I'm looking for your thoughts on private insurance

Hey all,

I’m looking for private insurance now that I’m not at my job anymore. Its been interesting looking at what is out there for coverages, premiums, what’s covered and what is not. It really seems outrageous and almost doesn’t make sense to pay for insurance. Outrageous I know as I have three dependents and one broken arm and I’m sure I would be remiss on not having insurance. Any thoughts, comments, suggestions are welcomed.

Nate-WI

Nate,

I know I am going to kick myself for admiting this… I got a group of investors that all needed insurance. We formed an LLC bought a house and sold it. That bonded the LLC then we got a group package I have Blue Cross with 5 dependants for less then $300 a month.

QUESTION: Have you thought about putting the kids in a bubble? It cures a ton of problems Drugs Booze, Early Grandparenting. Not to mention no broken arms…

avoid NASE at all costs.

NASE??? ???

NASE = National Association for the Self-Employed

Keith

What is up with NASE? Are they expensive, do the hassle you, what is the problem with them?

Nate,

I am coming to the conclusion that you figure out how bad a catastrophy you need to have covered and cover from there on up. Broken arms, cuts and scrapes, and most everything but major catastrophies you are better off not having or paying for insurance. If you manage your money well, it isn’t hard to have a buffer that can cover the little stuff. It is the things like cancer and heart faliure that you need to have covered so you don’t run out of rope too soon.

my 2 cents,

DB

Plus I’ve just learned to hate insurance companies.

Is that what you do DB? We as a family don’t go to the doctor much at all. I was comparing premiums and even at a low premium its about 2K a year. I looked at my wife and I said, “Do you think we would really spend 2K a year on health?” The kids go there for normal stuff i.e. ear aches, viruses, etc. I never go and if I have to go I don’t. I guess you could say I’ve learned to hate doctors :wink: much like you hating insurance companies. More thoughts are welcomed.

Nate-WI

Insurance seems like a complete waste of money until you need it.
I thank my lucky stars that I had it. After years and years of paying premiums I had to use it and it payed off BIG time.

Nate, It is what I am about to do. I have four kids and have kept insurance until we were done with that, just in case. ( we had one preterm labor that racked up a big bill ). As soon as we are sure we are done with that, I am moving to a very high deductible, like $50,000 or something. That number is different for everyone. If you are living hand to mouth, you need tighter coverage. My business is such that I can absorb a large bill if I need to, in the same way that I would absorb a loss of any other kind. In the long run you don’t make insurance pay, thats why there are companies out there selling it. Insurance just smoothes out the bumps and eliminates risk. It is a risk/reward question like any thing else investors make decisions on. I am a farmer and I take insurance out on my crops also. This year was very dry and I collected some money, but never as much as you expect you should, and in the long run, they always get more than you do. You just have to decide how bad it can hurt before it takes the business down and then cover that plus a little.

Insurance is just paying someone else to take the risk for you.

DB

I have been searching on ehealthinsurance.com for terms, rates, coverage, etc. We are all finished with having kids so its the basic coverage stuff that I’m wondering about. I think you make a good point with the risk/reward factor. I, personally, don’t want to get insurance and my wife is not pressing to hard to get insurance. If she was then we would already have insurance. Decisions, decisions, decisions…

Nate-WI

The insurance industry is like the casino industry. The odds are in their favor. They don’t build those big beautiful buildings by handing out benefits to those in need. They make a science of figuring out how to get more from you than you get from them.

There’s no question that they are the winners in this game. I don’t know about you but I don’t gamble with my hard earned assets for a couple of thousand bucks. In this litigous society that we live in IMO your playing with fire by not being adequately covered.
I loaned my car to a visiting relative and she got into an accident where she was found at fault. The other party (3 occupants) claim devistating injuries.
I’m liable and am getting sued to the … well you know. :o
Thank God I have enough insurance. If they get what they are asking for it will of covered every premium I have ever payed 10 fold.
I didn’t even drive the car!!!
Insurance? Give me more!!

Liability insurance and health insurance are two totally different animals for two totally different risk coverages. If you have assets, you must consider liability insurance.

DB

I just checked out ehealthinsurance.com and looked at a 10K deductible and the premium’s still added up to over 2K a year with no office visits covered. I don’t mean to knit pick (I am I know) but is there anyone that has coverage and is actually happy with their company of choice, regardless if they have had to use the coverage or not?

Nate-WI

You are correct d_S they are totally different, you are very astute. They are different in that they cover different “risks” However they are very much alike in that they both protect you and your hard earned cash.
I was responding to bluemoons comment regarding the insurance industry as a whole and how they are a necessary evil. If one has assets one must not only consider liability insurance but health insurance. That is if you want to keep those assets.

I’m amazed at how many people do NOT carry health insurance even though they can afford it. Again…tolerance for risk and reward I guess.

Nate-WI

because of the nature of insurance, you are always better off with group health insurance. it is underwritten differently and the coverage and premiums are much better even without employer contribution, that is an added bonus. I would say get a job, even part time where benefits are included, many retail companies, i.e. Target , Barnes and Noble and Starbucks now have coverage for parttime employees. You usually have to work for a year to get it, but it is the best bet in the end.