I'm Young & Healthy, Can I Skip Health Insurance?
ฝัง
- เผยแพร่เมื่อ 4 มิ.ย. 2019
- For many young people, health insurance is a big expense that may seem unecessary... but is it smart to go without it?
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Two Cents was created by Katie Graham, Andrew Matthews, Philip Olson CFP® and Julia Lorenz-Olson and is brought to you by PBS Digital Studios. We love dropping some knowledge on all things personal finance and helping you make better money decisions.
Two Cents is hosted by Philip Olson, CFP® and Julia Lorenz-Olson
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SOURCES:
www.moneyunder30.com/faq-the-...
www.healthcare.gov/choose-a-p...
www.medmutual.com/For-Individ...
www.healthinsurance.org/faqs/...
www.thesimpledollar.com/affor...
www.valuepenguin.com/average-...
www.peoplekeep.com/blog/bid/9...
www.forbes.com/sites/carolynm...
www.guardianlife.com/my-finan...
www.thebalance.com/medical-ba...
www.kff.org/report-section/th...
I'm 21 and have $60 in my bank account right now. Sadly that's more than I usually have. If I get hit by a bus that shit better kill me.
Daru Hashida don't feel bad. I have $12,000 in my bank and believe me. It's still considered trash
@@miguelrobb5719 ok
Dony Prasetiyo learn martial arts? Thats the last thing people without health insurance should be doing
@@avocademy hes right that money will be worth hardly anything because the US is printing money out like crazy and causing inflation.
I know this comment is old but if you have a smart phone, you can easily make money online with selling platforms like Ebay, Poshmark, Mercari, AmazonFBA & many more.
Soooo is there any chance that we get to see that extreme parkour vid ?
or that knife juggling vid?
@@WorldWideWong Personally, I consider their health to be more important than that.
Maybe we can add it as a perk to our upcoming Patreon membership.... 🤣
@@TwoCentsPBS ok gonna hold ya to it then lol
So, how do we bring back Obamacare, or at least imitate it? Lobbying? No, the Republicans will reject everything now they’re in control of everything. Lying? Who would do that? Then how? Reply.
*I have question that's bothering me*
Would a Transformer buy a life insurance or car insurance?
They would typically get a hybrid insurance. a mix of the two at a reduced rate. Although most come into our offices asking for just some extra oil!
😂😂 good one
Duchi next video topic please
Asking the real questions here
depends on whom they prefer to work with: surgeon or car mechanic
Im not sure on how and when your channel started but this definitely gives great advice for the younger crowd. Your videos should be a life management course in school or even as a morning announcement lol. great work you guys!
It is
The problem is, many young people work service industry jobs paying at or near minimum wage. When you can barely make rent there isn't much of a choice in not buying health insurance. I'm glad you two are able to put a positive spin on this topic, but it's honestly one of the most frustrating, stress inducing, and (in my opinion) amoral aspects of living in the United States. 250,000 GoFundMe's, and medical bills being the leading cause of personal bankruptcy are huge red flags that our system is extremely messed up.
Yep. I'm 58 working 3 jobs that are min wage. Just trying to survive like everyone else. Because of a back injury, I can not work FT. I have stress induced depression and have tried to end my life on several occasions. You can't BE seen anywhere unless you HAVE insurance. and I keep getting denied SSDI that I'm supposed to be ON. I'm 40% disabled and STILL have to work and I'm in pain all the time. I WILL file for SSI at 62...that's 4 years. I pray I don't get hurt in the meantime.
I HATE these fear based sales ads. Even when I had insurance, it didn't cover shite.
This topic isn't very often covered! Now I will consider covering it 🤔👍
You should cover it! More videos like this really helps people like me who aren't "fluent" in things related to money.
Narata I will consider covering it in the future 👍
The problem is that many insurance companies wil ldo what they can to side step having to pay. And that's a major issue.
They also conspire with the hospitals to make uninsured costs astronomically high, that way people are forced to buy health insurance.
Yeah if insurance companies paid fairly in every case then paying for it wouldn’t be an issue
I didn't have any insurance from 18 until I was 24 when it became required. I have it now because I'm older and I use it, but it is a waste of money for those already struggling financially.
I really do believe that middle class and lower Americans are one catastrophic injury/accident away from having serious financial problems.
Felix B I disagree. US government spends the most on health care amongst any nations in the world. The US spend 2-3 times more than the nation with second highest health care spend. People who are below lower income can apply for government subsidized insurance.
The problem with the healthcare is the cost of healthcare. .
lemontea000 isn’t that literally what op just said? That the cost is the problem? Yea they spend the most but it’s still the shittiest system among developed countries. It says a lot more that they spend sooo much yet people are still soo close to being bankrupt due to a major health issue.
Leilani Dru Being a first world country is far more than just the healthcare in itself. Pretty much every western countries describe themselves as first world country. Spain has an unemployment of 20% and of those 38% are young adult. America is sitting around 3.5%. Americans have huge spending power compared to any nations around the world. Etc.. I can go on.
While the American healthcare system isn’t perfect, I’d argue it isn’t the worst either. Which definitely isn’t a justification that America is not a first world country even if it’s an opinion.
lemontea000 I was being hyperbolic in saying “shittiest” it’s still extremely shitty compared to MOST developed countries. And ok, if “developed” isn’t a good enough words. I’ll use “comparable” countries. Which should’ve seemed obvious from context but ok. Let’s irrelevantly prop up Spains unemployment rate as a response to the disastrous dumpster fire that is the American healthcare system. Compared to “comparable” countries (Canada, the United Kingdom, auastralia, France, Sweden, Germany, Austria, Belgium, Netherlands, Norway, Japan etc) the Us healthcare system often comes in last in just about everything that matters. And the response to that shouldn’t be, “well look at Mexico, technically they’re a developed country and their annual GDP is nothing compared to ours; we’re so great.” “And have you seen our military budget, bugger than any country in the entire world” idk why u felt the need to get into cherrypicked statistics about certain nations to get into a global dick swinging contest because it wasn’t my point. Neither was my point that America isn’t a first world country because of its healthcare🙄🤦🏾♀️ I’m sure the US is an adorable little superpower but I was just trying to make a point about the healthcare system compared to “comparable” countries around the world.
@@leilanidru7506 do we have issues? something that you've said, I agree on. I was commenting on OP.
Whilst America doesn't have the best Healthcare system I wouldn't say they're the worst either. My point was to argue that just because a country has flawed system doesn't necessary jumps to a polorizing conclusion. Countries have different perspective on certain things. As an American I can definitely tell you that the Healthcare is not perfect BUT there's more work to be done. How do you compare to other "comparable" countries when Population is much bigger. Consistentency is more difficult to attain in broader sense. Private insurance has dug deep. People who are uninsured is around 10-12% including half of the % who would've dropped out of health insurance anyway.
Now does that justify as saying it's not a first world country? In my opinion, no. Cause if it was, it's a darn richest country in the world with one of the best liberal democracy government with large middle class families amongst any nations out there, but apparently its not a first world(?)
Besides the high costs, I also don't like the fact that it's almost impossible to figure out how much tests or treatments will cost beforehand. I grew up in a place where doctors will tell you the options you have and how much each option would cost (they give you the total so you don't get one bill from the hospital, one from the doctor who treats you, one from the doctor who reads your ultrasound, etc.).
Its done that way on purpose. If costs were available upfront, people could budget for it, see if health insurance vs. saving their own money for medical care makes sense.
That's not good for health insurance providers. They want everyone to be confused and forced to sign up for their plans no matter what.
They have a billing’s department, you can call them for those costs
One possible solution is to move to a country where there's universal health-care.
Seriously speaking, I enjoy your videos, but, on this particular subject, I have a hard time understanding why such a rich and advanced country cannot offer health-care to all.
Brenda Prai economical arbitrage works for a lot of other things too. Living with a different currency than you earn is incredible
There is not enough doctors and medical equipment neccesary for everyone to have equal access to health care in the US especially with our current high standards for quality of care and the outrageous number of lawsuits against any sort of mistake on the doctors part our population is higher than most other single payer countries.
Im Swedish, where we have UHC, but we pay insanse taxes and our helth-care system is dependent on the goverment, so in a financial crisis the quality goes down.
Electro Squid compare that to here where people actively put their lives at even more risk because healthcare costs are so astronomical or who travel overseas (or to Canada) to get lifesaving procedures done. Ever heard of the stories of people who, despite being in desperate need of one, skip ambulances because it costs soo much. Or people especially the elderly, who have to keep working because they’ve been bankrupted by a major health issue. There’s literally no reason healthcare should be at such a huge and inflated markup in this country and there needs to be regulation to at least make it affordable to all, if not free.
@@leilanidru7506 Regulation has made healthcare expensive. When eye-laser clinics where de-regulated the price of treatment dropped from 4k to 1k.
I’m a college student, blue cross came to my campus asking if i wanted to enroll. They told me they had a great student discount plan, it was only about $20 less than a regular plan. It was still about $400 a month. Yes because i can totally afford that when i was debating wether i could have dinner that day.
Wow, going bankrupt and avoiding medical care due to the cost. Dystopian.
if that is in reference to "free" medical healthcare which A. isn't free anyway and B. costs you more through tax then there really isn't any difference.
SuperStandard Check the numbers, the US pay more per person than any other country and still is too expensive for regular people
Sofia E. The United States also has one of the lowest tax rates compared to the other industrialized nations with Universal healthcare. You’re still paying for health insurance through taxes
The BioAstronaut you can look at the numbers all you want, but in Developed European countries, lower and middle income families and individuals never have to worry about medical costs or skipping treatment and medication and thats worth more than money
Andrew Rocha Perhaps but that comes at the cost of a reduced paycheck. It essentially takes away individual decision making for at best mediocre healthcare.
This topic was very interesting and actually a question I wondered about. I like how you not only told what would happen but also gave another solution to the problem.
Thanks Ruby! Especially younger folks, it feels totally unnecessary. We just wanted to cover all the angles.
@@TwoCentsPBS your calculation at 2:28 does not account for the inflation.
It's insurance... statistically you're better off without it if you're healthy, otherwise the insurance companies wouldn't make any money. Look at the actual numbers and you'll see that young people subsidize the costs of older peoples medical bills. Even if you do get hit with a $60K bill, you don't have to pay it all. Most hospitals are EXTREMELY willing to help you get a payment plan that would bring that amount down to less than the $20K you saved anyways if you just mention the word bankruptcy. Even high deductible plans still cost more than they are worth if you're healthy. It's all a numbers game and the insurance companies have run the numbers to make sure they don't lose, which means you pay more than they do.
Sounds like a Casino you are describing.
@@ToddTinley Well insurance basically is a casino. Insurance is all about risk management
I've heard insurance described as "a bad bet most of the time."
I did cringe a bit with the organic comment. Got my BS in chemistry and another BS in horticulture. Organic is just a marketing buzzword. Means very little as to the healthiness of the food. Even told us to go that route if we wanted to make more money at the expense of our ethics.
But really good video and I should consider this in the future. Right now my employer covers whatever i choose since I'm working for the government. However, when I move to a private plan, I'll probably make the switch.
Even if they were serious I can't imagine it's that concerning to use the word.
@@oatscurry it is if you work in the biotech industry, work in research, care about science, care about marketing scams, and/or care about people being lied to over their health and getting false hope.
That’s funny because I went to cosmetology school and it said the say thing in our science chapters. I told someone it was just a marketing term, but they didn’t listen to me. It’s because of the fact that it was from a cosmetology book.
Thank you! That bothered me too
How can you tell an environmentalist from a scientist? They seem to be very similar on the surface, but you can instantly ferret them out by asking for their stance on "organic" foods and nuclear energy
I was actually thinking about this a few days ago well I definitely changed my mind now 😐
Scared the heck out of me
Haha, mission .... accomplished?
One of my bosses said the same thing we all do, "health insurance is too expensive (I haven't been sick in years)", and chose not to get coverage. Woke a morning earlier this year, not feeling too well. Carried on until she wound up at doctor's office as a "walk-in"--paid out of pocket. Wound up in the ER 2 days later. Kept one day for evaluation, properly diagnosed, got meds....and got the medical invoice a month later--$4k!!! She's rethinking insurance since that day, but has to wait until enrollment dates.
I'm sure we all have stories, but any level of insurance is better than none. The lowest/"affordable" plan our job offers starts at $145/wk for individuals--$225/wk for family. Again, THE LOWEST, so does NOT include cost of medication, which really hits lots of people hard.
Benny, I HAVE insurance. Inescapable Fact: "we're ALL going to die". 😁
Many of my coworkers throughout the years have opted out of acquiring coverage (especially) thru the employer's partners--the prices are simply ridiculous. I went external and continue to for years now. But during the annual enrollment period, you can't help but to look at the numbers the employers offer....and frown.
I try to encourage everyone in my circles to at least investigate options and get coverage. This practice was enforced after doctor's discovered a tumor 3 years ago. You just never know.
Same!
Here's the deal (this is a little risky but I've done it and it works): Two Cents just did a video on negotiating with hospitals and I can vouch that this works. If you're uninsured, hospitals have a lot more freedom in what they charge you. if they bill your insurance, insurance tells them exactly how much to charge and the medical practice is obligated to charge that amount (I work as a medical biller so I deal with this every day). So if there's no third party involved, you can get huge discounts on your bills. If it's still not enough and you're okay with doing this (as I am), give the hospital an ultimatum and tell them exactly what you can pay and if they aren't happy about it they can just send you to collections. Collections *will* negotiate with you after a couple years, and if that's still not enough, take solace in the fact that eventually the charges will drop off of your credit reports. The end. I did this myself after getting into a rock climbing accident and being uninsured. This method depends on how well you can handle hits to your credit, so that's something to consider.
Fascinating! Thanks for taking the time to explain!
Also, if a hospital charges too much or refuses to tell you their prices, go to a different hospital.
A wise man once told me. “It’s better to have it and not need it, than to need it and not have it” ~My Dad
The ultra rich that own the insurance companies, of course want you to believe that. But did you know, they actually did a study and people that don’t have health insurance actually pay LESS for an injury than people WITH it, do? 😮
The reason for this is because you still have to pay a large deductible, and oftentimes the health insurance only pays a fraction. Also, your chances of being in a serious accident are extremely small.
Or move to Canada where public healthcare (MSP) costs only 35$ per month. Additional plan (including dental, medications, therapy, eyesight, ...) would cost 400-1000 per YEAR.
About the dental,medications,therapy part is that why canada still has medical insurance companys? Every year my school sends us a letter telling us to get health insurance for $15-$34/year but in my opinion I would just get it if I ever go on vacation.
@Luís Filipe Andrade you would be paying similar taxes as you would in the U.S.A
@Luís Filipe Andrade www.google.com/amp/s/www.cnbc.com/amp/2017/08/07/canadians-may-pay-more-taxes-than-americans-but-theres-a-catch.html. as you can see from this article canadians pay slightly more in taxes but I didn't say the pay the same or less I said a similar amount and a example of how similar they are is this " in terms of total tax revenue as a percentage of GDP, in 2010, the U.S. collected a slightly lower than average amount of taxes from its citizens ($11,365 USD per capita). Canada collected a slightly higher than average amount ($14,693 USD)".
@Luís Filipe Andrade well your not wrong about our healthcare system being underfunded but also that 3.3k increase is a 10% increase versus what americans pay and yes that's not our only taxes we have housing taxes to fund our schools and we still pay for most prescription medications.
Actually Canada doesn't sound too bad.
Very good, playing out the scenarious,
A skill not to go without
I think I have the mindset of most people my age: "Oh, I got in a serious accident that costs thousands of dollars in damages? Guess I'll just die."
creative solutions to extreme healthcare costs: Move to an actual first world country with a single payer system or vote for politicians who have working peoples best interests in mind.
When you find a politician on the national level who cares about the working class/little guy you be sure and let the rest of us know. Fyi that means when the cameras are off.
"Creative"
Are you saying we should not vote for an orange corrupt billionaire narcissist with obvious lack of morality? 'MURICA.
I'm 46 and can't afford to buy insurance, it's scary, I can barely afford the rents
keep in mind that you can write off your health insurance. plus you can use an HSA and fill it up before an IRA and it can act like a retirement account if you dont use it and it costs no money to withdraw for medical expenses. If you have employer matching on ur 401(k) then you should use that first if possible
@@avighnavohra6889 If you are not getting insurance from your employer you cannot take premiums off your taxes. My job does not provide health insurance and I can't take premiums off my taxes.
Man this hit the nail on the head. I have a high deductible insurance and HSA and there is enough in my HSA to cover my max out of pocket. It definitely sucks paying insurance for car, home, etc but if anything happens just once it's well worth it!
Agreed!
It’s worth it if they do pay. We spend our time, money, and effort with these insurance companies and it takes a long time to get results from them when they should be doing their job that they are being paid for
You're better off suing the insurance companies first because they will only actually pay up after they've gone to court
Healthcare insurance in America is a joke. You spend so much for "the middle man" health insurance month to month but then when you actually need to use it your insurance company tries to pay as little as possible. We need universal healthcare in this country.
Universal Healthcare will raise costs. The problem is that Providers can charge whatever they want to. Not the insurance companies
@@stevechrollo8074 yep exactly
Medicare and Medicaid is already bleeding money from the Government to the point that they allowed Private Insurance companies get to manage Medicare Advantage
From one extreme to the next? Unfortunately, universal healthcare is not the solution. Would just give less quality health care to everyone. But yeah, the current system we have is hilarious
@@stevechrollo8074 end intellectual property democratize healthcare so private companies can’t profit off of it.
Still thumbsed up the video tho!
Sara Graves Laughs in every developed country (except for the US), hahaha
@@farhananwar3186Anwar and many developing countries too.
Laughs in Canadian
Lucky bastards
You're very fortunate.
So glad I live in the UK, we take the NHS for granted but they do a fantastic job
Sadly, our politicians are so desperate for a trade deal with the US right now, I suspect they're about to sacrifice the NHS to get one. Then we'll be up the same creek as the Americans >.
The NHS is a disaster. Even with your insane taxes it is still underfunded and close to bankruptcy.
@@AdamSmith-gs2dv insane taxes? Income tax is Not that high and national insurance is barely anything compared to other European countries.
Do you guys have a video about the different health plans and the pros and cons for each of them? I think that would be so helpful for those who just started their first job with healthcare benefits!
This channel is soo incredibly informative. I took a financial literacy course in high school, but unfortunately it wasn’t comprehensive and didn’t include much on health insurance. I’d love to see more videos on health insurance. Thanks a lot!!
Investments is all about gambling with calculated risks. Your health should absolutely never be gambled with because even if you do eventually pay off the medical bills, your body will likely never recover or you will suffer the Sequela of your poor choices later in life.
LIVE IN CANADA!!! We go to the hospital and end up paying with a handshake at the end! (Our taxes are high sure... but so those California ;))
Bogdan Nitu um taxes are high here too in the US. Trump just changed a law where taxes are higher but not all of it will come out of our checks that way 47% of Americans owe at the end of the year. People who have never owed owe now. So you have to claim zero and not married even if you are and have extra money taken out for state and federal every check so hopefully you won’t owe.
I heard the waiting lines were long though? Is this a true statement?
@@sadtoy1193 Yes and no. If you have a non-serious injury or illness you might have to wait a long time to meet a doctor on the public side... but you can have private insurance or just go see a private doctor and pay yourself, many people with extra cash do this with less serious problems.
When it comes to serious, acute problems, however, it isn't true at all, if you have a life-threatening illness (or something that might leave you disabled etc) you will be treated immediately, they will call a doctor to his home if all are occupied. People don't die in the waiting room unless something went horribly wrong
@@mytube6538 Americans have no understanding of how high taxes are elsewhere. In Canada gasoline is $4-$5 a gallon despite oil being at $55 a barrel (for comparison we were paying $4-$5 a gallon when oil was at $147 a barrel). In the UK it's even worse, per gallon gas there is close to $6-$7 a gallon! We'd be paying that if oil was over $200 a barrel!
Actually compared to the US, Canada has lower taxes and lower federal spending, as well as lower federal debt, fewer regulations, and an overall more free-market-capitalist-oriented system similar to Australia, New Zealand, and Ireland: www.heritage.org/index/ranking
One could assert that medical expenditures are the exception, but the crazy fact is the US government spends about the same on medicine per capita as the Canadian government in the form of medicare and medicaid.
Yeah, I'll stick with not having health insurance. The health insurance industry and healthcare industry as far as a financial standpoint is concerned, are a total racket. Universal Health Care should be a right not something that we're forced to pay for. On top of that if you don't want to have a premium that's thousands of dollars high, then you're forced to pay hundreds of dollars a month. The whole situation is ridiculous and I for one choose not to conform to it.
Why should professional’s labor as well as tons of other costs be a right? It’s overpriced and has a lot of issues but that doesn’t mean we should jump the gun
If you’re overall healthy, you can get an affordable premium and a zero deductible, low max out of pocket policy. Ask me how [=
Also I have gone to the ER and explained to them how I can't pay. Medical debt doesn't effect your credit like normal debt. I still have a good credit score and the hospital just wrote it off. Also I did get in a bad car accident 5 years ago and walked away with minor injuries. Actually if I would have had bad injuries I could have had a law suit with a huge pay out. Life is strange sometimes.
The problem with not having health insurance is if anything should happen you’ll quickly lose control of your financial situation staring down the barrel of thousands in debt.
This video is great, I work in the insurance business and I tell people the same thing. You can't afford not to have insurance. I've seen so many people cancel their policies because they don't use them and bam, something bad happens and they're screwed. It sucks that it's so expensive but there's nothing we can do about it. If you can't afford major medical at least get something like Aflac that can pay you for accidents, hospital stays and cancer. Hell ask your employer to look into them and offer them at work (doesn't cost the business anything) because the rates are almost half off when they are through an employer and not bought directly.
Braden Skidmore is there really nothing we as a country can do about healthcare? Really? idk man elections are coming up. And like gun control there’s always something we can do about it. People just choose to throw their hands up and act like all the bad stuff happening is par for the course or collateral damage. The entire American healthcare institution needs extreme and major reform. I’m not sure what it’s gonna look like myself but saying there’s nothing we can do about it isn’t true at all. Not because we have oh so much power as a people to change legislation and how this country is run, coz we all know, corruption, lobbyists and big corporations run politics atm but because it’s only this way because we made it this way. Horrible healthcare policies isn’t a fact of life that we can do nothing about. Like pills for example. Actually cost very cheap but sold at an eyewatering cost. Is there reeeeaaallly nothing we can do to fix this shitty system? Or do we just not want to do it?
You promote insurance bc you live off your customers premiums. Charging more than you should so you can go to Japan. All insurance is theft. Hospitals should create payment plans.
I mean, the insurance industry could stop working with doctors to artificially raise prices. That's a start.
I'm so curious now! Since you work in the industry...what is one thing you wish everyone knew about insurance?
@@TwoCentsPBS Pretty much what you covered in this video. People think of insurance like a service that they need to get something out of because they want to feel like the money they're spending is going to give them something in return. That's not the reason why we get it, it's a safety net for when you need help, but I understand why people feel the way they do. I completely agree that it is too expensive and some serious changes need to happen to make it more affordable. I don't have all the answers or pretend to know what is best to do about such a complex issue in our county. In my job I just try to help people understand what is the best option for them and their family with the system that we have.
I just recently subscribed to this channel and I seriously love the many different topics you two cover. The video production quality is really great too which makes everything more interesting to watch. Your videos have great content and I seriously appreciate it! Keep up the good work!
Watching this video makes me glad I’m from the UK.
God bless the NHS.
amen
You definitely are bringing more value to people, and for that I thank you!
You did not mention that you can negotiate a medical bill and also often get zero interest payment plans for large medical bills.
Just found your channel and got to say I love this channel! Very informative and entertaining at the same time.
My family uses the HSA option provided by my work. They also do a match on every dollar I put into the HSA for the first $750 I put in. It really is a great option.
I gone 20 years without insurance. That's about $105,000 .
As for accidents, well better hope a wealthy person hits you.
They need to lower health cost to $200 a month.
But yeah it can happen to anyone.
Funny thing is why is it cheaper to pay cash at doctor office but yet they charge health insurance 3 times what you paid.
That's crazy how doctors take advantage of health insurance
The video only mentioned the $4,500 deductible.
What about the $15,000 maximum out of pocket?
Right! I didn't like this video.
Then get a policy which doesn't have such a high max???
Like seriously, you have no right to complain if you only look at one policy, or worse, the federal regulation.
And lots of those high-deductible plans are very poorly regulated
Another topic I'd love to see covered is Medical Tourism. Love the show, keep up the good work, etc etc
Oh, such a fantastic topic! I'm adding it to our Topics List to cover in the future, Diethoc! - Philip
Wow, didn’t know about the healthcare insurance turned retirement fund. That’s definitely something to look into when I’m working again ☺️ Thank you so much for all this knowledge!!!
Suggested solution for those not from the States but living there, get yearly check ups and dental work done in your native country, much cheaper anywhere else.
I still don’t like the health-insurance system that we have in the US but this is a very good analysis of how to deal with it. Very helpful, thanks!
You're welcome!
I knew an older couple, healthy and active, who didn't have health insurance. Well, part of being active is excercise... The wife got into a bicycle accident while enjoying a bike ride on a path along the beach, hit her head hard on a rock. Husband called 911, determined she was in critical condition. Far away from hospitals, she had to be life-flighted by helicopter. Cost over $100,000 dollars. The choice was between that and his wife's life. Of course, he summoned the help. She has recovered now. With her mom in her last years, the couple was able to borrow against their inheritance to cover the costs. Still... Not at all ideal. In many ways, tragic for them.
I love these videos and wish financial education was still part of the education system here in North America. Thank you for making these videos for free we all appreciate it 😁
Thanks so much! And we have a video coming soon all about the financial education crisis and what can be done about it! -- Philip
Laughs in canada
Aight
What do you mean by that ?
Laughs in America (Canada's slow and weaker service compared to the US)
Laughs in America (your paying for your healrhcare via taxes idiot)
@@wolfpackflt670 it’s still less expensive. Health insurance is incredibly high in the us. I personally know someone who died because he refused to go to the emergency room when he was not feeling well. (Too expensive)
That’s sad
😭😭 thank you so much for this video! As someone who's only a couple years away from full time employment I needed to start thinking about this now! Thank you 2 cents, keep doing amazing work!
Well thank you for watching!!
Another invaluable channel, will definitely explore more videos from you, sir. This will help me plan my parents insurance, thank you!
I'm so glad you covered this topic!
Thanks Serena! We appreciate you watching :)
Oh MAN am I glad to live here in Canada 😀. Broke my finger, walked out without a single bill. Had a repetitive wrist injury, all my costs came to $60 simply for a couple braces not covered here in Saskatchewan.
Edit: All that without private insurance. Pretty sure they [insurance co.] covered the braces anyway.
Edit 2: Btw I had a X-ray with the broken finger.
What is the tax cost? With how cheap my health insurance is ($37 per paycheck) and how much money I make, I'd end up paying more in taxes than 37 bucks.
Enjoy the 30% sales tax.
Great video love the content and really helpful advice with good real life examples.
First of the year I’m canceling my health insure and couldn’t be more psyched about it!!
I agree. I think most people should get High Deductible Health plans.
Insurance isn't for everyday expenses - it's for large but rare payments. You don't use your car insurance to replace your wheels, you use it for when you busted your motor. I don't see why we don't do the same with healthcare.
I don’t know much about the healthcare debate but routine fixes on your car don’t drain your wallet like literally anything healthcare related would, especially without insurance but completely out of pocket. Imo those are two different things.
@@leilanidru7506 It's a very good comparison!
US citizen here. I had an emergency in New Zealand this January, and when I estimated the cost, it would have been around $15,000 here. In New Zealand, they covered everything with their universal health care, so I paid $500 NZD... About $350 USD.
So, my answer? Vote for politicians that will fight for universal healthcare.
I love Threat Wire btw.
Or you can do what the UK does spread the cost amongst everybody in the country you you only pay sub $* and nothing at the hospital when that energy is better used at getting better.
In England you only pay a little bit towards prescription medicine (£7).
* The maths is done by scaling up the cost of the NHS and then dividing it by the US population
@@gff655 incredible!! Wish we had something like that here.
Imagine a world where insurance companies paid back 50% of those premiums at year's end if you didn't submit any claims
You realize they would just raise their rates 100%.
Your videos are very useful and provide lots of information. I have received lots of help after watching this post, please continue to share this kind of information. Thank you.
I am floored that healthcare costs that much. The most I ever had to pay was like 200 for the ambulance. Man I love universal healthcare
actually there was a study done which showed average spending on healthcare was more in Canada than US per person ( for same benefits). The probs are the high taxes here. If u willing to put up with that ur welcome to move here.
@@saleh.hashmi United states is also the only country in the world that has people going bankrupt due to medical bills.
@Yussef Saber lol really u sure abt that? I don't think so
100% agree! HSA is where it’s at! Millennials often do not want to pay for health insurance for this very reason.
The only issue with HSA are they are great....if you make a good amount of money. If you live paycheck to paycheck and make just a little too much for assistance, it sucks...
Isn't HSA only available with high deductible plans that are only available if you employer offers it?
I extremely like the video, man. Very helpful and informative. Thank you very much. It is presented so well too. Great, positive work.
We travel to Colombia for all of my health and dental work. The flights, travel and medical costs are far less than my deductible here in the U.S. and we get to stay with friends and family while we're there.
great video.....please make a video on auto insurance and when to opt in or opt out of comprehensive/collision coverages
Go on Kelly blue book. If your car is worth less than the annual premium, cancel collision. Typical of cars older than 5 years. Though if you have financing you may be required to keep comprehensive.
Why I buy used cars with cash
Could you do a video on Pyramid Schemes
Insurance basically is a pyramid scheme
@@AdamSmith-gs2dv And a protection racket.
"Pay us and we will protect you from the bad guys." (The bad guys is actually us, but you don't know that.)
Great topic. I have this conversation in my head every time I pay my health insurance! This really puts things in perspective.
$320 a check for me !!! 🤦🏻♂️
3:50 Keep in mind, the chance is different for different people. Most people eat lots of junk food and do little exercise.
I think if the healthcare prices were more transparent, mandatory health insurance benefits eliminated,Medicare and Medicaid were destroyed or privatised and people were encouraged to invest money for emergency healthcare costs in things like say a health savings account and extremely disencouraged to buy health insurance plans at all the cost of healthcare would go down extremely fast and reach affordability.
Love the color coordination :D. I did a health insurance check-up because of this vid. I stuck with the same plan, but I understand why now better
Awesome! Glad nothing needed to be changed, but so much better safe than sorry!
I flew to Poland to pay $200 for a $5000 treatment + ($600 economy round trip) and got better quality care.
If you would have had any complications your insurance in the states would have likely denied you. You would be bankrupt by saving a bit by using medical tourism.
@@shauna996Or you can medical tour again :) Sadly, even though you pay 20 times price in the US, the chance of having complications isn't any lower. The extra money goes into some rich guy's pockets, not into better quality care.
Thank u guys for awesome video! Could u guys possibly do a video on just how much home/car insurance we should have? Perhaps a run the numbers scenario? 🙌🏼🙏🏻🙂
After watching this I understand how lucky I am to be living in a country where medicine is free (well, we pay taxes for it to be free, so I guess it's not free?). Work always comes with insurance and I also pay an additional 10 euro per year to get a compensation if something bad would happen to me.
Not long ago my mom was in a small accident and broke her foot - not only all operations and staying in hospital was free - she also got some money for it which she spent on medicine afterwards and in the end didn't lose a cent. Seriously, I won't stop paying that 10 euro...
I'm not gone lie I'm 29 and the only time I've ever had health insurance or any of my job benefits is when the government forced us to get it. I don't get sick at all, I didn't get covid (yet) and I'm always in the house or at work. Not saying anything can't happen but if nothing has happened to me this far that would of been alot of money spent for nothing. I'm the same way with car insurance. I just don't get it. Never been in an accident. ( YES I KNOW IT CAN HAPPEN)
Except car insurance is worse because its a requirement and its to cover the OTHER drivers, not you. I've been seeing more hit and runs lately which tells me more people are without insurance which leaves you vulnerable and at a loss if something does happen and that's extremely discouraging. Oh and insurance usually goes up after an accident regardless of whos at fault. Big ol scams
@@QuesoDaddee man exactly like when I first got my car they told me I had to have insurance to even drive it off the lot. So I got insurance it was literally $3 less than the actual monthly bill for the car. I let that shit go the next month.
So helpful, Thank you.
I love the video and the tips every video brings.
However, about the CD at 2.5%, that’s a VERY unlikely scenario. At least in Australia. I’ve shopped around and the highest rates offered are around 1.80%. On top of that the rate is not guaranteed to remain the same if you decide to extend the term. If you know a bank that does terms at 2.5% I’d sign up today.
Imagine having to pay for health care
Pros and cons to wherever you live. I'm sure you know this :)
Nothing is free. Somebody pays for it.
I was ‘young and healthy,’ then one evening I started having pain under my rib. I was told I had stage IV cancer that same day. I was 29 years old. Just be really careful, medical bills are monstrous.
Were you approve for Medicaid
Awesome! This is what I do; have an hdhp and save into an HSA. I have very few health problems and get a cold maybe once or twice a year. Great advice!
Awesome, so glad to hear it's working for you!
You get free insurance when you’re poor but once you start earning good money insurance is an burden.
There is a point where self pay is cheaper.
Also not to mention in the US things cost more on paper if you have insurance.
If you go to a hospital and say self pay the real price of whatever prescription and surgery is actually much lower when they bill you.
An entire industry built and funded on fear.
Single payer healthcare! Uninsured should pay the same costs as insurance companies
If you have a friend or family member living in South America, you can consider getting surgeries and other single event treatments for less than half of what would cost you out of pocket in the USA. I am a freelance special effects artist (CGI) and I refuse to throw money at an outrageous insurance plan that I won't use (I am healthy and don't see doctors). But 3 years ago I had a serious sinus infection that required surgery. I got the diagnosis in the USA ($450 to see a specialist) and flew to South America where I have friends and family for the surgery that cost me $3,500 at one of the nicest clinics with a very skilled and experienced surgeon. Total cost under $4,000 compared to $11,500 for the same procedure in the USA without insurance. With insurance, I would have paid close to $40,000 in monthly premiums in the last few years that I didn't ever need to see a doctor. I saved that money and it helped me grow my business which helped me get ahead in life and buy a house which I'm about to sell and profit $120,000.
Well I gone by without it for 15 years.
Used that money for down payment on my home.
Pay off 2 vehicles
Home repairs
Vacation trips
Extra money in my retirement.
Maybe when I get close to my 50's ill get insurance.
For now, enjoying that money plus 80% discount at doctors office 🏢 😀
Note: my insurance coverage was quoted at $1,200 a month 8 years ago. I can't imagine how much more it has gone up.
Should never cost as much as your car payment or house/rent payment. Its just out of control 😪
Does Maria live in CA? 😁 I do and am over 50 but under 65 (medicare) I pay about $1200/mo (or $14,400/yr) with a $6000 deductible. So before insurance kicks in I pay over $20,000. In the 10 years to medicare thats $144,000.
The question is how much would healthcare even help and how much would you still pay out of pocket?
Exactly... High deductible plan = bankrupt, low deductible plan = bankrupt, no insurance = bankrupt... The choice is obvious, assuming you make less than 50k like most people!
It depends on country and one's income level, but general idea is:
- cover basics (e.g. flu, kid's diseases, small surgery, etc) from your pocket - it gives you quick waiting queues, much quicker than waiting for insurance company processing, etc. You can return back to your work even within hours or days, instead of wasting weeks or more as it's often in case of insurance, especially country-maintained public insurance. It also motivates people to take care of their health
- have insurance to cover the most serious cases you wouldn't be able to cover from your pocket (serious surgeries, cancers, serious accidents). That's what exactly what word "insurance" means - it's not to cover frequent occurences (like flu), but rather to cover something infrequent, unexpected (cancer, fire, etc)
I live in the UK but I still watch everything you make it's always such high quality.
Oh wow thank you!!!
So happy I live in a normal country where healthcare is good, taken care by an universal healthcare system and relatively cheap compared to the absurd prices in the US. Same service, ten times cheaper. Good job, America, on failing the basics.
What it really comes down to is the job. If you work outside I’d highly suggest to have a higher premium package health plan. For yourself or you and family.
If you work from a desk. Take care of your health on your own and you’ll be fine. You’re not exposed to any danger ever.
Never heard this discussed before on TH-cam! Thank you!!
We need to discuss it more!
This is amazing thank you
If social media has many unseen benefits, this is one of them. Contents like this is very helpful
I'm from BC Canada, we pay 75 a month for healthcare for 3person but, nx yr we will pay 0 coz the gov. rule changed. This TH-cam is helpful coz, we are planning to go to US for higher income. now we will ad this to our computation if it's really worth it to go to US.
john lim Ooo, I didn’t hear about this new rule. I’m from B.C. too. Will this be 0 for everyone, or are you in special circumstances?
john lim well great health insurance here through an employer usually costs under 100 for you and then a 3,000 to 5,000 deductible. Add a spouse your looking at an extra $600 a month if they have no bad health history and they have another 3,000 to 5,000 deductible on top of that. That is what you pay yearly at a good job.
That’s 18,400 a year. Sorry forgot to put that. Now at a shitty job it is going to be a lot higher unless you live on welfare then everything’s free.
@@mytube6538 but the problem here in BC is. the average house is 800k-4Mcad and car insurance 200-300/ month. I guest in alberta is a lot cheaper
john lim I see. How much is it to rent? Like a 2 to 3 bedroom house on average?
So , the video is letting you decide on what to do, ok. Then I don't need over priced health insurance, I haven't ever needed it not even once in over 41 years. , I don't think I will need it anytime soon
I know it's not within the scope of this video, but I really recommend the book "An American Sickness" which covers a lot about WHY health insurance and medical bills are so expensive im the first place. Excellent video as always!
When I was in my early thirties I had appendicitis, my insurance ended shortly after and I was stuck paying the aftercare. Meanwhile I was looking for new insurance and I got complications of the surgery. To make a long story short, I ended up with a very large medical bill. (They gave me 28 years to pay!) The rare complication made me uninsurable, so I wasn’t able to get insurance until I heard about the ACA bridge program that was for uninsurable people until the ACA was implemented- so I racked up more medical debt. Shortly after that a family member living abroad got cancer and needed her payments up front before treatment, I couldn’t not help. Already financially strained, I started a go fund me for her and got $0, which is not uncommon! I always tell people to take my story as a warning, make sure you always have medical insurance. I too had insurance on and off when I was young, not anymore!
I live in Canada so this is something that I don't think about. But I will get health insurance if there's no Universal Health Care here for peace of mind.
Extreme Solution: move out of the USto any modern country with universal health care.
but expect to get double taxed from both the new host country and the U.S.
F Maz Yeah and pay insane taxes and then have to wait an equally insane time for the doctor to look at you? Have you heard the stories from Britain or Canada or other countries?
@@briandeleon3478 as a Canadian, taxes aren't that bad. Assuming a $100k per year individual income (top 10%) the amount of tax that goes towards health care is only about $250/month. Also, the waits are in almost every case because someone went to the emergency room for an earache. Heart attacks and appendicitis still get through quickly. There are other problems, like a shortage of general practitioners but overall I prefer it over paying $500+/month then spending extra every step of the way.
Brian de Leon nah, I'd rather wait for a few minutes with my broken leg than go in tens of thousands of debt for the luxury of being treated immediately.
Who's going to pay for it
This is a great social service. Thanks guys
Wow what a great channel. I just discovered it, watch a few videos and subbed immediately