On 25 Apr 2012
Should I cancel my health insurance?,
I gambled on not having insurance after losing my job last October (had 100% employer paid BCBS- Cadillac model ;o) )
My reasoning was - I mostly stay home so I'm reducing the risks of anything happening to me, and I have a good bit of savings to fall back on if something should happen 10-15,000.
Feb 06, slipped off a ladder and broke my leg/ankle... doc says pretty bad fracture, unusual fracture, etc, but I wasn't in critical condition from blood loss or at risk of embolism etc. 2 days in the hospital and 1 surgery for 2 screws to be inserted = $30,000!!!!
Needless to say, I nearly fell over when I received those bills. It NEVER crossed my mind the stay would cost that much!
Now I have a Hg Deductible policy that I pay $90/month, $10,000 deductible, 80/20 pay, $5,000 max out of pocket (total of $15,000 out of pocket).
THEN, I took out a separate Accident/Critical Care policy for $37 per month which will pay me $15,000 for accident or serious illness like heart attack / stroke / cancer etc. This will take care of my out of pocket expenses.
Is it ideal? No
I now put off going to the doctor where I would have gone before due to no cvg unless extreme emergencies.
Bankruptcy laws are more stringent. Don't plan on keeping your house if it's paid for. As the crunch tightens, more and more creditors will consider taking your home for unsecured bills like medical bills. It's unlikely (at this point) but the possibility DOES exist.
A simple accident like mine cost a bundle, now just imagine what it would have cost if I'd broken my pelvis, back, and both arms in that fall (and it was entirely possible IF I had gotten tangled in the ladder from which I fell *shudder*)
I know it sux to pay high insurance premiums, but doing it any other way is playing russian roulette and betting your home, and your future, on every turn.