Ok I know this is another random post but hey its off topic right?
Ok so I’ve been reading about 4-5 different investment books lately that all talk about different investment strategies so I can help myself with my 401k and IRA right? I also wanted to know more about the stock market and all that jazz.
So anyway, this morning we had this meeting at work about our benefits and stuff and what was offered. I recalled in the book it said “Watch out when you buy insurance” and said what kind are the best and what is reasonable and what covers this and what to look out for. It also said “Don’t buy insurance” one disease at a time. That makes sense right?
For instance… why would you pay $80 per paycheck for a full coverage plan and then $20 for flu insurance and then $50 for avian flu insurance and then $70 for cancer insurance? The book highly recommends “Why buy insurance one disease at a time?”
so this morning at the meeting they announced a special new CANCER insurance, thats right, if you are absolutely paranoid about getting cancer I could use my insurance which means after $1200 out of pocket my insurance company pays the REST of the entire bills for me for the year… OR i could buy cancer insurance and be paranoid and IF i get diagnosed with cancer they pay $5000, and its ONLY $75 per paycheck! Hell, they even pay me to get a wellness check every year and it only costs me $75! Thats right… or… I can just use my regular insurance which is better. They made it sound like such a good deal, we even had some random lady stand up and go “Yeah that sounds awesome! I am TOTALLY going for that you never know!”
So lets get this straight… you could be paying $80 for full coverage per paycheck (mind you thats for you AND your spouse) which ends up being $1920 at the end of the year, but this is pretax so it really only will feel like $1200 or so. OR I can pay an EXTRA $75 a paycheck as well for CANCER insurance… then it ends up being $3720. But its such a great deal! Cause I could get a $75 cancer checkup YEARLY! Yeah! $75 a paycheck, and then halfway through the year i get a FREE checkup, if they DO find cancer I could get covered for 5000 of it… OR i could just go through my regular insurance which will cover everything after 1200… so regular insurance which covers everything after $1200, or pay an extra $1800… man they sure do know their stuff I tell ya.
Moral of the story people… stay with your insurance if you have it and DO NOT bother buying insurance one disease at a time. It doesn’t make much sense if you do.