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is health insurence a waste of money?

Discussion in 'Business Operations' started by bobbygedd, Mar 18, 2004.

  1. twins_lawn_care

    twins_lawn_care LawnSite Senior Member
    Messages: 932

    It is a not even a question in my case, with myself, wife, and 2 - 19 month old boys, I could not afford if something went wrong.
    Maybe what you can look into Bobby is getting a plan with a very large deductible. This is usually how you can lower your rates for any kind of insurance. Basically for the fact you mentioned, that you wouldn't use it, unless it was a huge amount of bills.
    the thing is, you are deciding to take a chance. nothing wrong with it, but as with anything in life, if you know you are taking a chance on something, you had better be ready for both options to happen. So what you could do, is start savings in a "health care" account, until you have enough money where you feel comfortable, and then drop your insurance. But remember, Murphy's law is around the corner, and the day you drop it, is the day someone rearends you, drives off, and leaves you with $100,000 in medical bills!
    It seems hard to justify now, as you are not using it, but what you are actually paying for at this point, is peace of mind, in case anything did happen.
  2. lawnwizards

    lawnwizards LawnSite Silver Member
    Messages: 2,439

    or twins, say if you do get insurance with a high deductible. say 1000. why not save up 1000 dollars and keep it in the bank and then if you do get hurt you have the 1000 dollar deductible then the rest would be paid for. just a thought.
  3. specialtylc

    specialtylc LawnSite Bronze Member
    Messages: 1,656

    BOBBY. Do you have car insurance? business insurance?
    At least buy yourself a life insurance policy for your wife and kids.
  4. sgrprincees

    sgrprincees LawnSite Member
    Messages: 59

    My dad was riding his mountain bike on a reasonably flat trail when he went over the handlebars and broke his neck. He spent a couple weeks in the hospital (he was in twice, first to recover, then for surgery.) Insurance has covered at least $20000 in costs. The neck brace he wore for a couple weeks cost over $1000. He could have survived without insurance, but without the surgery he would be a hunchback.
  5. lawnman_scott

    lawnman_scott LawnSite Fanatic
    Messages: 7,547

    Yes. Ask any agent about major medical coverage. Just covers the big stuff, not everyday doctor visits.
  6. mmacsek

    mmacsek LawnSite Senior Member
    Messages: 547

    I don't have "conventional" health insurance either. We pay doctors visits and prescription out of pocket. Our insurance covers catastrophes but does have a $2500.00 deductible. Those are the ones that will break you. Our business is our only income.(4 years full time) I am married and have 2 children ages 10 and 7. We are healthy and don't take any maintenance drugs. We don't have maternity benefits because we are done. We pay 302.02 per month. It is with Golden Rule Insurance and is with the Devon medical group. Hope this helps and if you need more info PM or email me. Matt
  7. deere mowers

    deere mowers Banned
    Messages: 29

    Like the old saying "Cant afford to be without it or cant afford to be with it" My wife and one of our kids was in a serious car accident 4 years ago, you would $hit your pants if you seen the bills. From the ambulance to the helicopter ride to the doctors to the hospital, to the meds ...........on and on and on. We were very fortunate to have had the coverage that we had. just my thoughts.............been there done that
  8. alpine692003

    alpine692003 LawnSite Bronze Member
    Messages: 1,502

    Damn, good thing I'm in Canada.. My medical service plan is like $40 a month.. that gets me everything from being diagnosed with a cold to getting brain surgery.
  9. lawnman_scott

    lawnman_scott LawnSite Fanatic
    Messages: 7,547

    to dying waiting for them to perform the brain surgery?
  10. Mdirrigation

    Mdirrigation LawnSite Gold Member
    Messages: 3,753

    My old roomate was in an accident , he was driving a 18 wheeler and was hit head on by a box truck, it was not his fault, he let his health insurance drop. He hasnt worked for 9 months and is still having problems, He is 38 , his medical bills are in excess of
    $ 200,000. ( yes two hundred thousand ) He ran out of money last month since he is still hurt pretty bad, his lawsuit is 2 years off. All I can say is health insurance is the first bill to be paid , then the mortage. Accidents happen , he didnt get up that morning and plan to have a head on collission , BUY HEALTH INSURANCE

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