major medical emergency could ruin the average person without it

What are the odds of that happening?

As could one man with a gun, an earthquake or tornado. Do you have
insurance for things like this? Life insurance? House insurance?

How much do you spend monthly on medical insurance? In your lifetime?

X-Files · Jun 22, 2008

georgejefferson said:
do you smoke?

Not presently.

whalewager · Jun 22, 2008

lets just say this

I have had back surgery with all the therapy and other things associated with it...

I have 4 childrens

and I was shot and stabbed by mexicans in a gang fight

i would be broke without it

whalewager · Jun 22, 2008

if you are single and make plenty of money...

you might not need it...depends on the amount you make

whalewager · Jun 22, 2008

the thing i would tell people is get it as early as you can in life and keep it

X-Files · Jun 22, 2008

You were lucky you had insurance, but your case is unusual.

For every one like yours, how many dozens of others are being bled
of tens of thousands of dollars and getting nothing in return?

Medical insurance
House insurance
Car insurance
Life insurance
----------------
$$$$$$$$$$$$$$$

Like the 50 storey casinos in Vegas, the insurance companies' high
rises are built off your hard earned dough.

PBR · Jun 22, 2008

X-files maybe what would be good for you is a Medical Savings account.It has a very high deductible on the insurance, so you're basically self-insuring on the day to day things and the premium is thus much lower. But if something catostrophic happens the insurance will kick in and you won't be wiped out.

You can choose to put money in each month over and above your premium that goes into an interest bearing account you can use to pay for medical expenses and do it with pre-tax dollars.

Fishhead · Jun 22, 2008

PBR said:
X-files maybe what would be good for you is a Medical Savings account.It has a very high deductible on the insurance, so you're basically self-insuring on the day to day things and the premium is thus much lower. But if something catostrophic happens the insurance will kick in and you won't be wiped out.

You can choose to put money in each month over and above your premium that goes into an interest bearing account you can use to pay for medical expenses and do it with pre-tax dollars.

Surprising how so few people know about this...........

X-Files · Jun 22, 2008

PBR said:
X-files maybe what would be good for you is a Medical Savings account.It has a very high deductible on the insurance, so you're basically self-insuring on the day to day things and the premium is thus much lower. But if something catostrophic happens the insurance will kick in and you won't be wiped out.

You can choose to put money in each month over and above your premium that goes into an interest bearing account you can use to pay for medical expenses and do it with pre-tax dollars.

Interesting. I never heard of this & can't say i fully understand it.

Would it be +EV or -EV?

Is it available in Canada for Canadian citizens regarding those who
leave the cuntry for the winter?

BTW, aside from travelling abroad, Canadians do not generally need
to even think about medical insurance, since it is free to the poor
and a token amount for everyone else.

PBR · Jun 22, 2008

X-Files said:
Interesting. I never heard of this & can't say i fully understand it.

Would it be +EV or -EV?

Is it available in Canada for Canadian citizens regarding those who
leave the cuntry for the winter?

BTW, aside from travelling abroad, Canadians do not generally need
to even think about medical insurance, since it is free to the poor
and a token amount for everyone else.

You can't look at insurance like this. It's always going to be on a case-by-case basis and is impossible to predict. You would need a crystal ball.

BadCo · Jun 22, 2008

What really makes it -ev is the deductible and the damn co-pay.

But between me and my wife our insurance company's must really hate us as we are very needy.

She has a thighroid thing and I'm going through extensive Dental work and not to mention the kids, so I figure my rate of pay pertaining to my job is at least .5 times of what I'm bringing home.

FYI dual insurance I don't have to pay the $1500 deductible or the $20 co pay.

My brother has to buy out of pocket for his whole family of six,actually 5 as his firm only covers him.

Though he can afford it he still bitches.

Isn't buying medical insurance not +EV?

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