I turned 26 this year which means I'm no longer covered by my parent's health insurance. It's open enrollment time for benefits at work, so it's time sign up and get some insurance to cover myself like a big girl.
Tell me if I'm being an idiot, but I don't think I'm going to do it. The insurance rates are $260/mo for just me and $514/mo if I wanted to cover me and Trevor. Which is way more than I can imagine ever spending on health care. In the last five years, I doubt our household hasn't accrued more than $400/yr in health expenses.* We're fairly healthy and fairly safe. The odds of the health insurance plan paying off are pretty low it seems.
Now, I know, insurance isn't designed to pay itself off every time (or insurance companies wouldn't even be in business); it's there to protect you in case of surprise accident or illness. Maybe I'm dumb and young and think I'm invincible, but it almost feels like health insurance is a scam preying upon people's fear of medical emergency. What are really the odds of us having something happen this year that leads to expenses of more than $6,168 (the amount we'd be paying for coverage for both of us)?
The most likely "medical emergency" I could see us running into is if I got pregnant. Oh, but wait, the plan my work is offering has a $8,000 maternity deductible before they start covering anything pregnancy-related. So pregnancy would be super expensive anyway.
I don't know. It seems worth it to take my chances and just pay out of pocket if anything comes up. Health expenses can be paid out of savings if need be and I'll be able to save more if I'm not paying for insurance. Then if we don't have medical expenses come up, it's money saved instead of money thrown away.
Again, tell me if I'm being an idiot.
*Human health expenses, at least. Veterinarian bills are a completely different story. There's some some sort of dog or cat medical emergency probably twice a year, not to mention vaccines and spay/neuter costs. Pet health insurance would pay itself off in our household.