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Financial Planning / Tax Strategies
|Subject: Re: What I hate the most||Date: 3/20/2012 11:24 AM|
|Author: JeanDavid||Number: 115569 of 121795|
Without telling us, he cancelled his long term health care insurance, after having already paid close to $80,000 in premiums.
What we call health care is increasing at a greater rate than our incomes. It gets to the point where articles like this appear:
I have not checked the facts in the article; I am not even sure how to check all of them. But if they are to be believed, it is easy to understand why people would not be seeking more insurance. I cancelled my life insurance over 10 years ago since I really had no need for it. It did save money. I have no dependents, so why have it?
I was going to get a supplemental policy to fill in the gaps of my Medicare. But the (AARP) application form asked one question that made me unable to get it. "Have you been admitted to a hospital in the last 12 months?" But actually reading the policy and the costs, it is just about break-even. The premiums are about equal to the benefits. So it would save me the nuisance of making co-pays, etc. But it would not actually save me any money. And finding doctors who accept payment at Medicare rates is continually getting more difficult.
I do not have a long term care policy at all. Apparently people tend to need less than 2 years of it anyway, since they die then. Of course, that is on a statistical basis. But would I be better off to self-insure and save the premiums? Ponderable question. It seems to me that if I do not die soon enough, medical costs will be so high that having insurance will not help all that much. Something will have to be done, and it is not the government policy of subsidizing the medical insurance companies that will be doing it.
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