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Self Insuring

Started by edftyui, December 31, 2019, 01:32:33 PM

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edftyui

Has anybody on this forum ever considered self-insuring?  I know it sounds uber-risky, but as I'm sure many of you have experienced, health insurance premiums have gone way up even with super-high deductibles and copays and the level of service provided by doctors who take insurance (at least in NYC) is pretty low.  Even the my annual physical (which is supposed to be free) ends up costing me $400 after paying for blood tests and other tests.  I have been self insuring my family for dental services for a number of years now, and I've come out way ahead (thankfully no major issues have occured). 

I guess I'm just wondering, "What do super-wealthy people who don't have/need a job do for insurance?"  I'm sure that they don't go on an exchange and buy an Obamacare plan.  Do they self-insure? 

Sam

Not worth it unless you're worth $50 million +.

But what's the downside of having disaster insurance? No brainer IMo.
Regards,

Sam

edftyui

Well, let me ask a slightly different question (and again this applies to my experience in New York City--things may be different elsewhere).  If you are not employed in New York and thus don't have access to a group health insurance plan, then the only option to get health insurance is via the Obamacare exchanges.  The plans offered on the Obamacare exchanges are terrible--barely any physicians and hospitals are included in their networks and they don't pay anything if you go out of network.  So, if you're a moderately wealthy guy who just sold his business, what do you do for health insurance for you and your family?   

Sam

Get disaster insurance.

But within perfect information about your financial situation, you simply have to do what's most comfortable for you.
Regards,

Sam