Instead of giving money to corrupt insurance agencies, people should invest what they would pay the insurance company monthly. The investment has better odds of paying out than an insurance company.
it's called Self Insurance in the financial services industry. It's really only appropriate for wealthier people.
What its called in the financial services industry is irrelevant. Whats your idea of wealthy? Many people do this that aren't rich and sometimes they end up rich. Without a precursive "accident". That will never happen paying insurance.
Insurance companies are not good, and no one should defend them.
I'm not defending anyone. I am giving you information from the industry as I am a former financial planner. Insurance has it's place as a valuable tool to manage risk. Whether you do it through an insurance company or on your own is irrelevant. If you do it yourself you need to be able to afford it. Most poorer people can't afford to do this, or are too bad at saving money that they would end up spending it. I know this from experience. Thanks.
Even if you put $1,200 away a month one hospital stay would bankrupt you.
one hospital stay would bankrupt you
Because of Insurance companies...
So go check into any hospital and see how far your money will take you without insurance.
Do you think hospitals and their staff are going to take pay cuts to make this happen.
It’s a great idea after everything collapses but for now it’s not feasible.
A ruptured appendix is $189,000 and they do nothing except remove it and give you iv antibiotics for 10 days.
If private hospitals that don’t except insurance started popping up then it would work but the hospitals and insurance companies are in on it together.
especially when you start putting money away when you're young.
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