do you agree with the notion that taking insurance is a waste of money

2 ANSWERS

1. Satheesh
   

   Absolutely NOT! Health Insurance health insurance is an essential financial planning tool for the majority of the population. Just one example is a client of mine who was diagnosed with Leukemia on his wedding day. Since that diagnosis his health insurance carrier has paid out just under $700,000 to save his life. He needed many chemotherapy treatments, many expensive visits with a medical dosimetrist and his stem cells needed to be harvested.
   
   If it were not for his health insurance carrier he would have lost everything he had which was not much since they were a young newly married couple just starting out and running a fledgling business. Most especially since the recent change in the Bankruptcy laws in the year 2005 http://en.wikipedia.org/wiki/Bankruptcy_Abuse_Prevention_and_Consumer_Protection_Act prevented him from just walking away from his debt. Even though he did not have much, his household income was above (as most are) the Median income levels which prevented him from just filing Chapter 7 Bankruptcy and walking away http://en.wikipedia.org/wiki/Household_income_in_the_United_States
   
   Since these new Bankruptcy laws have been inacted we have seen a tremendous influx of people who were "rolling the dice" from day to day and not purchasing health insurance.
   
   The facts are, if you are a home owner and you have anything saved at all for the future, those assets will most definately be used to repay your medical debts even if you file for Chapter 13 Bankruptcy relief under the new "Bankruptcy Abuse Prevention and Consumer Protection Act of 2005".
   
   There is a happy ending to this particular client's story. He is now in full remission and he and his wife have had two children since then! He wrote me the following letter shortly after he was given an "all clear" from the team of doctor's who treated him. I have transcribed it below:
   
   "Dear Mr. Tucker:
   
   I would like to take this time to extend my deepest appreciation and gratitude to yourself and all at Fortis Insurance who have helped me in the past 7 months. For a long period of time, I, like a majority of people, did not have health insurance, which deterred me from going to a doctor. Then, myself and some of my other employees signed up for health insurance policies through Small Business Insurance Services.
   
   I began feeling tired and run-down, but wrote it off as stress from my up-coming wedding. Feeling confidant enough with my insurance, I decided to go to the doctor and ease my mind. It was a blessing I did because I was diagnosed with Leukemia on July 13, the day before my wedding. The day after my wedding, 2 days after being diagnosed, I was admitted to the hospital to start a rigorous treatment of chemotherapy, which resulted in a stay that lasted over a month. I since have gone back for several more week-long chemotherapy treatments and finally to have my stem cells harvested. Throughout this whole process, I have had nothing but help and cooperation from Fortis.
   
   This has been a very trying time for me and my family and without the help of Fortis Insurance Company, I would be in financial ruins. I cannot thank you enough for all you have done."
   
   It is this story and many more just like it that confirm the necessity of proper financial planning, the foundation of which begins with the purchase of a quality health insurance policy. Without it, those of us who are not fortunate enough to have many thousands of dollars sitting in an emergency health care fund could loose everything we have in the event of a worse case scenario.
   
   Even those who do have money set aside for a "worse case medical scenario" should consider keeping it in a Tax Deferred interest bearing HSA (Health Savings Account) coupled with a very inexpensive HDHP (High Deductible Health Plan) to cover the worse case scenarios. Once the money is inside the HSA account, treatments that would normally never be covered by health insurance (e.g. Lasik Corrective Eye Surgery, Eye Glasses, Dental Procedures, Orthodontics, Fertility Treatments, Sterilization, Alternative Medicine, Breast reconstruction surgery, smoking cessation treatment, wheelchairs, and many more listed here: http://www.irs.gov/publications/p502/index.html would become a 100% tax deduction.
   
   To find out more about this inexpensive way to insure oneself against the worse case scenario whilst building a seperate tax deferred IRA that has no penalties for early withdrawal (if the withdrawal is used for one of the many aforementioned IRS approved medical procedures) please click here: http://www.sbisvcs.com/hsa_qualified_hdhp.htm
   
   Health insurance is most assuredly NOT a waste of money for the majority of the U.S. population.

   Report (0) (0)  |   12 years, 9 month(s) ago  

2. Guest583
   

   No. Only fools don't have insurance.

   Report (0) (0)  |   12 years, 9 month(s) ago