I just ended my first year with no health insurance. This was a sacrifice (among others) that I made to pursue a career in radio after working for an environmental consulting corporation where I had enjoyed a full suite of benefits. Now I am in a position to buy health insurance but I am finding it difficult to do.
Health insurance premiums went up 9% in 2011, and it now costs an average of $15,073 for family health coverage through an employer. To cover myself and my kids (my wife has coverage through her employer) I am now looking at a minimum of $2500 for a year of health coverage with an annual deductible of $5000. So barring anything catastrophic, I can look forward to paying at least $2500 a year for what amounts to almost no benefit.
In this case, buying health insurance is almost nothing more than a way to cover the guaranteed exorbitant medical costs in the event of a catastrophic accident. Or, I could save the money that my employer puts into my health reimbursement account to use for routine medical costs and hope nothing catastrophic happens to me or my kids.
Plan for a catastrophe and give at least $2500 (and more each year) to arguably one of the most cynical industries ever known or save money and hope for a healthy future for myself and my family? Act in fear of what could happen or envision positive and happy days of health? Fall in line with a culture that says we should plan for the worst or take the radical risk that we may be okay?
What should I do?
