Health Insurance

EqtTrdr · Aug 30, 2006

Quote from Maverick74:

All you guys that keep talking about spending 100k to 500k in an emergency, why do you guys get just a catastrophic policy. You can get them for $50 to $100 a month. I don't get it. All this whining about going bankrupt because of medical bills and you can buy a pretty cheap put option on your health.

Then if you really want to, like some of the other posters have suggested, get an HSA to pay for the small stuff. What say you?

I say that $50 to $100 a month "catastrophic" insurance still comes with a 40% copayment per visit so you still lose...

joeyata1 · Aug 30, 2006

ain't that easy. a $100 policy will have a 5k deductible and a 70/30 copay. so on a 10k bill thats $6500 out of pocket which many on here can't afford. also when we talk family even a 5k deductible is $500 a month and thats 2 or 3 deductibles that must be met

Maverick74 · Aug 30, 2006

Quote from joeyata1:

ain't that easy. a $100 policy will have a 5k deductible and a 70/30 copay. so on a 10k bill thats $6500 out of pocket which many on here can't afford. also when we talk family even a 5k deductible is $500 a month and thats 2 or 3 deductibles that must be met

Sure, a 5k deductible. What is wrong with that? I don't get it. Maybe we are arguing different things here. I am making an argument for not going 500k in the hole because of some life threatening situation. I'm not talking about 5k or 10k. Come on, guys on ET blow through 20k, 50k, 100k trading. What is 5k to 10k really in the big scheme of things. Shit most people spend 100k to 200k on a good education. A family catastrophic policy should be 200 a month. If you can't afford that, you should not be trading.

Maverick74 · Aug 30, 2006

Quote from EqtTrdr:

I say that $50 to $100 a month "catastrophic" insurance still comes with a 40% copayment per visit so you still lose...

How do you lose? You are buying a deep OTM put on your health. It's there for an emergency, not for an aching back. Jesus man, how often do you go to a hospital?

ACM Trader · Aug 30, 2006

It seems to me that , as for trading, one has to find the health insurance that fits its psychology. It is part of risk management. We all know that it takes just one major crisis (market crash/accident or serious disease) to seriously impact your wealth. So there is no right answer, just finding the right coverage that works for you.
For myself, I do not mind paying a little more than other policies(430/month) but having a decent coverage which does not lead me to ruin and I do not wake up at night because I could be seek. And then if I never have a serious disease, I would be glad to have put some money in the overall pot.

joeyata1 · Aug 30, 2006

you're right some et'ers blow threw 100k trading. but 90% of the people on here trade with 5 or 10k in there account

Maverick74 · Aug 30, 2006

Quote from joeyata1:

you're right some et'ers blow threw 100k trading. but 90% of the people on here trade with 5 or 10k in there account

Then don't trade! Jeez. If you can't afford to trade, don't trade, simple as that. The bottom line is, 5k to 10k is not going to break you if you have an emergency. Now having to cough up 500k is a whole other story. If you can't make a living trading, go teach. Good job with good benefits. I'm not trying to be a dick here, I'm just struggling to understand your argument.

joeyata1 · Aug 30, 2006

the argument here is that a guy with 5-10k in his account who even makes 100k just covers his expenses in nyc. he doesn't have 10k out of pocket for medical expenses. go ahead get the 1k deductible and pay 200 instead of 100. people need to examine there own situation and do what they want. hell just have no ins and go to the emergency room like the 25 million illegals

DHOHHI · Aug 30, 2006

Quote from Maverick74:

Then don't trade! Jeez. If you can't afford to trade, don't trade, simple as that. The bottom line is, 5k to 10k is not going to break you if you have an emergency. Now having to cough up 500k is a whole other story. If you can't make a living trading, go teach. Good job with good benefits. I'm not trying to be a dick here, I'm just struggling to understand your argument.

I fail to follow his logic as well. If one can't afford the deductible, say $5000, how the hell are they going to cough up $50K, $100K, or more for a major illness or surgery?

Maverick74 · Aug 30, 2006

Quote from joeyata1:

the argument here is that a guy with 5-10k in his account who even makes 100k just covers his expenses in nyc. he doesn't have 10k out of pocket for medical expenses. go ahead get the 1k deductible and pay 200 instead of 100. people need to examine there own situation and do what they want. hell just have no ins and go to the emergency room like the 25 million illegals

Well now we are going in a whole other direction. Who are these guys with 5k in their accounts making 100k? I don't know of a single one. I say go with the high deductible policy. The odds you are going to have to pay the 5k deductible is very small and most people can put that small amount on a credit card and work it off. Hell if they are that good of a trader (making 100k on 5k) then their money problems will be over soon.