So according to the NY State Department of Insurance, the least expensive HMO that can be purchased as an individual is $752.63 and the most expensive is $1105.34.
$752.63 x 12 months = $9031.56 per year just in premiums.
Let’s be ultra conservative and say there is a 10 year risk of you spending over $10,000 in a given year out of your own pocket on health care (more likely this is about once every 20 years).
Over the course of 10 years, you pay $90,315.60 with this plan (not including out of pocket expenses, these are just premiums).
Now, let’s look at the cost of a high deductible plan. The cheapest one in NY State is through the Freelancer’s Union and costs $141.00 per month with a $10,000 deductible.
$141 x 12 months = $1,692.00 per year in just premiums.
Now, let’s be very generous and say you’ll spend around $900.00 per year on health care. Therefore with a high deductible plan, you’ll spend:
$1692 on premiums + $900 out of pocket = $2,592 per year.
Over the course of 10 years with a high deductible plan:
$2,592 x 10 years + $10,000 for that accident = $35,920 over the course of ten years.
TOTAL SAVINGS over 10 years = $54,395.60
There it is folks. In digital print.That’s the numbers.
Stop throwing your money away and pay cash for your health care.
We’re already bailing out the auto industry. Stop doing the same for the health insurance companies. They’re laughing all the way to the bank with your $54,395.60 you’ve been giving them.