Hello, I would appreciate comments to bounce this idea off of. I am early 40s. FIREd from day job; run my own business making 7 figures/year. Being intentionally vague, but giving some context.
[Off topic comments deleted by admin alex] I get almost 0 value out of [my insurance plan]. My premium for me and my family this year was $1450/month for a plan that covers nothing. I had $50k of medical expenses this year and my insurance paid $0 - I mean $0. Going Gold or whatever won't change anything; all their in-network doctors suck. I go to real doctors and they don't take my crap insurance, so I pay out of pocket. Well, get better insurance, you say. Well, since I am self-employed, you can't get better insurance. Even the expensive plans still suck. I have looked into business plans by offering myself and employees, but the plans are only slightly better; still not worth much. To be honest, when I had a day job, my insurance got worse every year. It got to the point that it was only a bit better than my crap personal insurance.
Kicked around trying these Medishare things, but those seem like a racket too. If you get seriously sick, they won't pay, so discarded that idea.
So, people saying that I'm just buying catastrophic insurance as I could end up in the ICU and have a million dollar bill. I've been hearing that since I was 20. It's never happened. It could happen to my wife or kids; never happened. Even if it did happen, I know I'd be in a multi-year lawsuit with the insurance company to get them to pay because they're all crooks. If I pay for the lawyers, this could eat up $100-200k right there. If a lawyer takes the case on contingency, it would have to be a compelling case.
I have been kicking the idea for the last couple years of starting a Healthcare Trust putting in $500,000 and contribute my monthly premiums to it every month (maybe like $2,000). This would be my family health insurance plan for catastrophic events. Anything over 10k would be paid by the Trust. Once my kids grow up, they would contribute 1-2k/month and be covered for everything. Invest this in low-risk bonds or something. After 5-10 years, this could be serious money that I can relieve my family and It won't piss me off every month when I pay my monthly healthcare premium.
Any thoughts? Too Risky?
[Off topic comments deleted by admin alex] I get almost 0 value out of [my insurance plan]. My premium for me and my family this year was $1450/month for a plan that covers nothing. I had $50k of medical expenses this year and my insurance paid $0 - I mean $0. Going Gold or whatever won't change anything; all their in-network doctors suck. I go to real doctors and they don't take my crap insurance, so I pay out of pocket. Well, get better insurance, you say. Well, since I am self-employed, you can't get better insurance. Even the expensive plans still suck. I have looked into business plans by offering myself and employees, but the plans are only slightly better; still not worth much. To be honest, when I had a day job, my insurance got worse every year. It got to the point that it was only a bit better than my crap personal insurance.
Kicked around trying these Medishare things, but those seem like a racket too. If you get seriously sick, they won't pay, so discarded that idea.
So, people saying that I'm just buying catastrophic insurance as I could end up in the ICU and have a million dollar bill. I've been hearing that since I was 20. It's never happened. It could happen to my wife or kids; never happened. Even if it did happen, I know I'd be in a multi-year lawsuit with the insurance company to get them to pay because they're all crooks. If I pay for the lawyers, this could eat up $100-200k right there. If a lawyer takes the case on contingency, it would have to be a compelling case.
I have been kicking the idea for the last couple years of starting a Healthcare Trust putting in $500,000 and contribute my monthly premiums to it every month (maybe like $2,000). This would be my family health insurance plan for catastrophic events. Anything over 10k would be paid by the Trust. Once my kids grow up, they would contribute 1-2k/month and be covered for everything. Invest this in low-risk bonds or something. After 5-10 years, this could be serious money that I can relieve my family and It won't piss me off every month when I pay my monthly healthcare premium.
Any thoughts? Too Risky?
Statistics: Posted by joesmo — Wed Nov 13, 2024 1:42 am — Replies 8 — Views 442