UnThreaded | Threaded | Whole Thread (11) | Ignore Thread Prev | Next
Author: intercst Big funky green star, 20000 posts Top Favorite Fools Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 749119  
Subject: Re: Do the rich carry health insurance Date: 2/20/2000 5:50 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 2
Anes wrote,

<<<<I was wondering if the very rich carry health insurance or if they are "self-insurred."

Whats your idea of rich? I can't tell you how many times I have been stiffed or they have argued about my fee. I am talking about the mega rich.>>>>>


What kind of fee were you charging? Was it "reasonable and customary?" Was it anything close to the discounted fees many doctors offer HMOs and other managed care firms?

My opinion is that most people should carry a high deductable policy ($2500) and pay for most things out of pocket. If you can look into a Medical Savings Account.

I actually looked into an MSA account and decided against it. (There's a reason these things aren't selling as well as the Republicans had hoped.) With an MSA, you end up paying "retail" for your medical needs rather than the discounted "wholesale" costs that a HMO pays. Unless you are willing to negotiate with your doctor to obtain a discounted fee, an MSA may actually cost you more. (Who knows, maybe the reason Anes mega rich patients were arguing about the fee was BECAUSE they were in an MSA. <grin>)

For instance, I had some non-cosmetic plastic surgery done on my eye two years ago. It was about a 30 minute procedure done under local anesthetic. The plastic surgeon billed $2,650 for his time. The insurance company paid him $635 under their PPO (preferred provider plan) contract. Under the terms of the insurance company contract, the doctor can't come after me for any of the $2,015 difference. If I was in an MSA, I would have ended up paying the $2,650 myself, unless I was as skillful as the insurance company negotiators in securing a big discount.

intercst



Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (11) | Ignore Thread Prev | Next

Announcements

Pencils of Promise - Back to School Drive
"Pencils of Promise works with communities across the globe to build schools and create programs that provide education opportunities for children."
Post of the Day:
Macro Economics

Ringing the NASDAQ Bell
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement