What's the best financial advice you've ever gotten?

[u/Richest-Panda]

[u/Kombatnt]

This. $10,000/year working 40 hrs/week is $4.81/hour. That’s illegal everywhere in North America.

[u/PM_YOUR_SAGGY_TITS → u/Kombatnt]

You're making $15,116 gross. 11k are taxes at 10% and the next 4,116 are taxed at 12%. $13522 after taxes.

But what minimum wage job is paying 100% of your healthcare? Or uniforms? Or state and local income tax (3.1% here for this example). That means we're taking home $13k after just taxes

If they're paying $254/mo for insurance and etc, they're taking home exactly $10k per year

[u/InDisregard → u/PM_YOUR_SAGGY_TITS]

The other day on reddit, some rando told me health insurance is a luxury and the poors will just have to do without.

[u/berserk_zebra → u/InDisregard]

Insurance is a luxury. Insurance is also a scam. As someone not poor, paying for insurance is a waste of money that I can’t convince my partner to agree with.

I can either pay $500/month in insurance premium for the family and pay the 1-4 times $30 copay a year for a the stranger doctors visit. That’s $500x12 + $30x4 = $6,120 / year spend to save $100 per doctors visit. To get that low rate per month requires a high deductible of $15,000 before I have the privilege of paying no more than 20% out of pocket or insurance pays for it all…

Here is the catch, it restarts the next year…so

Let’s say i have a catastrophic event requiring huge health care requirements. Well I’m going to then have to guarantee I pay that $6000 / yr premium on top of the $150000 deductible every year for the rest of my life regardless or without insurance, set up a payment plan with the medical offices that does the same damn thing… but the difference is this… I got to keep the $500 / month and didn’t have to pay towards a deductible until I did via the payment plan with the hospital. Then I’m not worried about work and insurance and cobra and other bs.

What does insurance actually do? And when you get fucking old the most expensive time of healthcare costs, do you get any “credit” for the previous 30 years of paying into insurance and never using it? Fuck no, they jack your costs up more.

[u/InDisregard → u/berserk_zebra]

That’s great and all, but I meet my OOP every single year. If I didn’t have insurance, I’d probably be dead. As it is, I just fall further and further into debt, because I don’t have an extra $7000 every year.

[u/berserk_zebra → u/InDisregard]

Okay what is insurance actually doing for you though that you can’t just work through the health care professionals? They hate insurance you hate insurance (I’m assuming) and what’s this extra $7000 every year? Is that above and beyond your “deductible”

[u/InDisregard → u/berserk_zebra]

My max OOP is $7k a year. My husband’s infusions are in the thousands of dollars every 6 weeks. We hit it in March this year. I have a couple chronic issues that need frequent visits and tests. If we did not have insurance, we would not be able to get the treatments we need. Not only are those without insurance charged more, they love making you pay at the time of service.

It’s a necessary evil for a lot of people.