misc.invest.financial-plan Google Group

Re: Do rich people need health insurance?

pleasenos...@microsoft.com (Wallace) — Wed, 10 Mar 2010 10:08:16 UT

Correct. And the purpose of the current health care efforts in congress is
to shift financial risk to someone else.

Re: Do rich people need health insurance?

george...@hotmail.com (dapperdobbs) — Wed, 10 Mar 2010 01:56:38 UT

[snip]
I think most people recognize all the very valid points you made. Some
vocal few squeal loudly, and it appears that those are the majority.
One wag on CNBC quipped about "health care reform," he said,
presumably to the remaining fanatical proponents, "What part of the
word "NO" do you not understand?

Re: Do rich people need health insurance?

george...@hotmail.com (dapperdobbs) — Wed, 10 Mar 2010 01:43:23 UT

On Mar 9, 2:11 pm, "Gene E. Utterback, EA, RFC, ABA"
[snip]
[snip]
The artificial demand pull created by insurance raises the price to
everyone.
The real cost drivers are avaricious lawyers, bureacuracy, and
insurance. So the current plan is to do nothing about the lawyers (as
idiot juries continue to award hundreds of millions to people who "did

Re: Return of Capital from ETF -- Tax Treatment?

dumbst...@gmail.com (dumbstruck) — Wed, 10 Mar 2010 00:07:18 UT

Oh rats, a commodity etf (as a publicly traded partnership) has sent
me a K-1 form against my traditional IRA declaring "adjustments to
basis". I assume this is not normally of relevance because you
typically will treat the whole shebang with basis of zero. Hopefully
it is only for folks doing fancy transactions - this IRA of mine is in

Re: Do rich people need health insurance?

nos...@nospam.com (Bill) — Wed, 10 Mar 2010 00:08:00 UT

More accurately, the purpose of insurance is to evenly distribute the
financial burden over the the members of the group that participate in
the plan. Those who sustain little or no loss will subsidize the few
who sustain large losses.

Re: Do rich people need health insurance?

honda.lion...@gmail.com (Elle) — Tue, 09 Mar 2010 22:35:41 UT

On Mar 9, 12:11ï¿½pm, "Gene E. Utterback, EA, RFC, ABA"
I would have said, to be maybe a bit more clear, "to distribute
financial risk over a group."
Every few years I check what HD health insurance would cost me. Since
about 2003, the overwhelming majority of HD plans offer deductibles
that are $5k or less. Many free online comparators attest to this. I

Re: Fidelity IRA funds for 2010

pschuman_no_spam...@interserv.com (ps56k) — Tue, 09 Mar 2010 21:39:13 UT

I was just laying low since the 2007 collapse.... and haven't picked
anything new since then.
Have had FSEAX and FEMKX - and still seems to be the "sector" to have,
but can't figure out why these are in the lower half of the perf group.
At this point - just looking for something to keep ahead of inflation...

Re: Do rich people need health insurance?

d...@noospam.com (David) — Tue, 09 Mar 2010 21:23:24 UT

My wfe had a severe stroke in 2002 at age 62 that required surgery to
save her life and the bill for 30 days in the hospital was 250K. That
was the amount the insurance company settled it for, no where near
what the various health providers wanted. And it could have easily
been worse, much worse. I imagine working all that out as a private

Re: Do rich people need health insurance?

g...@alliancetax.com (Gene E. Utterback, EA, RFC, ABA) — Tue, 09 Mar 2010 19:11:24 UT

OP ponders whether the RICH need health insurance and if so is it
affordable.
First you have to understand the nature of all insurance - to shift
financial risk to someone else. All insurance is designed to help you get
someone else to pay for your loss, in whatever situation on context we're
talking about.

Re: Do rich people need health insurance?

dwz...@telus.net (Don) — Tue, 09 Mar 2010 17:05:54 UT

Quite true, and most Canadians have great respect for Americans.
Undoubtedly Canada owes a lot to the USA. A big military budget is not
needed, because the USA military keeps the rest of the world in line.
In the event a foreign power tried to intimidate or take over any part
of North America, almost certainly the USA would come to the rescue.

Re: Do rich people need health insurance?

honda.lion...@gmail.com (Elle) — Tue, 09 Mar 2010 14:42:45 UT

FWIW, I happen to think the health care reform Congress is currently
considering does pay stunningly too short shrift towards (1) promoting
individual responsibility; and (2) maybe more importantly, an
awareness of how overprescribed many medical procedures, drugs etc.
with no change in health outcomes. For these realities, I place the

Re: Do rich people need health insurance?

honda.lion...@gmail.com (Elle) — Tue, 09 Mar 2010 14:35:02 UT

I agree with your general point above, with to me one important
caveat: Some of us are born into and grow up with great advantage. The
generationally, financially poor are not to use this as an excuse.
Instead, I would hope the middle and higher income classes keep in
mind that their dividends typically come off the backs of the

Re: Do rich people need health insurance?

breadwiths...@fractious.net — Tue, 09 Mar 2010 08:13:32 UT

[re: private health insurance]
Again, it varies by state. In some states, no illness, pre-existing
condition or even your age can prevent you from getting insurance.
The downside to that is, of course, that in those states, the young
healthy folks pay a hell of a lot more than they otherwise would,

Re: Do rich people need health insurance?

george...@hotmail.com (dapperdobbs) — Tue, 09 Mar 2010 04:47:19 UT

Don,
Very articulate points, and thank you for acceding (or conceding) the
costs point. I note that Canada is a loyal ally and a brave and
effective one.
A concise statement of philosophy. Your examples are compelling. I
hold my reservation, best expressed in an example of Safeway's
(effective) preventitive care initiatives, that the individual bears

Re: Do rich people need health insurance?

george...@hotmail.com (dapperdobbs) — Tue, 09 Mar 2010 04:02:09 UT

Elle, so sorry, honest! That was my error. I always read what you
write, and garner gems of insight. I meant to include YOUR line!
You are so right about humor. A society is based on, I think, goodwill
and conviviality. These are difficult times for many.
Best,
Dapper.