I have always considered health insurance a scam. Me and my wife raised two kids without it. We never had any problems getting access to care and the care was always affordable. We had hospital stays, surgeries, etc. Instead of paying premiums we paid extra on our mortgage and now the house is paid off.
When we get bills we negotiate directly with the provider and they are always reasonable.
I don’t buy into health insurance and now have a $400k asset
byu/McGyver10 inFrugal
Posted by McGyver10
8 Comments
I’ve heard of some people doing something like this, and glad it seems to have worked out for you! Another variation I’ve heard of is where people put in that amount (how much ever the insurance would have cost) into the s&p 500 or total US market / similar.
These strategies obviously come with some risk such as unexpected huge expenses, but as long as you’re otherwise in a good financial shape, you can hopefully take care of such situations anyway.
Great, you’ve saved up enough for like 4 days in hospital. Woohoo.
That’s great as long as you don’t get some devastating illness. Oncology treatment would wipe that out in a month or less. Insurance is a scam, but healthcare for chronic illnesses cost too much to be without it.
This is called luck.
It sounds like you didn’t have any serious health concerns or accidents. This is fortunate for you and your family.
Many aren’t so fortunate and will need to rely on insurance to cover large medical bills
Statistically you are an anomaly at best. Your risking millions in liabilities to gain a modest investment return. Medical debt is still number 1 in America. If you pay for insurance for your car, you should pay for insurance for your body. Its irresponsible to advocate for anything else in the society we have.
I know for me, health insurance has saved me from financial devastation when shit has gone really wrong unexpectedly.
Health insurance is an expense I’m genuinely ok with paying each month.
I never wore a helmet on my motorcycle, never got in an accident, and I saved $400.