02-01-2005, 08:28 AM
kandrathe,Jan 31 2005, 05:03 AM Wrote:I've been paying for health insurance for 25 years, with very little use of it. I would have been better off with a medical savings account.
Exactly the scheme I use. Put tons of money away. I own shares in a number of insurance companies (NZ and AUS) and from their balance sheets they pay out each year approximately 50% of what they take in in insurance premiums.
NOTE: This does not mean that the 'average' person will get back 50% of what they pay in, the 'average' person will get a great deal less, as the payout distribution has a long tail.
Having insurance is a waste. Most people will argue against this by pointing out the worst case scenario for a person without insurance. This is obviously a failure of either statistics or perspective. With the amount of insurance some people have I'm surprised they even venture out of their house. Oh well, good for those of us with a finger in the pie.
Hmmm why don't I start up my own casino and insurance company? They sell exactly the same thing... idiot tax :P