Who Needs Insurance? Nobody Apparently
By JohnRehor on Mar 24, 2011 with 9 Comments
I don’t sleep.
Because I don’t sleep, I have time to think about all sorts of things. Whether it’s pondering why the hell is it snowing in late March, to why do my dogs wait until 3am to want to play, I have lots of time to think about things.
Last night, my attention drifted to football, in particular the letter sent by Roger Goodell to the players, restating the owners’ offer for everyone to see. I had read it, several times, but this time, something caught my eye and really had me thinking.
“For the first time players and families would be able to purchase continuing coverage in the player medical plan after retirement for life, and could use their health savings account benefit to do so.”
A plan to have medical coverage for life for former football players and their families, and it was left on the table? My brain started doing some number crunching and I was thinking how could this be walked away from?
Before I continue, lets assume that every thing the public was allowed to view, the offer and the response from the players is true for what is stated, that there is nothing hidden, no hidden lingo that was buried.
I took a look at my pay stub I receive bi-weekly, and focused at the medical line. How much was taken out for medical insurance every week? Could I afford this every week for the rest of my life, with normal 1% increase year on year as a basic escalation of insurance costs? Very interesting. Here is what I came up with (keep in mind, the numbers are not exact, not even close):
$100/week for insurance for my wife and myself
52 weeks/year=$5200/year for medical insurance
Roughly 30 years (hopefully) of work left to go.
Yearly increase for medical insurance per year for 30 years-lets make it easy and increase $100/year
Add it all up, and the total needed to cover medical insurance for life using this simple formula: $199,950
Now I might be crazy, but this seems like a bargain for lifetime medical insurance. Granted, I am not in the NFL, but if my company came up with a way for me to keep my insurance for life, I would figure out a way to make it happen. Would you? What if you had a pre-existing condition, say like you went to work every day and slammed your body against a desk for 8-10 hours a day? Sometimes you would break a bone, maybe a concussion here and there for good measure, and you still kept your insurance? Would you take up the offer I just proposed?
It’s a simplistic way to look at one aspect of the proposal made by the owners to the players, and there is much more to negotiations (if they were actually negotiating) but if I was voting on the proposal, this might have been enough for me to vote for the owners proposal. And the players left this on the table.
Makes no sense to me. Of course, not much does in this mess.
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Now, correct me if I’m wrong, but that “for life” insurance is married to a condition clause: as long as they don’t have other jobs.
Not saying that it isn’t a fair deal. If they’re making money elsewhere, why should the pre-employers still have to provide them insurance?
But it’s not as simple as “insurance for life”. If they ever need money, and get a job, their insurance is voided.
Ok, so what constitutes a “job”? Is managing one’s name for autograph signings considered a job? That’s why I assumed that there was no hidden language. We just do not know.
I’m trying to find the article that states that. It was a response from the players.
You are right, I’m not sure what constitutes a “job”, if that’s the term used. One would venture that, no, it’s not as easy as an autograph signing, but rather something with a signed working card…
This hints to it
http://money.msn.com/insurance.....0b475f3a3d
The other side of it is that they still have to “pay” for this coverage after they are done. I had the option of paying for a continuation of my health insurance after being laid off, but the price was very high and not having a weekly income made it that much higher.
The players keep saying they are doing this for the anti-Peyton Mannings meaning the guys who play 2-3 years, get their heads bashed in and then are left with nothing…not sure an opportunity to purchase health insurance makes that worth it or feasible
I get that, but I think that when you have subjected yourself to the damage a football career can cause, it is wise to take the option of a guarantee for insurance that is being offered rather than hoping a company will pick you up, especially if you are considered a risk with pre existing conditions
Isn’t it illegal to charge extra for pre existing conditions nowadays?
It’s not illegal in the sense they can increase your premiums if you have a pre existing condition
http://healthinsurance.about.c.....erview.htm
The offers from the NFL are like car commercials for low quality vehicles. Like the NFL offers and those commercial, they all focus on the little amenities.