SecondCor521
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
I am seriously considering going mostly bare on insurance.
I would keep auto coverage because (a) it is required by law in my state, (b) a wreck in my car is the most likely way I'm going to incur liability. I would also keep homeowner's insurance when required by my mortgage lender. And I would keep life insurance as needed until my nest egg is bigger and my kids are older.
But I am considering skipping everything else, in particular umbrella, long-term care, dental, and...gulp...health insurance.
Advantages:
1. *On average*, I am statistically likely to come out ahead because I don't have to pay the overhead/profit of the insurance companies.
2. No need to stress out about what insurance will pay, whether my doctor is covered, waiting for reimbursement, what decision to make at open-enrollment, etc.
3. I could (in theory) be investing my premiums into long term investments and make money on the time difference between when I would have paid my premiums and when I would have to pay for medical care.
4. I would be more likely to take care of myself because I wouldn't have a safety net.
5. If things worked out, I could perhaps persuade my doctors and hospitals to accept a cash paid right now no hassle discount. I know some doctors are offering this anyway.
Disadvantages:
1. I may "lose the bet" and lose everything I own.
2. I may lose my life or shorten it if I avoid seeking preemptive medical care when necessary.
3. I wouldn't get the bargaining power of the group insurance companies.
OK, go ahead and talk me out of it / decry my extreme idiocy / congratulate me on my out-of-box thinking and brave frontiersmanship. I'm listening.
2Cor521
I would keep auto coverage because (a) it is required by law in my state, (b) a wreck in my car is the most likely way I'm going to incur liability. I would also keep homeowner's insurance when required by my mortgage lender. And I would keep life insurance as needed until my nest egg is bigger and my kids are older.
But I am considering skipping everything else, in particular umbrella, long-term care, dental, and...gulp...health insurance.
Advantages:
1. *On average*, I am statistically likely to come out ahead because I don't have to pay the overhead/profit of the insurance companies.
2. No need to stress out about what insurance will pay, whether my doctor is covered, waiting for reimbursement, what decision to make at open-enrollment, etc.
3. I could (in theory) be investing my premiums into long term investments and make money on the time difference between when I would have paid my premiums and when I would have to pay for medical care.
4. I would be more likely to take care of myself because I wouldn't have a safety net.
5. If things worked out, I could perhaps persuade my doctors and hospitals to accept a cash paid right now no hassle discount. I know some doctors are offering this anyway.
Disadvantages:
1. I may "lose the bet" and lose everything I own.
2. I may lose my life or shorten it if I avoid seeking preemptive medical care when necessary.
3. I wouldn't get the bargaining power of the group insurance companies.
OK, go ahead and talk me out of it / decry my extreme idiocy / congratulate me on my out-of-box thinking and brave frontiersmanship. I'm listening.
2Cor521