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0 pointsrajat16y ago0 comments

Catastrophic insurance, with a high deductible, is what I carry. They are going to be grandfathered, but no new policies of this kind will be allowed under this law. An all encompassing health insurance, with the kind of deductible they have legislated, is not cheap.

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4 comments · 1 top-level

chancho16y ago· 3 in thread

Ah, I wasn't aware. (Shows what I know about this bill.)

While catastrophic insurance is a good deal for young unmarried people, part of me thinks it's not how health insurance is supposed to work. If you're not spreading the cost of caring for old/sick people among young/healthy people then what's the point?

The other part of me thinks it's just a handout to the insurance industry and people such as yourself shouldn't have to pay a dime for someone else's overpriced cholesterol drugs or 3D ultrasound.

wisty16y ago

Catastrophic insurance is exactly how insurance is meant to work. If you want to save for medical procedures in your old age, you can get a savers account.

The whole point of insurance is that a big financial hit (caused by your house burning down, cancer, whatever) causes a non-linear amount of suffering. A few dollars (paid by 99 lucky healthy people) isn't noticeable, but the one guy who can now afford his emergency operation is a thousand times happier. Total cost = 100$750. Total happiness = 99 (-meh) + 1 * (OMG I'll see my grandchildren!!!).

I don't like the whole "forced savings" thing. If you get to 80, and can't afford an operation that you probably don't need, and didn't save for it, and your family won't bail you out ... everyone is mortal.

I guess you could say that people don't have the discipline to save. Fine. Tax the young, and give cash to old people. But don't treat health insurance as a pension - why should young people subsidize old people who want expensive (but most likely useless) operations, but not subsidize old people who can live with the fact that they are mortal and would rather have few bucks to spend at the Bingo club?

foldr16y ago

What do you do if you get a serious condition in your 20s? Not particularly common, but I certainly wouldn't feel good if I wasn't covered for it.

Also, most people literally cannot afford to save up hundreds of thousands of dollars over their lifetime. Nonetheless, this is what they might end up having to pay in medical expenses.

I can't see any hint of a practical or sensible option in what you're saying.

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kelnos16y ago

> If you're not spreading the cost of caring for old/sick people among young/healthy people then what's the point?

Er, what? Insurances isn't about getting one group to pay for another. It's about paying a premium proportional to the calculated risk that the insurance provider will have to pay out on what it insures against. The fact that the premiums paid by lower-risk individuals ends up paying for the car that higher-risk individuals need is incidental.

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