Is it feasible to find 100 families to put $100 a month in a savings account to pay for medical expenses?

Its just an idea I had, wondered if it would work, if its legal, etc. My family has no health insurance, and I am sure that there are many other families out there in the same boat. We have no major medical issues, just checkups, physicals, dentist visits, etc. And I would like to have something to fall back on just in case of an accident or catastrophic illness. I know there would be obstacles, who would run it, how to pay the bills, who to let in, how to find replacements, but if it worked.....

Is it feasible to find 100 families to put $100 a month in a savings account to pay for medical expenses?
Terrible idea. That money would be gone in less than a week. There are no controls, and you'd be paying for someone else's kids braces or some middle aged woman's boob job. Or you could get lawyers, they are well-known for keeping down the cost of health care.
Reply:forget that. Just move to Canada and get it for free.
Reply:That's actually not a bad idea. In fact it's called an HMO. Many payers in and hopefully fewer takers out. However with today's medical costs you probably need at least 3,000 in-payers for every out-taker thus the ratio. HMO's have 100's of thousands of clients to provide the economy of scale you describe. Look into the cost of cancer treatment for 1 individual and you'll see the dilemma. Good luck to you in your quest. Health care is quite a problematic arena for most of us ordinary folks.
Reply:sure, you can do it, it's a risk sharing thing . . the biggest problem is, how do you make sure all the families are reasonably healthy? And the second biggest thing is, what if one person has a catastrophic issue, like a preemie baby? That can eat up $40,000 a day in extreme care . ..





Your biggest risk is running out of money - so the first person who puts in the big claim gets paid, and everyone else is SOL.
Reply:It won't work, plain and simple.
Reply:Insurance companies hire actuaries, investment managers, underwriters, claimspeople, accountants, lawyers, programmers, etc. to make sure such schemes work.
Reply:Sounds like you want to start your own insurance company and invite a few healthy people to join. I think the insurance regulators in your state would frown on this. They are responsible that insurance companies have the resources to pay claims, and I don't think you would pass their test. Do you really think that $10,000 per month is enoughto insure 100 families?





What would happen if, on the way to a meeting of your insurance company, there was a car accident, involving 3 families. You've been collecting money for about 6 months, but you've paid out about $5000 in claims, so you have a balance of $55000 plus a little interest. Do you think you can pay for the claims of the 3 families involved in the accident?





Who decides what benefits to pay for. You mentioned physicals, dental visits, etc. Will you offer free preventive care? Will you offer vision care? How about Orthodontia? How do you know what the cost of these things are? How can you know how much you'll be paying out for each family?





That's why insurance companies exist, because they know what these things cost because they have networks. They have claims experience that Actuaries go through to determine what the average family of 4 will cost for a year.





Just because you don't have insurance now, doesn't mean that you can't get it. Talk to a local agent about a Health Savings Account plan. You can purchase it for less than the traditional HMO plan, plus it will give you an opportunity to put money away on a tax-advantaged basis to deal with medical bills as they arise.
Reply:When you don’t have money to get the care you need:


http://www.nlm.nih.gov/medlineplus/finan...


http://ask.hrsa.gov/pc/


http://www.omhrc.gov/templates/browse.as...


http://www.hrsa.gov/help/default.htm


http://www.thefrugallife.com/medicalalte...


http://www.google.com/search?q=Free+Low+...





Free and low cost prescription medication:


http://www.nami.org/Template.cfm?section...


http://www.themedicineprogram.com/links....





This is about FREE hospitalization, if you need it and they WILL help you!


http://www.hrsa.gov/hillburton/default.h...


Hill Burton Hotline


1-800-638-0742


(1-800-492-0359 in Maryland)


In 1946, Congress passed a law that gave hospitals, nursing homes and other health facilities grants and loans for construction and modernization. In return, they agreed to provide a reasonable volume of services to persons unable to pay and to make their services available to all persons residing in the facility’s area. The program stopped providing funds in 1997, but about 300 health care facilities nationwide are still obligated to provide free or reduced-cost care.


http://www.hrsa.gov/help/default.htm


How to apply for Medicaid or medicare


http://www.cms.hhs.gov/MedicaidEligibili...


http://www.aarp.org/money/lowincomehelp/...





For information about Social Security, Medicare, and disability benefits, call the Social Security Administration at 800-772-1213.


http://www.ssa.gov/





For information about Medicaid, contact your local social service or welfare office. You can also find information about Medicare and Medicaid at www.CMS.gov


How To Pay for Mental Health Services


http://mentalhealth.samhsa.gov/publicati...


http://depression.about.com/cs/findadoc/...


Additional Public Benefits for Families Raising Children: http://www.nlm.nih.gov/medlineplus/finan...


DENTAL HELP:


Free or low cost dental care United States


http://www.nidcr.nih.gov/NR/rdonlyres/53...


http://www.raconline.org/info_guides/den...


FREE AND LOW COST DENTAL HELP FOR DENTURES , BROKEN TEETH , PAIN , ETC.


http://dental-assistance.app-sl-1.aidpag...





Need eyeglasses or eye care?


http://www.nei.nih.gov/health/financiala...


http://www.uniteforsight.org/freeclinics...





How to Get a Free or Low Cost Pap Smear, The National Breast and Cervical Cancer Early Detection Program provides free or low cost Pap smears to eligible women across the country. Through this program, uninsured and impoverished women can receive Pap smears at local clinics and doctor's offices.


Here’s a list for every state:


http://cancer.about.com/od/screeningandd...





Where can I go to get free or reduced-cost prenatal care?


You can call this number if you need free birth control help, too!


Women in every state can get help to pay for medical care during their pregnancies. This prenatal care can help you have a healthy baby. Every state in the United States has a program to help. Programs give medical care, information, advice and other services important for a healthy pregnancy.


To find out about the program in your state:


· Call 1-800-311-BABY (1-800-311-2229) This toll-free telephone number will connect you to the Health Department in your area code


· For information in Spanish, call 1-800-504-7081


· Call or contact your local Health Department.

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