I have been debating whether to get health insurance thru my employer or putting that money in a savings account. I currently have no insurance, but leaning towards it. Everyone I speak to, however, advise putting it into a savings account, and not paying the insurance companies. Whats your opinion?
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Without Question, reservation or hesitation: Get the Health Insurance. I don't know who is advising you to put the money into a savings account, but they are not people who are aware of the cost of uninsured medical care. It doesn't even need to be catastrophic to be expensive. I got a bad stomach bug once, I went to the clinic... Total cost without insurance? $897.13. Total cost with insurance? $10 copay. Catastrophic illustrations are way more dramatic, though. $5+,000 for a broken limb, $100+,000 for cancer treatments, etc. etc. etc. If you have a choice in the health insurance the employer is offering you (and most companies have more than one option available), look into a plan that is HSA compatible. That way, you're paying the insurance company less AND you have an account that rolls over from year to year, accrues interest and may be tax free, depending on your state. A case of having your Cake and eating it too. But choice of plan, or not: get the insurance.
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