Insurance: Ahead or behind?

[nickbits]

Have you paid more in premiums or received more back in claims over your lifetime?

Me:
Auto: Received $0 in my lifetime, paid ??
Home: Received $0 in my lifetime, but I've only had a house for 4 years
Life: $0 cost and $0 claims
Health: Only had insurance since 2008 (lived in Canada before, so no direct cost), paid ?? but received about 150K in claims and my insurance will be paying about 50K/year for the foreseeable future

Overall I've received way more in claims than I've paid in premiums

 

[Corporate Thug]

I don't know about the rest but I have never paid for health insurance and have raked up easily over 100k in claims.

 

[Atomic Playboy]

Paid a lot more in premiums, but I'm young; I've got my whole life ahead of me to destroy my house, car and body.

 

[jagec]

I don't know about the rest but I have never paid for health insurance and have raked up easily over 100k in claims.

If work paid, that still counts IMHO. It's not like the insurance companies were paying out of the goodness of their hearts.

I've had about $5k in total insurance claims, but I've paid much more than that in premiums over the years.

 

[Chiropteran]

Overall everyone should have paid more. If you have paid less, you are probably on some bad list and your premiums are jacked up high enough that things will equalize real soon.

Of course, if you consider insurance benefits you get for free as truly free, you might feel like you are coming out ahead, but your company is paying for that- you would be a lot more ahead if they just paid you more instead of putting money into insurance for you.

Also, the actual numbers are sometimes lies, so you can't always trust them, especially health coverage. For example an operation the hospital might charge a "cash" price of $10k, but they bill insurance companies $25k, and then big companies will have kickback deals where part of that $25k is paid back to the insurance such that they end up paying about the same as cash anyway, but it looks like they pay a lot more..

 

[sixone]

I had a car accident last year. Fixing the car cost about 10 years worth of premiums.

Health insurance co is making a fortune off me. No homeowners/renters claims in 10 years or so.

 

[vi edit]

Life: no (that's not a bad thing!)

Health: absofreakinglutely ahead...My son had an $80,000 hospital tab when he was born. That's not even including my daughters $35,000 tab. Or my wife's OR time. Or my CT, MRI's, numerous XR's. I've paid for my premiums a couple lifetimes over at this point.

Auto: I got a check for about $800 once from hail damage. Other than that never made a claim.

Home: Not a single claim. Again that isn't really a bad thing.

Extended warranty: almost every extended warranty I've ever bought I've used to my advantage. Only one I can think of that didn't pay for itself was the one I put on my Canon Digital Rebel when they first were released.

 

[nickbits]

Overall everyone should have paid more. If you have paid less, you are probably on some bad list and your premiums are jacked up high enough that things will equalize real soon.

Of course, if you consider insurance benefits you get for free as truly free, you might feel like you are coming out ahead, but your company is paying for that- you would be a lot more ahead if they just paid you more instead of putting money into insurance for you.

Also, the actual numbers are sometimes lies, so you can't always trust them, especially health coverage. For example an operation the hospital might charge a "cash" price of $10k, but they bill insurance companies $25k, and then big companies will have kickback deals where part of that $25k is paid back to the insurance such that they end up paying about the same as cash anyway, but it looks like they pay a lot more..

I'm pretty sure I'm on their "bad list". I have a dedicated nurse from the insurance company that calls me every so often to check up me. I've wondered if my company's rates have gone up but if they have, they've been absorbing the cost.

I don't think I'd be better off with an extra $300ish/month when my costs are 4k, although as you noted I'm suspect to what their true costs are. My statement has a "billed amount" and "paid amount" but I'm not really sure I believe them (for my pharmacy claims anyway).

I had some lab work done recently and they didn't have my insurance info and I got a bill with a "self pay" discount of 40%. However, when my insurance processes the claim, based on my other lab work, they will get a 80-90% discount.

 

[TXHokie]

Life - paid more in premium....but check back later before my policy expires
Auto - paid more in premium - had about three bumps totalling about 10k in claims total. I've paid more than that in premiums since I've been driving
Home - Had a roof replaced due to hail, but still all in all less than adding all my premiums together over the years
Health - This one is a bit tricky. My three kids had smooth deliveries and that's been the only big ticket health items. Though we had one of the kid while I was working at a small company with lousy insurance and out of pocket was close to 7k. Obamacare is causing my annual premiums to catch up fast.

 

[Gooberlx2]

Life: $0 - behind
Home/Renters: $500, stolen wedding ring - behind
Auto: ~$15,000, wife totaled her car - behind over the life of our driving careers
Health: Untold thousands upon thousands - way, way ahead.

 

[BD2003]

I'm way behind and I hope it stays that way. Insurance is for when really horrible things happen to you...I'd rather those things just not happen, thanks.

 

[EagleKeeper]

Life - $3K - behind
Home - Even- 2 floodings at two separate houses
Auto: ahead- $30K claims (3 vehicles) - at avg $600 yr in premiums * 40 Years
Health - Ahead - Medical costs for wife

 

[amdhunter]

Paid: Tens of thousands.
Received: ~$1200

 

[rcpratt]

Health: Probably ahead (yay, eye problems!)
Auto: Ahead. I think I've made...3 claims, none of which were my fault. Maybe 4.
Renters/Home: Behind, no claims.

 

[DrPizza]

I'm significantly behind in all three, I think. I'm certain as far as auto & home. Pretty certain for health, though there were 2 c-sections in there & an emergency removal of a gall bladder (not mine.) Hmmm... I doubt that adds up to the $150k-$200k in premiums over the years.

 

[JulesMaximus]

Where's the "and you know that notion, just crossed my mind" option?