I pay cash for Dr appointments.
I get in right away, they have less paperwork.
Everyone is happy.
If you do the math on group insurance through an employer it works out as follows:
$300 a month $3,600 per year.
Deductible is $5,000 per year.
You are now $8,600 in the hole before your medical necessity kicks in.
You then have procedures, items and drugs that are not covered, putting you even further in the hole.
Then what is covered is done at a percentage.
In this instance well say 70%.
That means for every $1,000 of your medical necessity you owe $300 above the $8,600 you are already obligated to spend.
So, for $12,000 you are actually on the hook for $9,700.
So, if you spend $8,600 over ten years and then have the medical necissity above you will have drained your finances of some $37,100 dollars!!!
Makes sense right?
And just think if you could’ve set aside that $300/month into a medical savings account and built up those savings from year to year.
But Dead Red Ted Kennedy considered that to be a tax dodge and prohibited it. As if Mr. Ted Kennedy ever paid all of the taxes that he imposed on the rest of us. His family’s estate was shielded from confiscatory inheritance taxes by calling it a “foundation” who’d properties were to be used by members of the cult, I mean Kennedy Klan.
It doesn’t make sense to me. Ok - the monthly makes sense. However, if I stay within network, my regular doctor visits are covered with a small co-pay, but nothing else.
I’ve had blood tests for just a small percentage due. I have a medical test coming up this month. I’ll have to see what I end up paying, but I don’t have to meet my deductible prior to having many things covered.
For further read/thought ping. Busy at the moment.