I'm Young & Healthy, Can I Skip Health Insurance?
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- Опубліковано 28 вер 2024
- For many young people, health insurance is a big expense that may seem unecessary... but is it smart to go without it?
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Two Cents was created by Katie Graham, Andrew Matthews, Philip Olson CFP® and Julia Lorenz-Olson and is brought to you by PBS Digital Studios. We love dropping some knowledge on all things personal finance and helping you make better money decisions.
Two Cents is hosted by Philip Olson, CFP® and Julia Lorenz-Olson
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Written by: Julia Lorenz-Olson & Andrew Matthews
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Soooo is there any chance that we get to see that extreme parkour vid ?
or that knife juggling vid?
@@WorldWideWong Personally, I consider their health to be more important than that.
Maybe we can add it as a perk to our upcoming Patreon membership.... 🤣
@@TwoCentsPBS ok gonna hold ya to it then lol
So, how do we bring back Obamacare, or at least imitate it? Lobbying? No, the Republicans will reject everything now they’re in control of everything. Lying? Who would do that? Then how? Reply.
Im not sure on how and when your channel started but this definitely gives great advice for the younger crowd. Your videos should be a life management course in school or even as a morning announcement lol. great work you guys!
It is
The problem is, many young people work service industry jobs paying at or near minimum wage. When you can barely make rent there isn't much of a choice in not buying health insurance. I'm glad you two are able to put a positive spin on this topic, but it's honestly one of the most frustrating, stress inducing, and (in my opinion) amoral aspects of living in the United States. 250,000 GoFundMe's, and medical bills being the leading cause of personal bankruptcy are huge red flags that our system is extremely messed up.
Yep. I'm 58 working 3 jobs that are min wage. Just trying to survive like everyone else. Because of a back injury, I can not work FT. I have stress induced depression and have tried to end my life on several occasions. You can't BE seen anywhere unless you HAVE insurance. and I keep getting denied SSDI that I'm supposed to be ON. I'm 40% disabled and STILL have to work and I'm in pain all the time. I WILL file for SSI at 62...that's 4 years. I pray I don't get hurt in the meantime.
I HATE these fear based sales ads. Even when I had insurance, it didn't cover shite.
Yeah, I'm not interested in subsidizing care for the old and unhealthy.
I really do believe that middle class and lower Americans are one catastrophic injury/accident away from having serious financial problems.
Felix B I disagree. US government spends the most on health care amongst any nations in the world. The US spend 2-3 times more than the nation with second highest health care spend. People who are below lower income can apply for government subsidized insurance.
The problem with the healthcare is the cost of healthcare. .
lemontea000 isn’t that literally what op just said? That the cost is the problem? Yea they spend the most but it’s still the shittiest system among developed countries. It says a lot more that they spend sooo much yet people are still soo close to being bankrupt due to a major health issue.
Leilani Dru Being a first world country is far more than just the healthcare in itself. Pretty much every western countries describe themselves as first world country. Spain has an unemployment of 20% and of those 38% are young adult. America is sitting around 3.5%. Americans have huge spending power compared to any nations around the world. Etc.. I can go on.
While the American healthcare system isn’t perfect, I’d argue it isn’t the worst either. Which definitely isn’t a justification that America is not a first world country even if it’s an opinion.
lemontea000 I was being hyperbolic in saying “shittiest” it’s still extremely shitty compared to MOST developed countries. And ok, if “developed” isn’t a good enough words. I’ll use “comparable” countries. Which should’ve seemed obvious from context but ok. Let’s irrelevantly prop up Spains unemployment rate as a response to the disastrous dumpster fire that is the American healthcare system. Compared to “comparable” countries (Canada, the United Kingdom, auastralia, France, Sweden, Germany, Austria, Belgium, Netherlands, Norway, Japan etc) the Us healthcare system often comes in last in just about everything that matters. And the response to that shouldn’t be, “well look at Mexico, technically they’re a developed country and their annual GDP is nothing compared to ours; we’re so great.” “And have you seen our military budget, bugger than any country in the entire world” idk why u felt the need to get into cherrypicked statistics about certain nations to get into a global dick swinging contest because it wasn’t my point. Neither was my point that America isn’t a first world country because of its healthcare🙄🤦🏾♀️ I’m sure the US is an adorable little superpower but I was just trying to make a point about the healthcare system compared to “comparable” countries around the world.
@@leilanidru7506 do we have issues? something that you've said, I agree on. I was commenting on OP.
Whilst America doesn't have the best Healthcare system I wouldn't say they're the worst either. My point was to argue that just because a country has flawed system doesn't necessary jumps to a polorizing conclusion. Countries have different perspective on certain things. As an American I can definitely tell you that the Healthcare is not perfect BUT there's more work to be done. How do you compare to other "comparable" countries when Population is much bigger. Consistentency is more difficult to attain in broader sense. Private insurance has dug deep. People who are uninsured is around 10-12% including half of the % who would've dropped out of health insurance anyway.
Now does that justify as saying it's not a first world country? In my opinion, no. Cause if it was, it's a darn richest country in the world with one of the best liberal democracy government with large middle class families amongst any nations out there, but apparently its not a first world(?)
Laughs in canada
Aight
What do you mean by that ?
Laughs in America (Canada's slow and weaker service compared to the US)
Laughs in America (your paying for your healrhcare via taxes idiot)
@@wolfpackflt670 it’s still less expensive. Health insurance is incredibly high in the us. I personally know someone who died because he refused to go to the emergency room when he was not feeling well. (Too expensive)
That’s sad
Wow, going bankrupt and avoiding medical care due to the cost. Dystopian.
if that is in reference to "free" medical healthcare which A. isn't free anyway and B. costs you more through tax then there really isn't any difference.
SuperStandard Check the numbers, the US pay more per person than any other country and still is too expensive for regular people
Sofia E. The United States also has one of the lowest tax rates compared to the other industrialized nations with Universal healthcare. You’re still paying for health insurance through taxes
The BioAstronaut you can look at the numbers all you want, but in Developed European countries, lower and middle income families and individuals never have to worry about medical costs or skipping treatment and medication and thats worth more than money
Andrew Rocha Perhaps but that comes at the cost of a reduced paycheck. It essentially takes away individual decision making for at best mediocre healthcare.
Man this hit the nail on the head. I have a high deductible insurance and HSA and there is enough in my HSA to cover my max out of pocket. It definitely sucks paying insurance for car, home, etc but if anything happens just once it's well worth it!
Agreed!
It’s worth it if they do pay. We spend our time, money, and effort with these insurance companies and it takes a long time to get results from them when they should be doing their job that they are being paid for
You're better off suing the insurance companies first because they will only actually pay up after they've gone to court
Do you guys have a video about the different health plans and the pros and cons for each of them? I think that would be so helpful for those who just started their first job with healthcare benefits!
I think I have the mindset of most people my age: "Oh, I got in a serious accident that costs thousands of dollars in damages? Guess I'll just die."
You did not mention that you can negotiate a medical bill and also often get zero interest payment plans for large medical bills.
So glad I live in the UK, we take the NHS for granted but they do a fantastic job
Sadly, our politicians are so desperate for a trade deal with the US right now, I suspect they're about to sacrifice the NHS to get one. Then we'll be up the same creek as the Americans >.
The NHS is a disaster. Even with your insane taxes it is still underfunded and close to bankruptcy.
@@AdamSmith-gs2dv insane taxes? Income tax is Not that high and national insurance is barely anything compared to other European countries.
A wise man once told me. “It’s better to have it and not need it, than to need it and not have it” ~My Dad
The ultra rich that own the insurance companies, of course want you to believe that. But did you know, they actually did a study and people that don’t have health insurance actually pay LESS for an injury than people WITH it, do? 😮
The reason for this is because you still have to pay a large deductible, and oftentimes the health insurance only pays a fraction. Also, your chances of being in a serious accident are extremely small.
I'm 46 and can't afford to buy insurance, it's scary, I can barely afford the rents
keep in mind that you can write off your health insurance. plus you can use an HSA and fill it up before an IRA and it can act like a retirement account if you dont use it and it costs no money to withdraw for medical expenses. If you have employer matching on ur 401(k) then you should use that first if possible
@@avighnavohra6889 If you are not getting insurance from your employer you cannot take premiums off your taxes. My job does not provide health insurance and I can't take premiums off my taxes.
Watching this video makes me glad I’m from the UK.
God bless the NHS.
amen
This channel is soo incredibly informative. I took a financial literacy course in high school, but unfortunately it wasn’t comprehensive and didn’t include much on health insurance. I’d love to see more videos on health insurance. Thanks a lot!!
I still don’t like the health-insurance system that we have in the US but this is a very good analysis of how to deal with it. Very helpful, thanks!
You're welcome!
First of the year I’m canceling my health insure and couldn’t be more psyched about it!!
I love these videos and wish financial education was still part of the education system here in North America. Thank you for making these videos for free we all appreciate it 😁
Thanks so much! And we have a video coming soon all about the financial education crisis and what can be done about it! -- Philip
Suggested solution for those not from the States but living there, get yearly check ups and dental work done in your native country, much cheaper anywhere else.
This video is great, I work in the insurance business and I tell people the same thing. You can't afford not to have insurance. I've seen so many people cancel their policies because they don't use them and bam, something bad happens and they're screwed. It sucks that it's so expensive but there's nothing we can do about it. If you can't afford major medical at least get something like Aflac that can pay you for accidents, hospital stays and cancer. Hell ask your employer to look into them and offer them at work (doesn't cost the business anything) because the rates are almost half off when they are through an employer and not bought directly.
Braden Skidmore is there really nothing we as a country can do about healthcare? Really? idk man elections are coming up. And like gun control there’s always something we can do about it. People just choose to throw their hands up and act like all the bad stuff happening is par for the course or collateral damage. The entire American healthcare institution needs extreme and major reform. I’m not sure what it’s gonna look like myself but saying there’s nothing we can do about it isn’t true at all. Not because we have oh so much power as a people to change legislation and how this country is run, coz we all know, corruption, lobbyists and big corporations run politics atm but because it’s only this way because we made it this way. Horrible healthcare policies isn’t a fact of life that we can do nothing about. Like pills for example. Actually cost very cheap but sold at an eyewatering cost. Is there reeeeaaallly nothing we can do to fix this shitty system? Or do we just not want to do it?
You promote insurance bc you live off your customers premiums. Charging more than you should so you can go to Japan. All insurance is theft. Hospitals should create payment plans.
I mean, the insurance industry could stop working with doctors to artificially raise prices. That's a start.
I'm so curious now! Since you work in the industry...what is one thing you wish everyone knew about insurance?
@@TwoCentsPBS Pretty much what you covered in this video. People think of insurance like a service that they need to get something out of because they want to feel like the money they're spending is going to give them something in return. That's not the reason why we get it, it's a safety net for when you need help, but I understand why people feel the way they do. I completely agree that it is too expensive and some serious changes need to happen to make it more affordable. I don't have all the answers or pretend to know what is best to do about such a complex issue in our county. In my job I just try to help people understand what is the best option for them and their family with the system that we have.
I agree. I think most people should get High Deductible Health plans.
Insurance isn't for everyday expenses - it's for large but rare payments. You don't use your car insurance to replace your wheels, you use it for when you busted your motor. I don't see why we don't do the same with healthcare.
I don’t know much about the healthcare debate but routine fixes on your car don’t drain your wallet like literally anything healthcare related would, especially without insurance but completely out of pocket. Imo those are two different things.
@@leilanidru7506 It's a very good comparison!
We travel to Colombia for all of my health and dental work. The flights, travel and medical costs are far less than my deductible here in the U.S. and we get to stay with friends and family while we're there.
I'm not gone lie I'm 29 and the only time I've ever had health insurance or any of my job benefits is when the government forced us to get it. I don't get sick at all, I didn't get covid (yet) and I'm always in the house or at work. Not saying anything can't happen but if nothing has happened to me this far that would of been alot of money spent for nothing. I'm the same way with car insurance. I just don't get it. Never been in an accident. ( YES I KNOW IT CAN HAPPEN)
Except car insurance is worse because its a requirement and its to cover the OTHER drivers, not you. I've been seeing more hit and runs lately which tells me more people are without insurance which leaves you vulnerable and at a loss if something does happen and that's extremely discouraging. Oh and insurance usually goes up after an accident regardless of whos at fault. Big ol scams
@@QuesoDaddee man exactly like when I first got my car they told me I had to have insurance to even drive it off the lot. So I got insurance it was literally $3 less than the actual monthly bill for the car. I let that shit go the next month.
Wow, didn’t know about the healthcare insurance turned retirement fund. That’s definitely something to look into when I’m working again ☺️ Thank you so much for all this knowledge!!!
When I was in my early thirties I had appendicitis, my insurance ended shortly after and I was stuck paying the aftercare. Meanwhile I was looking for new insurance and I got complications of the surgery. To make a long story short, I ended up with a very large medical bill. (They gave me 28 years to pay!) The rare complication made me uninsurable, so I wasn’t able to get insurance until I heard about the ACA bridge program that was for uninsurable people until the ACA was implemented- so I racked up more medical debt. Shortly after that a family member living abroad got cancer and needed her payments up front before treatment, I couldn’t not help. Already financially strained, I started a go fund me for her and got $0, which is not uncommon! I always tell people to take my story as a warning, make sure you always have medical insurance. I too had insurance on and off when I was young, not anymore!
You get free insurance when you’re poor but once you start earning good money insurance is an burden.
There is a point where self pay is cheaper.
Also not to mention in the US things cost more on paper if you have insurance.
If you go to a hospital and say self pay the real price of whatever prescription and surgery is actually much lower when they bill you.
Does Maria live in CA? 😁 I do and am over 50 but under 65 (medicare) I pay about $1200/mo (or $14,400/yr) with a $6000 deductible. So before insurance kicks in I pay over $20,000. In the 10 years to medicare thats $144,000.
I flew to Poland to pay $200 for a $5000 treatment + ($600 economy round trip) and got better quality care.
If you would have had any complications your insurance in the states would have likely denied you. You would be bankrupt by saving a bit by using medical tourism.
@@shauna996Or you can medical tour again :) Sadly, even though you pay 20 times price in the US, the chance of having complications isn't any lower. The extra money goes into some rich guy's pockets, not into better quality care.
Medical share programs are also an option.
Alain Garcia ; what is a Medical Share Program ?
Agreed! We originally planned to mention them, but they didn't make it into the final script. They are non-profit health cooperative plans that generally have to have some religious mission or affiliation to qualify. Programs like Medishare is a common example, and they work like High Deductible plans, but cost less and don't have the absolute "guarantee of payment" like insurance does. -- Philip
We need a Single-Payer healthcare system like every other modernized country. It's ridiculous that even after paying premiums, and adding to her HSA, Maria would still have to shell out $4,000/year. most people still can't afford that.
The ONLY solution is Single-Payer
The taxes needed to fund single payer would probably be more than 4k a year. Considering how unhealthy the whole country is. So as a healthy individual.. single payer is a shit bargain
@@DonCherrysDream That's not how it works at all.
I work in community mental health and if everyone had a payor source, especially ONE payor source, it would be revolutionary.
@@DonCherrysDream That is not how Single Payer works.
I paid the penalty last year for not having it, it came out to about $50 a month for 12 months; helluva lot less than insurance at more than twice as much to actually have coverage, especially when you factor in that if you tell a clinic you have insurance, they no longer offer a pay scale and you pay the entire amount (which for me earning minimum wage is a fuck load compared to the normally offered payscales when they cut it by like 70%).
Health insurance literally makes 0 sense unless I get into a life threatening car accident or something, and even then on the cheapest plan they'd just let me die.
0:42 I agree with both of you, but why make what each of you does dependant on the other?
2:21 CD?
4:07 I don't know about English, but in Dutch, this is called "kicking in an open door."
Bert Visscher wondering about what a CD is too
CD stands for, certificate of deposit, you guys can look it up. 👍🏻
Leslie oh, thank you! But at 2.5%?! I remember inquiring about that with my bank and the rate was less than 2%, not much better than a savings acc
So happy I live in a normal country where healthcare is good, taken care by an universal healthcare system and relatively cheap compared to the absurd prices in the US. Same service, ten times cheaper. Good job, America, on failing the basics.
I know anecdotes are not scientific evidence, but I actively rejected Health insurance for a number of years and it was good for me. Before healthcare was mandatory during the Obama admin, you could still waive your health insurance, i did so for a few years. It helped me out as i was not making a enough to cover the costs of health care and i was young, healthy, and led a low risk life (i never took up knife juggling). Glad i did it. Nothing happened to me. Didn't get hospitalized or need to go to the doctor for anything, and i was able to postpone a costly expense that was only going to be a drain on my funds and stability. So.... yeah it was a bit of a gamble, i suppose, but the likelihood of a big event occurring was so low, it didn't justify the costs.
Imagine having to pay for health care
Pros and cons to wherever you live. I'm sure you know this :)
Nothing is free. Somebody pays for it.
You should do a video about student loan debt and how to repay it, or deal with lenders, or what happens when you go into default or other options, etc. No clear video I’ve seen on this yet.
great video.....please make a video on auto insurance and when to opt in or opt out of comprehensive/collision coverages
Go on Kelly blue book. If your car is worth less than the annual premium, cancel collision. Typical of cars older than 5 years. Though if you have financing you may be required to keep comprehensive.
Why I buy used cars with cash
Love the color coordination :D. I did a health insurance check-up because of this vid. I stuck with the same plan, but I understand why now better
Awesome! Glad nothing needed to be changed, but so much better safe than sorry!
I live in the UK but I still watch everything you make it's always such high quality.
Oh wow thank you!!!
Awesome! This is what I do; have an hdhp and save into an HSA. I have very few health problems and get a cold maybe once or twice a year. Great advice!
Awesome, so glad to hear it's working for you!
I already pay rent and phone. I’m barely making it. If I add even the cheapest health insurance in my area, it will literally take my monthly expenses to more than my income. (This doesn’t even include my groceries, home supplies, or transportation costs.)
i love you guys, you guys are a blessing.😘😘😘
Your videos are very useful and provide lots of information. I have received lots of help after watching this post, please continue to share this kind of information. Thank you.
What it really comes down to is the job. If you work outside I’d highly suggest to have a higher premium package health plan. For yourself or you and family.
If you work from a desk. Take care of your health on your own and you’ll be fine. You’re not exposed to any danger ever.
As someone in the Healthcare field, this video is accurate. but the bigger cost and subject of scrutiny are families and the 48-60 age groups
Just found your channel and got to say I love this channel! Very informative and entertaining at the same time.
Running the numbers between the low deductible and high deductible plans my employer offered, with maximum contribution to FSA or HSA assumed, the high deductible was less expensive for out of pocket costs IF coverage was needed and all deductibles and co-pays met. A gamble.. but I liked having and HSA that let me keep the contributed funds for later. Then... we ended up with two consecutive really expensive years. Score! (well, kind of...)
I am a healthy individual. My employer had 3 plans from high premium/low deductible to low premium/high deductible. I chose the high deductible plan and tuck away money in my HSA card! Its tax free and i never lose the money on it like an FSA would at the end of the year. Plus if i leave my employer i can take that hsa card with me! My deductible is $6k (i have a dependent) so i make sure i put about 3k in my hsa and about 3k liquid in my checking. Once you meet your deductible, your insurance should cover 100% of your medical costs. Phew.
AFLAC is one of the best investments I have made. It has helped me several times and doesn't cost much, plus the cost never changes. It's really easy to file a claim too. Another one is the Flexible Spending Account, which is used to pay for costs not covered by your health care (plus this money is not taxed).
I have the Colonial Life equivalent to AFLAC. I have four policies for $82 per month. I just switched jobs and am considering waiting until annual enrollment time to get health insurance if even then.
My wife was hospitalized years ago but didn't have insurance and now that debt is in collections, doesn't debt drop off after 7 years except student loans?
Tampatec no unless u go bankrupt dent doesn't go away- the 7 years thing is how long your credit score would be effected by the bankruptcy
Since its in collections, you may be able to reach out to the owner of the bedt and negotiate a payment to get rid of it... lets say 20 cents on the dollar! Therefore you payment on the debt is less! But in order for that to leave your credit score itll be 7 years or so i believe... they do have lawyers for this, and dave ramsey may also have other information for you.
Pro tip for u guys if u go to a primary care docter that doesn’t allow health insaurance u win pay the same prices they pay in Europe
I’m currently 23, but when I was 21 I ended up needing both an emergency appendectomy and cancer screening. I found out while in the hospital that my dad had been lying for two years that he was paying my for my health insurance and had taken me off of his plan. I ended up having to pay the whole thing out of pocket. I worked 70 hours a week over the summer and 50 hours a week during the school year but managed to lay off the $18,000 (after out of pocket discounts) within a year. It wasnt easy, but was possible. I do not recommend anyone go without health insurance. But I am grateful that it is not forced upon the US like it is in other countries.
I got health insurance through work, which meant I could eliminate pre-existing conditions (very important)
when I left that employer, I was able to hold my account for 25% extra in payments.
It was the best thing ever for my family and I to get, covers so many of our medical costs and more importantly covers the surgery we've unexpectedly gotten - saving us way more than if we had to pay directly.
I’m still not interested in insurance but I’m definitely interested in getting a health savings account as well as a flexible savings account. Couple that with a medical savings card, it should be a good safetu net for possible risks, especially since it will make it cheaper. I’ll never e beg online for health, health is far to important, it needs its own money dedicated to it. I’ll also stay away from credit cards. Thanks for making these videos guys. The fact that there are people as misguided as Maria makes them very important.
Nifty tax loophole worth noting If you have the financial means to take advantage. The big sell on the HSA of course being You can contribute pre-tax money, have it grow tax free, and later pull out tax free, But did you know that the government tax code does not specify when you have to take your distribution for Qualified medical expenses. So you can save all your receipts from medical expenditures indefinetly (pay out of pocket from checking and savings while giving the HSA account time to grow) and then someday far into the future pull out a lump sum equal to or not greater than your combined medical receipts from all those years.
As a canadian, the system is a complete disaster. The wait for a MRI is 2-3 months if you go in after hours (after midnight) or 5-8 months during normal hours. You also need to beg your family doctor to give you the referral otherwise no MRI! The health care system in the states has lots of issues and i am sure that insurance lobbyists and health networks that hide costs of procedures are at fault, also minimum coverage by states add drastically to the cost. Just because your Cadillac has a flat tire does not mean you need your friends “reliable” Yugo!
In Germany everybody has health insurance by the government. It works and nobody needs to think about it ;)
$4200/ a year? Are these normal prices in the US? In what way are you covered? Back here in the Netherlands we've got a mandatory basic insurance which costs around €95/month and covers you for medical expenses above €885/year, or €120/month which covers from €385/year onwards.
Tbh I've been seriously considering moving to Canada and becoming a citizen to make this concern moot. Anyone have 2 cents for me?
$375/mth for health insurance?? That's fantastic!
That's a lot
Insurance drives the prices up, same as almost any kind of credit. And it gets worse because of "free" insurance.
There should be an option of some local funded hospitals, not supporting insurance.
Cheaper prices without this social bloat.
Is every hospital in states obligated to work with insurance companies?
Another solution? Move to Canada! :-)
your health insurance woud be then payed in form of taxes
@@sevant80 correct, except going bankrupt due to a hospital stay or a diagnosis of a chronic/terminal condition is solved.
My parents and brother live in Canada and trust me, it’s not all that it’s cut out to be. It’s sad.
@@sevant80 so it would be done intelligently? Damn Americans.
@@MessoverOG nah dying of preventable diseases because Americans are too selfish to loo out for each other is sad.
The insurance system needs healthy contributors who pay into it but rarely use it in order to sustain itself. The reason premiums are so high is that there aren't enough such people in the system, mainly due to an increasingly older (possibly sicker) population.
Or universal healthcare... and stop playing this wasteful, predatory system that we have now...
Michael Burk then others are paying for your care.
It means higher taxes and is an insurance on its own.
But at least it’s lower.
@@saosaqii5807 in canada there is health insurance but taxes are about the same. Not having healthcare didn't save the US money, the government just spends that money on something else and taxes stay the same.
@@LanceVanceDance2012 the US can be dumb but Gov. will tax us more the only way for that not to happen is to cut something,
as for our S.S. tax (social security) its not really useful till we are old and i do think that can be used as health care how ever the people that already payed into it (senior citizens aka the generation before us) will be upset
due to for the most part losing a ton of money that could have helped them in the past but are only helping them now.
even if we cut some funding and move it to health picking what to cut becomes hard (and many US citizens dont want to cut much due to liberals and conservatives having two different ideas on what to cut)
and picking one comes with its own problems, if something goes wrong is it due to the lack of funding or was it a coincidence (most will say due to funding with out thinking or caring)
and how are we going to collect taxs in the Netherlands it shows up apart from income tax
will income tax lower if we do get health or will it stay the same.
or will it just count towards income tax.
also each state has different prices, in California taxs and the price of living is MUCH MUCH higher then
then it is in texas that means more money will go to California
will health prices be standardized who picks whats worth what?
and will they fit the state to pay the docters for what its worth?
where other country have basically one health care system but also the price of living is the same in the whole country each state in the US use's and saves money more or less effectively and will handle the taxes diffrently
so its not black and white over here, there is so many logistical problems just due to the fact that some states are bad or good with tax payer money.
(sorry for the essay is like 5 in the morning for me. ;_:)
@@LockCard there is no problem at all in terms of money and taxes don't have to be higher. The USA is an abundant country which can make up the money for a better healthcare. The healthcare right now is exploited for profit. It is morally disgusting and predatory. I don't mind paying my taxes for healthcare in a civilized society. The US manages to find money to spend more money then the rest of the world put together on its military though. Seems like a wealth transfer.
Conclusion I see is if you have no savings then you need insurance, if you keep savings in a money market account you should be covered.
My wife and I are in our 20s. Last year she got extremely sick out of nowhere and we had to go to the emergency room in our small town. The bill was 15k just for that visit, but they said they couldn’t help her with their facilities, so they had her flown to a nearby hospital. The flight cost 20k and the hospital charged another 5k.
But we have insurance. I ended up paying 500 dollars total for all of that. Insurance is a good idea.
Americans: mention health insurance
Me: laughs in European 🇪🇺
$8000 on credit cards to pay bills while recovering, how can you even count that in the comparison? What health insurance plan will cover any of those costs?
Would love to see a video that further explains HSAs, not sure how they can be used for retirement. I thought you could only use them for medical expenses? Do these accounts earn interest?
They're the most tax-advantaged account in the US. You can put pre-tax dollars into them (limit of $3500/year) if you get your health plan through your employer, and you can use those dollars for any health expense tax-free. You can also use those dollars ANY TIME YOU WANT as long as you keep the receipts. In other words, your HSA could be invested in index funds, growing tax-free for 30 years, and then as a much older you, you can take out all of your medical expenses without having to adjust for inflation. (This is a best-case scenario, obviously, if your medical expenses are light.) Anything left in your HSA works the same as a 401k once you're over the age of 59.5 years old.
I may have gotten some of this slightly wrong, but my point of reference is here:
www.madfientist.com/ultimate-retirement-account/
So happy to live in canada ouf!
Daphnée L I know, right?!??
I signed for my insurance services last May, only because my parents have been bothering me to do so. Had an accident on August 1st, had to skip this college semester and been disabled for my part time job since then. You all better hire health insurance.
My company offers insurance and I turn it down every year. I just have the money saved into a account I opened myself and whenever it gets over $2,000 I buy physical gold from Apmex to avoid inflation. But that’s me. Do what’s right for you.
Its crazy in america man. Here in Europe many countrys offers for free. For example in spain if u have a 2000euro / month salary ( netto, in hand) then u dont need to pay health inssurance a car its like 150 euro taxes per year and like 500-1000 euro car assurance. A morgage its like 600-800 euro per month. In netherlands i get salary over 2000euro per month ( netto) .but need to pay like 130 euro for a car per month ( just to own it, including taxes and assurance) then 130 euro per month for health assurance. Bottom line its that for a normal job in Europe seems u left with more money in the pokets after all the bills. Plus in europe u have already the pension included , so at 65 years old ( retirertment) u will have a decent pension. No thank you USA ,not a good country to live in.
I fucking love when you run the numbers
The car accident is a poor example imho because the risks of driving can be mitigated by purchasing more medical coverage (or not driving) from your car ins.
I live in Canada with free health care and have not seen a doctor in 12 years and the last trip has for stitches.
Why not talk about the actual problem here? Our healthcare system, capitalistic healthcare providers that just want to push some more oxy and how broken this system is. I don't have insurance through my job and pay $600/m for basic insurance. I have to get a referral to go to Urgent care!
I'm single and cannot imagine how difficult it is for families without insurance through their work.
It is funny as an european when Katie said "the only she will have to pay from her pocket is $4000", that will be outrageous here. Last year I had a bike accident and I only have to pay €0 from my pocket ;-)
How much of my unused money should I put into my home vs. my retirement? Or... Should I put all of my money into saving for a home first or retirement until before I want to buy/rent a home?
I have a question. Regarding my health insurance, if my doctor does not accept my insurance, can I pay it out of pocket, and then make a claim through my insurance company for reimbursement to myself?
As an European, I have never heard of insurance that only pays for large expenses. But that sounds really interesting. I only go to doctors like 3 times a year and could easily pocket these expenses directly and unbureaucratic while that one emergency surgery I one had probably cost 50k+ in total.
I never even saw that bill because it was all paid by the insurance.
yes you can skip health insurance. just move to Canada
Okay and out of that 63,000 in medical bills. How much of that would her health insurance actually pay? And if you have medical bills that are due. Hospitals and collection agencies will actually work with you on making payments for the bill.
havnt had to see a dr in 10yrs .... saved alot $$$
Insurance is expensive regardless of whether it is provided by your employer or not. In a sensible world with some form of single payer (read: virtually all developed countries except for 'Murica), your employer would be paying you more in lieu of the expense they incur providing you with healthcare. Some of this pay increase would be eaten up by the taxes necessary to fund the single payer system, however as the government will be able to negotiate better rates with health care providers (because they have huge leverage) it would still be a net gain.
Here are a few solutions; Join the military. Active duty service members pay no out of pocket medical expenses for themselves and dependent family members while they are on active duty. That means no premiums, no copays, no preventative care, mental health, chronic care, or any prescription drugs costs as look as they use the military's Medical Treatment Facilities. Active Duty military retirees and their families get low cost(although rising quickly thanks to Congress) health insurance that covers the all of the same things. The insurance called Tricare has a lot of complicated options but compared to most civilian insurance is more affordable but has a limited network. Reserve and National Guard service members are offered (in my opinion) very comparable coverage and costs to most employer sponsored health insurance programs.
Other affordable options may be overseas. The US health care system is the most expensive and it is debatable if they are the best. Our neighbors to the south might have an economical solution to some non emergency treatments and procedures. This practice of traveling for medical care is known as medical tourism.
Why do you use a CD 2.5% for this example, but normally use a 7% rate of return, from the stock market.
Where I live in canada we have a very generous provincial coverage plan but for some reason we still have health insurance for example every year our schools send us a letter saying we should buy health insurance from a company for $15-$32/year.
Vote for politicians who support universal healthcare! Seriously, it is outrageous how expensive healthcare is in America just because you have some politicians who are bought off by private insurance companies. This applies to both mainstream democrats and republicans!
I’d rather keep my money. I work from home, I put hundreds into retirement and my savings are in a CD. I opt out of health insurance, I only carry dental insurance.
I stay in Japan, and pay about 400 bucks a month. The worst part is that if I get sick I still have to pay 30% of the medical expenses
:(
The reason why people don't want to invest in health insurance is not because of the price but rather because the provider always makes excuses not to pay out when the time comes to make a claim. We pay and pay and pay and then they just screw us over when it's time for them to live up to their end of the bargain. That's why everyone considers insurance to be a scam. Those corporations would rather use our money to pay lawyers to defend them in court than pay our medical bills as promised.
I've enrolled in Medishare--technically *not* insurance, but still a lower cost than $400 a month!!
Whar is that and how do i get it?
Young, healthy, no health insurance, but my investment portfolio is nice :D
If you get unlucky enough you might lose that entire portfolio to one serious illness or accident
Don’t say it, it’s too early, knock on the wood
Someone who hasn't been sick for 5 years should really see the doc soon
Don’t insurance companies up the bill if they know you have insurance that will cover everything vs if you don’t have insurance?
you can go another country for health issues. its called health tourism
A commonly overlooked option though it isn't appropriate during emergencies.
thank you guys , that helped
I remember when a relative felt insurance was a waste of money and dropped it. Then he fell while snowboarding and ended up begging for money from his family. Not a bright move.
Or you can just have universal healthcare like every other developed nation in the world
bUT ThAT's soCIALisM
Yes!
Yeah and you just need to give up about 10% of your monthly salary. No biggy.
The risk in that is potentially stifling the medical innovation that comes from high profitability. The more money there is to be made, the more money there is to go into research and development of new drugs, new technology, etc. It's no coincidence that much of the medical innovation enjoyed by those countries with universal healthcare comes from the one country without universal healthcare. It's a conundrum.
@@bananesalee7086 Lol, you clearly have not read the comments of people from Europe in the thread. The do not give up that much, never pay a cent in healthcare and get health services of quality from the Doctor they like.