- Aug 19, 2010
- Reaction score
- On a hill
Depends on how you look at it.But if you actually do start needing enough medical treatment so that you are no longer profitable to the insurance company, they drop you.
So then all the money you paid in the past is lost.
The insurance company took off the profit but then avoids paying their share of any costs.
All the money you paid in while you did not need any treatment is gone once you change jobs, move out of state, actually get injured or a condition, etc.
Insurance companies are actually useless and essentially just a scam, with promises they have no intentions of keeping.
Buying health insurance has always been a betting game.
Like I said, you are betting you get sick... they are betting you don't. And like gambling, you don't get any money unless you "win".
The difference today is the ever increasing deductibles, ever increasing max out-of-pocket, and then also increasing copays.
Before ACA, 70/30 plans were almost unheard of. Only the crappiest plans left you with holding 30% of the bag.
Today, 70/30 is very common.
The average deductible years ago was anywhere between as little as $250 to $1000 max. With max OOP around $2500.
Today... deductibles average $4000 - $7000, many with max OOP as high as $14,000.
Meanwhile... premiums just keep rising above inflation. Especially after ACA