A Glass Half Full

May 4, 2006 by bob.

Everyone approaches life differently. Some look for the good in life while others see only bad.

About a year ago I was referred to an individual by a client. The man I was referred to was mid 20’s, in good health and did not have health insurance. In fact, he had not owned health insurance for years. The only reason he agreed to see me was because of the referral.

And the fact the person suggesting he have health insurance was his boss.

This man told me he would not have considered buying health insurance if his boss had not insisted. This brings up another point.

Many small employers cannot afford to pay for health insurance for their workers but that does not mean they do not care about their financial security. Employers know how things can change in an instant to affect your health and your wallet.

Cutting to the chase, the man decided to go with one of the less expensive plans I was recommending. The plan had very good benefits including low doctor copays and good Rx coverage. The plan included a yearly physical for $40.

My new client said he had not been to the doctor in years and one of the first things he was going to do with his health insurance was to schedule an exam.

He was approved and the coverage went into effect a few weeks later on April 1st.

Seventeen days later he was severely injured in an off-road rollover accident and was transported by ambulance to the nearest hospital. After two surgeries he was discharged four days after being admitted. His recovery would take almost 3 months and would require numerous trips to the doctor and two more surgeries.

All totaled, his bill would run close to $60,000.

All but about $4,000 of that was covered by his health insurance.

The same plan he took out at his employers insistence less than three weeks before his accident.

He is fully recovered now and I recently called him to review some recommended changes in his plan. He told me he was going to drop his plan. I was stunned.

Why would you drop it?

I can’t afford to keep it.

The premium was only $67 per month and some of the changes I recommended would have set his new premium at $80. I asked why he was dropping the coverage.

He said he was still paying bills from last year and could not afford to keep paying premiums and paying off the remaining $3,000 or so not covered by the health insurance.

His plan had paid over $56,000 in medical bills and he had paid the carrier less than $700 in premiums.

He saw the glass as half empty.

I saw the glass half full.

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