Current Events > insurance is the biggest scam industry

(+) Yeah! (+)

it's always expensive as hell, they always find a way to get out of paying should you ever need it. and if you get lucky and there isn't something in fine print, they will still fight until the end.

Because I know people will ask:

- I don't have health insurance, it's pointless. Before someone says "it's illegal not to have insurance", that's a bad argument. am I in handcuffs right now? No I'm not.

- Only reason I have car insurance is because it's required in the US, and I have basic liability. The bare minimum. I don't care about coverage, I only care about my car being legal. If insurance weren't required, I wouldn't have it.

- Never sign up for any insurances for computers or phones I buy.

I know people will bring up "it's your fault for not reading the fine print" but remember something. Those responsible for writing those fine prints are trained to make sure you miss it so that you're paying for nothing.
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yeah, america really sucks the absolute most money it can out of you for being alive. like a big fat green money lamprey

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BE SCARED!! Bad things could happen. You don't want to be broken AND poor, do you?!?

Well better give us lots of money. We'll take care of you (probably).

Sounds like creepy mobster uncle tbh

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i can't wait for defi to absolutely btfo the insurance industry

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While I agree that insurance is a scam, there have been a few instances in my life where I was glad that I had it.

When I broke up with my fiance there was a period of time where I was homeless. Around the same time my dad died and I was an emotional wreck. My part-time job offered me health insurance and because of this I was able to see a therapist twice a month and sort out some of the problems that otherwise would have become hindering depression.

I'd rather have it and not need it than need it and not have it. Any responsible adult justifies it this way, I suppose.

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viewmaster_pi posted...

yeah, america really sucks the absolute most money it can out of you for being alive. like a big fat green money lamprey

Why, shit like this makes me want to move to Canada, not even kidding

Wii_Shaker posted...

While I agree that insurance is a scam, there have been a few instances in my life where I was glad that I had it.

When I broke up with my fiance there was a period of time where I was homeless. Around the same time my dad died and I was an emotional wreck. My part-time job offered me health insurance and because of this I was able to see a therapist twice a month and sort out some of the problems that otherwise would have become hindering depression.

I'd rather have it and not need it than need it and not have it. Any responsible adult justifies it this way, I suppose.

I'm glad you're able to make it work. With that said, I think signing up for insurance can work if you know you're going to use it that year. Like, if I need a lot of dental work done, I'll probably sign up for dental insurance for a year. And then drop it when I'm done. But I'll pull out the calculator and make sure it's actually worth it.
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unisurance will pay but NEVER file directly with them, always go through a lawyer

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skermac posted...

unisurance will pay but NEVER file directly with them, always go through a lawyer

Lawyers are expensive, why would you pay money in order to get money? Lawyers are just as bad as insurance. But at least lawyers get you out of legal trouble.
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I paid a $100 deductable only after I hit a deer in a 6 month old car, and my insurance company paid like $17K to repair it.

So........ yeah I think I like having insurance.

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Chunkey Simmons posted...

"it's illegal not to have insurance", that's a bad argument.

Chunkey Simmons posted...

Only reason I have car insurance is because it's required

So you are about meeting the legal requirements for your car, but not your body?
Imo health insurance is far more important than car insurance. One accident and you're financially crippled for life. You can always buy a new car, can't buy a new body.

Thank fuck I moved to Canada 15 years ago.

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meestermj posted...

Chunkey Simmons posted...

"it's illegal not to have insurance", that's a bad argument.

Chunkey Simmons posted...

Only reason I have car insurance is because it's required

So you are about meeting the legal requirements for your car, but not your body?
Imo health insurance is far more important than car insurance. One accident and you're financially crippled for life. You can always buy a new car, can't buy a new body.

Thank fuck I moved to Canada 15 years ago.

Well without car insurance I can't even get license plates in NY so there's no way to cheat out of that one.

Health insurance is very rarely worth it. It might help cover something big if you need it, but then think about all the years you were paying $500 for coverage. probably would have been cheaper if you just didn't have insurance and paid for the medical expenses out-of-pocket. And if you try to cheap out on health insurance, you will be paying a shit ton anyway for the deductable If something happens.

Just curious, what made you move to Canada? Are you a permanent resident or a citizen?
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Car insurance sucks, because you pay and pay and pay into it for decades. If you never get into a wreck then you paid for nothing!

The winning play is to absolutely total a car every 5 years to get your moneys worth.

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I mean, one nice thing about an HDHP (which is the kind of insurance you would have if you have little to no health issues) is that many come with an HSA. They have insane tax benefits when you contribute to them, and even if you don't your insurance probably deposits some amount of money into it every month. I pay around $200 in health insurance per month through my job (pre tax) and around $66 is automatically deposited into my HSA every month.

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I take shots worth about $5700 a month and I pay $40.

Yeah insurance is worth it

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Insurance when you're poor sucks ass but it's also when you really need it

It's how it be

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AceAttorneyist posted...

I mean, one nice thing about an HDHP (which is the kind of insurance you would have if you have little to no health issues) is that many come with an HSA. They have insane tax benefits when you contribute to them, and even if you don't your insurance probably deposits some amount of money into it every month. I pay around $200 in health insurance per month through my job (pre tax) and around $66 is automatically deposited into my HSA every month.

$200 a month for insurance? holy fuck that's a lot
Kaldrenthebold posted...

I take shots worth about $5700 a month and I pay $40.

Yeah insurance is worth it

What do you mean by taking shots? I'm kind of an idiot so it sounds like you're talking about alcohol

Unsugarized_Foo posted...

Insurance when you're poor sucks ass but it's also when you really need it

It's how it be

I said this in one of my posts above, but if you count month-to-month how much you pay, it's probably cheaper to just not have insurance and pay out of pocket if an emergency happens
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Insurance is like the one industry where the company that provides the service's profit comes from not providing that service. I.e., they try as hard as possible to not pay out what you already paid them to pay out. It's assbackwards.
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https://www.youtube.com/watch?v=xLJ4_CPlCr4

https://www.youtube.com/watch?v=ijC8kqzMrcw

Pretty much all of Louis Rossmann's non-board repair talking to the camera videos are gold, but especially his rants about insurance.

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Chunkey Simmons posted...

Just curious, what made you move to Canada? Are you a permanent resident or a citizen?

Moved when I was a teen because my Mom met someone.
I will never go back for anything more than a visit. Currently a Permanent Resident, gonna do my citizen test after all the covid crap is over.

The most mind boggling thing about health care in the US is that you guys think that it ACTUALLY costs that much.
You honestly think it costs $10,000 to spend one day at a hospital to give birth to your child? Fuck no!
Does it actually cost $2000 just for an ambulance ride? Fucking NO!

You are regularly being gouged and ripped off, and you accept it. Mind-blowing.

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meestermj posted...

Chunkey Simmons posted...

Just curious, what made you move to Canada? Are you a permanent resident or a citizen?

Moved when I was a teen because my Mom met someone.
I will never go back for anything more than a visit. Currently a Permanent Resident, gonna do my citizen test after all the covid crap is over.

The most mind boggling thing about health care in the US is that you guys think that it ACTUALLY costs that much.
You honestly think it costs $10,000 to spend one day at a hospital to give birth to your child? Fuck no!
Does it actually cost $2000 just for an ambulance ride? Fucking NO!

You are regularly being gouged and ripped off, and you accept it. Mind-blowing.

I only accept what is legally required for me to accept, car insurance.

With that said, becoming a resident of Canada sounds like a major pain in the ass. But that is something I plan on doing.
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https://youtu.be/Lq6Ez8oYDrU?t=83
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I take biologics, injectables. Two every month. Looks like an epipen

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Chunkey Simmons posted...

I only accept what is legally required for me to accept, car insurance.

With that said, becoming a resident of Canada sounds like a major pain in the ass. But that is something I plan on doing.

Every full time job I've done has mandatory health coverage as a pay deduction. I've never paid more than $100 a month, and combined with our provincial care I've spent less than $1000 on Healthcare over the last 2 years. Prescriptions included.

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Error1355 posted...

I paid a $100 deductable only after I hit a deer in a 6 month old car, and my insurance company paid like $17K to repair it.

So........ yeah I think I like having insurance.

comprehensive is probably one of the few things that might actually be worth it, just because it doesn't cost very much. There's a reason it doesn't cost very much though, because it covers things that almost never happen to your car. You're one in a million
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Flauros posted...

Car insurance sucks, because you pay and pay and pay into it for decades. If you never get into a wreck then you paid for nothing!

doesn't even go into road maintenance. at least then it would mean something :(.

also to note: one time my uncles car got totaled pretty bad beyond repair so he ended up getting more than he payed for on the one particular model. got to use a nice rental car for several days until he could get another used car.
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I also had two major (write off) accidents within 13 months. Both times I was deemed not at fault.
If I didn't have insurance, or proper coverage, I would have been fucked.

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Property tax

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If insurance didnt exist, people sure as shit wouldnt be saving those extra $50-$400 a month they would have otherwise payed in insurance.
They would cause a wreck and wouldnt have a savings to pay for their mistakes.

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I agree with the spirit of the topic but in practical terms insurance can and does help when you need it. I happened to get insurance with my new phone just because and I am glad I did. Within one month of having my phone, it became unresponsive due to a manufacturing issue. They replaced it with a new one. Six months later, it happened again. Once again, they replaced it with a new one.

There is the manufacturer's warranty, but without insurance, there was a copay associated with replacing the phone (I think it was $100). That's right, you have to pay to replace the defective phone they sent you.

The system absolutely sucks but we have to work with what we got.

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If by scam you mean it's for profit and thus the average person will lose money on the deal, then yeah it's a scam.

meestermj posted...

Moved when I was a teen because my Mom met someone.
I will never go back for anything more than a visit. Currently a Permanent Resident, gonna do my citizen test after all the covid crap is over.

The most mind boggling thing about health care in the US is that you guys think that it ACTUALLY costs that much.
You honestly think it costs $10,000 to spend one day at a hospital to give birth to your child? Fuck no!
Does it actually cost $2000 just for an ambulance ride? Fucking NO!

You are regularly being gouged and ripped off, and you accept it. Mind-blowing.

Ambulance rides are 80 bucks here in bc.

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CanuckCowboy posted...

Ambulance rides are 80 bucks here in bc.

Exactly my point.

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SwiggitySwoogit posted...

If by scam you mean it's for profit and thus the average person will lose money on the deal, then yeah it's a scam.

Well yeah, that's exactly what I mean. Not only that, but like I said in the first post they will do anything they can to get out of paying for something
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I love insurance and warranties tbh.

Last August my BMW got hit by a train. I owed around 25k for it but really it was only worth around 20k. Insurance paid what I owed and gave me an extra 4k. Only had the car for 6 months and paid around 1500 for coverage and deductible.

Yeah it sucks if you own a car for 20 years and never use the insurance, but it only takes that one time and you're fucked without it.


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hyperpowder posted...

I love insurance and warranties tbh.

Last August my BMW got hit by a train. I owed around 25k for it but really it was only worth around 20k. Insurance paid what I owed and gave me an extra 4k. Only had the car for 6 months and paid around 1500 for coverage and deductible.

Yeah it sucks if you own a car for 20 years and never use the insurance, but it only takes that one time and you're fucked without it.

Again, it's cheaper to pay out of pocket when you think about how long you've been paying for insurance over the years
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Yes, its a scam.

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Chunkey Simmons posted...

Again, it's cheaper to pay out of pocket when you think about how long you've been paying for insurance over the years

I hit a second deer about a year after my first and it only cost me another $100 deductible for another $10k of work.

I'm still ahead on my insurance. Lol

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