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Originally Posted by ottopilot
It's not your employers job to supply health insurance, but it is smart in a competitive market.
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This assumes a few things, one being a one plan fits all approach. If an employers workforce is homogeneous they may be able to find a plan the fits and at a group rate the coverage and cost may be competitive. In some other cases, perhaps the employer and employee would be better off if the employer passed on the cost of the coverage to the employee in increased wages. If I get an offer from company A that is $100,000 salary with no health care coverage and I can get an A++ PPO type plan perfect for my family for $6,000 a year, compared to a company that is offering $95,000 and an HMO plan that excludes the doctors and specialists my family has been using, perhaps I would be better served with the higher salary with no company coverage.
-----Added 1/10/2008 at 11 : 57 : 15-----
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Originally Posted by ASU2003
Now, HSAs aren't perfect either. The few banks that have them charge monthly maintenance fees of $3 if you aren't putting money into it, they don't earn very much interest (1/4th of a savings account), and while I am healthy and it does promote staying healthy, it also promotes not wanting to spend your money if you are sick.
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True they are not perfect. The intent is to provide a means for people to save enough to cover high deductible plans, not really for investment growth. Even with initial low interests rates paid the biggest benefit is the tax deductability of the contributions. similar to an IRA or a 401(K) a dollar contributed may on cost $.66 depending on the person's tax bracket.
There are some HSA's that allow investments in mutual funds after a certain amount is invested in the HSA.
I don't think I understand your point about not wanting to spend the money if you need too. If you are saying you would spend it on your health if it were someone else's money but would not spend it if it were your money, I think that is an interesting question, and perhaps part of the problem with our system. Perhaps we need a balance between the two extremes.
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Oh yeah, and good luck trying to figure out what things will cost you before you go to the doctor. The first year of allergy shots I had to pay for out of pocket (using a flexible savings account because I knew that I needed them and had to wait 3 months before I could start putting money into it). So, I had to pay close to the $2500 deducible the first year because I needed allergy shots. Luckily something unplanned didn't happen, because I don't want to be laying on the pavement trying to decide which hospital I want to go to because it will cost less.
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Yes, the nature of insurance is managing risk. It is not easy. some people will come out ahead others don't. If you buy a life insurance policy, pay one months premium and die, you sort of win. If you buy a life insurance policy, pay so much premium that you could have put the money in an investment and got a better return, you sort of loose. But, if you look at it based on the peace of mind having insurance gives, you win in either case.
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And honestly, I'm tired of dealing with changing insurance and having to deal with it. I don't want to deal with bills, statement updates, whatever. If my doctor doesn't get paid, then I will look into it when they tell me.
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We agree. Not only do I get tired of staying on top of my health care issues, I get tired of washing the dishes and taking out the garbage. I keep hoping I am the newly found illegitimate son of Warren Buffet or some other billionaire (maybe not Buffet, he is giving his money to charity) so I can have other people take care of my personal business.