this post was submitted on 27 May 2026
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67
In the US, why doesn't a personal savings account make more sense than health insurance? (piefed.social)
submitted 23 hours ago by CptHacke@piefed.social to c/asklemmy@lemmy.world
60 comments fedilink hide all child comments
 

Hear me out on this, please.

Let's say that I spend $5k on health insurance in a year, but don't go to the doctor or have any medical issues in that year. Where does my money go? It disappears. I basically just gave away my money, and received nothing in return. However, if I took that $5k and simply put it into a personal savings account instead of giving it away to a health insurance provider - that money stays right there if and whenever I decide to use it. It even collects interest.

I realize that with a health insurance provider, you're (supposedly) getting discounted rates on medical services - but if your money is just disappearing into thin air if you don't happen to need those medical services in a given year, are you really saving money? It just seems like a really big scam to me - what am I missing?

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[–] jordanlund@lemmy.world 8 points 23 hours ago (1 children)

My cancer surgery this year and my wife's hospitalization combined to hit $600,000.

You aren't paying that with a savings account.

[–] nocturne@slrpnk.net 9 points 23 hours ago (1 children)

I am also not paying that with insurance. My rattlesnake bite cost $43,000. Insurance covered almost $3,000.

[–] jordanlund@lemmy.world 1 points 12 hours ago

Our out of pocket maximum for the year is $6,500. We hit that instantly.