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A Tale of Two Insurance Policies [1]
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Date: 2022-08-03
I know it feels like everything is spinning out of control right now, but sometimes we all need a little reminder.
This is a story about two health insurance policies. It’s a great story that can help your less informed friends understand what their health insurance options are, or could be.
Both of the policies in this story are insurance policies which people pay for out of their regular paychecks. In return for their premiums, they get a policy — a promise that, should any one of a number of events occur, the policy holder will get the benefits enumerated in their policy.
Both are insurance entities that are funded by the premiums people pay.
But there’s a big difference between the two policies in our story. (Please forgive my over-simplification. I want to make a point, not get lost in the weeds.)
Policy #1 is set up this way:
They can cancel you any time
They can change the terms of the policy any time, including doubling your deductibles.
If you file a claim, they deny it and bury you in paperwork. MAYBE you’ll get paid, maybe not.
They can charge you as much as you want for your premiums
They operate at a 20% overhead. Millions of dollars of that money goes directly into the pockets of the people at the top of the insurance company.
Policy #2 is set up this way:
They can’t cancel you
They only change the terms of the policy to keep up with changes in medicine
If you file a valid claim, they pay it.
Costs go up only as much as the cost of living
They operate with around a 3.5% overhead that pays the salaries of the ordinary people who work there. There’s no executive bonuses.
In my case, Policy #1 (my current insurance) costs $1200/month with a $4000 in-network deductible, and a $9000 out of network deductible.
Policy #2 would only cost me about $320. With no deductibles.
Wouldn’t it be GREAT if you could get Policy #2? I mean, who wouldn’t want better coverage for less money??? I bet you’re already asking where you can sign up!
So, why don’t I have Policy #2? I’m not old enough. Because, for some insane reason nobody can explain to me, you have to be 65 to get Medicare.
Stick with me. I’ll do Retirement Insurance next!
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[1] Url:
https://www.dailykos.com/stories/2022/8/3/2114337/-A-Tale-of-Two-Insurance-Policies
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