Quote:
Originally Posted by xoxoxoBruce
Now my brother, who is 54, reasonably healthy, and single, has decided to drop his health insurance which costs him close to $500 a month. He figures it's cheaper to pay the federal and state(MA) penalties, then buy insurance (pre-existing conditions allowed) if something serious develops.
Is there a flaw to this reasoning?
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The flaw is that if you have an unanticipated catastrophic event l(like a car accident that leaves you in coma or with serious internal injuries or a massive coronary while having dinner one night or just out for a walk....not something serious developing over time in which you can scam the system and get coverage for a pre-existing condition), you face a huge bill or bankruptcy.
Sure, the odds are in your favor that it wont happen. I guess one has to decide if its worth the risk to yourself and your family.
If I were a young person, I might consider it more seriously than at the age of 54.