Here is a story of a knowledgeable person who choose to self-insure the cost of medical treatments. By paying himself, he learns how to find out about the right price for medical treatment and where to get the treatment.
Almost all of us self insure against the risks insurance agents fail to address adequately. The gap often left deliberately by agents so that they can come back to sell us another whole life provided we have the money during the "review". Self insurance is not NEW.
The article mentioned that people are using health insurance to pay for routine examination. Should health insurance pay for such petty items? It also mentioned bills can reach 6-figure, I think he is right to use the word "horrific".
There was a time the doctor at my organization's clinic referred me to their in-house specialist for a particular problem. I attended a few sessions and the clinic personnel told me that I can claim the specialist consultation fees I paid from my organization's group insurance. To perform the claim I had to approach busy people from another department to help me with the paperwork. At the insurance company's request, I had to make more trips to the clinic to get the specialist to write a letter. After all these work, the insurance company decided to weasel its way out of my claim. Because the amount of money involved is actually quite small, I decided not to persue the matter further, as the additional work is not worth my time and the time of the people who have to help me process more paperwork. But needless to say, I am very disappointed with this insurance company, and will think thrice before buying any insurance policy with them.
Almost all of us self insure against the risks insurance agents fail to address adequately.
ReplyDeleteThe gap often left deliberately by agents so that they can come back to sell us another whole life provided we have the money during the "review".
Self insurance is not NEW.
The article mentioned that people are using health insurance to pay for routine examination. Should health insurance pay for such petty items? It also mentioned bills can reach 6-figure, I think he is right to use the word "horrific".
ReplyDeleteThere was a time the doctor at my organization's clinic referred me to their in-house specialist for a particular problem. I attended a few sessions and the clinic personnel told me that I can claim the specialist consultation fees I paid from my organization's group insurance. To perform the claim I had to approach busy people from another department to help me with the paperwork. At the insurance company's request, I had to make more trips to the clinic to get the specialist to write a letter. After all these work, the insurance company decided to weasel its way out of my claim. Because the amount of money involved is actually quite small, I decided not to persue the matter further, as the additional work is not worth my time and the time of the people who have to help me process more paperwork. But needless to say, I am very disappointed with this insurance company, and will think thrice before buying any insurance policy with them.
ReplyDeletequite an interesting read. Food for thought
ReplyDelete