A dissatisfied Reddit user with substantial assets is contemplating self-insuring due to high health insurance costs. With approximately $13 million in liquid assets and experiencing dissatisfaction with his insurance premiums and high deductibles, he considers whether self-insuring might be a viable option. However, advice from fellow Redditors warns that self-insuring can lead to severe financial risks, particularly when facing unexpected health crises, emphasizing the importance of maintaining some form of health insurance coverage for protection against exorbitant medical costs and ensuring access to care.
Self-insuring presents significant risks, especially without negotiating power or guaranteed access to care. Insurance often provides better rates and security in health crises.
Retirement and health insurance decisions greatly impact financial health. Market options can lead to inflated costs for retirees, heightening the need for financial planning.
Potential medical bankruptcy looms large for those who self-insure, as severe health events can deplete savings rapidly without a safety net from insurance.
Navigating healthcare costs as a retiree requires careful consideration of insurance options—and the risks of self-insuring can outweigh perceived financial freedom.
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