What percentage of your income is spent on all types of insurance?

[kevinbgoode]

I was just thinking it might be interesting to discuss just how much of our income goes to insurance - without anyone disclosing their income numbers - but perhaps just an estimated percentage. It seems to me that I haven't seen a whole lot during this media frenzy of "health care debate" which really talks about the percentage of actual income which already gets sucked out of our cost of living just to pay homage to the insurance companies - even though many of us already know they can refuse to pay a claim and cancel at a moment's notice. It is often (to me, anyway) like paying homage to some king in medieval times - who promises his protection in return for duty, and yet pulls that protection when it isn't in his own profitable interests.

At any rate, those who don't have insurance (on any level) or who can't afford any, should feel free to chime in as well. . .one would hope at some point our government would figure out that the public would have more disposable income if we had some damned regulation of this runaway industry. . .

Anyway, I was thinking that I have it better than most people - single adult with no dependents, a job with excellent insurance partially provided by the state, though the total cost or our states and mine) contributions is nearly $700 a MONTH and that's for just health insurance. Figure in life insurance, car insurance, renters insurance, hell - the damn insurance department stores try to sell you on the appliances, supplemental insurance, dental insurance, vision insurance...well, the list goes on and on...hell, even the phone company tries to sell inside wiring "insurance" and the satellite television company charges $5.99 a month insurance (in case they have to fix the equipment or replace it). I figure my income percentage (per month) is around 5% - not a high figure, I know - but again, this is likely far higher for people who have dependents. And this percentage does NOT include the deductables for the extra out-of-pocket expenses which occur if I actually need to USE the insurance. . .or the co-pays which occur if I need to use any of the insurance.

[ColbertWatcher]

1. Excellent question! k+r, n/t

[ColbertWatcher]

27. Opps! Mine's about 20% n/t

[GoesTo11]

2. About the same as you.

Counting disability insurance & unemployment insurance. It would be a lot different if my employer didn't pay most of my family's health insurance - that's the huge thing. And ever since I sold my yacht and my Lear jet, property insurance has been pretty cheap. Just kidding. But I take maximum deductibles on everything.

[SmileyRose]

3. Here's mine

2 cars - .125 %
House - .02%
Medical/dental/vision insurance (does not take into account co-pays and deductables) 38%
Disablity income insurance - 19%


This is what comes directly out of my after tax dollars and does not include what my employer pays on my behalf instead of paying the money to me. For instance unemployment insurance, workers comp insurance, employer's portion of my social security and medicare insurance etc. There are also taxes taken out of my paycheck for social security insurance and medicare insurance.

I am also told by the doctor that if his malpractice premiums were in line with his actual risk factor, he could charge so much less that my copays and deductables would disappear ( and because we always end up paying the maximum out of pocket on my plan that is another 9.3% of my income)

Insurance costs me so much that if my house were not paid for, and my uncle came to live with us both for the care and social aspect, but also so we could help each other financially, I probably would be living in the car and keeping a gym membership for the showers.

[kevinbgoode]

8. Oops..thanks for mentioning the medicare insurance

I think I need to up mine about 2-3%. And I should have mentioned that I don't have a lot of other insurance (like renter's coverage, property insurance, etc.). . .

I'm glad you helped expand this list...I thought mine was rather low and people with dependents are really hit hard.

[bkkyosemite]

4. rent then most of the rest insurance it is disgusting.

[Speck Tater]

5. Retired. Manditory car insurance 4.6%. No other insurance of any kind.

I have nobody depending on me for income, so life insurance is pointless. I have another year before I can get Medicare.

[Horse with no Name]

6. 50% of my take-home pay. Easily.

And it disgusts me.

[Fire_Medic_Dave]

13. That is insane.

[Horse with no Name]

15. Yeah. It really is.

It should be criminal.:(

[Catshrink]

7. About 7% of net for house and car

medical is paid -- I take the basic plan so there is no extra fee.

I called my insurance agent today to discuss lowering my coverage. She said my deductibles were too low for someone who hasn't had an accident in 8 years and never filed a homeowner's claim. She's working up a new quote and I see her tomorrow. She said I could save a lot. Why didn't I do this before?????? I'm one of those people who just doesn't pay enough attention to these things. But... a 5% pay cut made me start looking. (I also went to a slower internet speed and ditched the digital cable, went to a bare bones landline -- it's a bundle and still saves me about $35/month overall. And I changed the newspaper to Sunday only. A few little changes and I made up the 5% pay cut.)

[finecraft]

9. Here's mine- Glad you brought this up

Quick figuring gets me this:

Percentage of yearly income spent on insurance based on total gross income:

Auto Insurance: 2 autos - 2.5%

Homeowners Insurance: 4.75% - Live along the Gulf coast so wind and hail is a separate policy from my homeowners, and I have to carry flood insurance too (unfortunately, I have three policies to cover one house)

Life Insurance: 5% - Two people ages 66 and 51

Medical Insurance: Spouse is on Medicare. Medicare costs, Medicare supplemental, dental policy and supplemental for my employer health policy - 5%

Total Percentage of Gross Income for Insurance: 17.25%

My employer pays my total health insurance premium on the health policy I have through work. Percentage of my gross income they pay for my health insurance: 15%

Our auto deductible is $1000.00. Our homeowners deductible is $2500.00, unless the damage is caused by a hurricane, then the deductible becomes $6,000.00 (per storm) Medical insurance deductible is $1,000.00. Dental deductible is $500.00.

I need a drink.

[SeattleGirl]

10. 20 percent for health and car insurance.

IMO, that's a lot, though I know others are paying an even larger percentage for theirs.

It's freakin' ridiculous!

[kevinbgoode]

14. I'm amazed as well. . .it's like we all use disposable income

to support an industry of speculators...and some of that expenditure is forced. And homeowners have it really bad, I gather. .

I sometimes wonder if the GOP isn't so beholden to insurance companies because they symbolize the epitome of Reaganomics. . .a huge industry which everyone is nearly forced to contribute to, which actually produces nothing.

[Blue_In_AK]

11. Aboiut 25%

including homeowner's (I'm estimating because I don't remember exactly how much it is), health and car.

[handmade34]

12. was approx. 60% before I dropped health ins

now it is close to 20% as I kept dental and include auto, life, house... would be higher if it included medicare and social security insurance (taxes)

[Fire_Medic_Dave]

20. Wrong place. Sorry yours is so high.

[wickerwoman]

16. None. No income. No insurance.

;(

When I lived in China, .004% for health insurance. Didn't own a car and rented so that was it.

[BlooInBloo]

17. Including payroll deductions for workman's comp insurance and the like?

[kevinbgoode]

19. Sure...anything that is deducted from your paycheck that comes

directly from your earnings (except the employer contribution) AND anything you write a check for, too. . .insurance is. . .insurance. I just think it's interesting for us to look at the wide disparity - and the large percentages, of our income that is earmarked for "insurance" of various kinds - especially since every category always goes UP in price.

[KDFW]

18. The only insurance I buy is what the law requires: auto liability. And that is it.

If we didn't drive, we wouldn't even need that.

[Fire_Medic_Dave]

21. Let's see.

My wife and I make $115,000 a year. Homeowners is $800 a year, auto is $1400 a year, medical is $1200 a year, accident insurance and accidental death is $500 a year, Dental is $240 a year, Vision is $80 a year, Boat insurance is $200. I think that's it. So that's $4,420 and a little less than 4%. I had never added it up before.

David

[Cresent City Kid]

22. Just auto insurance

5%.

[imdjh]

23. homeowners + auto + health = about 25% of net

[Festivito]

24. 80% and up.

.17 War insurance (Fed govt)
.16 Federal interference insurance
Totals .37 if you make a lot
.04 State mischief insurance
.03 County fair insurance
.03 City/property remains yours insurance
.0765 FICA(SS)/Medicare
.0765 The part you make, but company and government never let you see it so it should be lower, like .0765/(1+.0765)
Total of governance can be lowered if you invest in stuff like mortgages that give banks big profits so it's like money you spend on the bank's profit insurance that you pay to the bank for the bank. And, yes, it's over 50%.
.20 Health insurance 12K/(50K+12K)
.005 ADD Health insurance if sick
.20 ADD health insurance if really really sick
.06 Retirement payment insurance
.04 Sick pay insurance
.03 Unemployment insurance
.005 Disability insurance
.005 A life insurance policy

Comes to about 80% for all the insurances offered by decent European countries for about 50%, there.

[ContinentalOp]

25. 19.4%

Auto insurance = 0.9%
Home insurance = 0.7%
Health insurance = 2.5%
________________________
= 4.1%

+ 15.3% self employment tax
___________________________
total = 19.4%

[Angleae]

26. About 3.5%

Full medical, dental, auto (0$ deductible), & renter's insurance. Medical/dental about $420/year, auto/renters about $1020/year.