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In your own words, explain insurance deductibles.

pstall

By pstall,
in Huddle Lounge

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Happy Panther Grand Master

Happy Panther

Posted
Posted

Ignoring healthcare (which is a mess and i don't understand) and stuff like the warranty insurance on your TV (which is a huge scam), insurance is certainly not a racket. It's a way for you to spread your risk over time and people and none of us are required to go through commercial companies. If you truly believe that insurance is a racket then get together with a bunch of your pals and set up a self insured retention group. Or join one. It's perfectly legal.

Your typical home and auto company is not making Exxon-like record breaking profit. Many years, these companies pay out more than they take in and only generate money on the investment money they make between the time they take in your premium and pay it out. In bad investment times they get hammered.

Insurance is insanely competitive which drives margins way down. If you as a risk were truly more profitable to an insurance company your rates would go down because a smart company would figure it out and lower rates for whatever group you belong to.

It is human nature to hate paying money and not getting something tangible in return, and most people don't understand what they are getting. Which is why it is so easy for politicians to attack insurance companies even if they do nothing wrong.

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Johnny Rockets Rookie

Johnny Rockets

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On the phone arguing with my insurance company as I type this....

Paying $651 per month for benefits....still have a $30 copay for regular doctor, $50 for specialist which doesn't apply to my $500 per person dedcutible I need to meet before they pick up 80% and they want to argue with me over $18.95 for a hearing test I got with a yearly physical that apprently isn't part of a physical that they pay for.

Sometimes I really do think about rolling the dice and saving the $7,800 a year and going without..........

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Happy Panther Grand Master

Happy Panther

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So we all know what HP does for a living now... :lol:

I don't work for an insurance company. But for various reasons I know how your premiums are calculated (in way more depth that you would ever want to know) and how much regulation an insurance company has to go through to do business. There is no conspiracy to take your money.

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Darth Biscuit Experienced

Darth Biscuit

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I don't work for an insurance company. But for various reasons I know how your premiums are calculated (in way more depth that you would ever want to know) and how much regulation an insurance company has to go through to do business. There is no conspiracy to take your money.

There's a conspiracy for everything... see, they're watching me now as I type this...

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Happy Panther Grand Master

Happy Panther

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There's a conspiracy for everything... see, they're watching me now as I type this...

Well, it's a well known fact, nc_biscuit, that there's a secret society of the five wealthiest people in the world, known as The Pentavirate, who run everything in the world, including the newspapers, and meet tri-annually at a secret country mansion in Colorado, known as The Meadows...The Queen, The Vatican, The Gettys, The Rothschilds, *and* Colonel Sanders before he went tits up. Oh, I hated the Colonel with is wee *beady* eyes, and that smug look on his face. "Oh, you're gonna buy my chicken! Ohhhhh!"

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Darth Biscuit Experienced

Darth Biscuit

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Well, it's a well known fact, nc_biscuit, that there's a secret society of the five wealthiest people in the world, known as The Pentavirate, who run everything in the world, including the newspapers, and meet tri-annually at a secret country mansion in Colorado, known as The Meadows...The Queen, The Vatican, The Gettys, The Rothschilds, *and* Colonel Sanders before he went tits up. Oh, I hated the Colonel with is wee *beady* eyes, and that smug look on his face. "Oh, you're gonna buy my chicken! Ohhhhh!"

See, none of that is true... because if it was, you would be dead. The Colonel would have poisoned your chicken.

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