I pay more for health insurance than housing. And I doubt many people have an emergency fund large enough to cover the expense of a serious illness or injury. No amount of frugality will result in a spare $50,000, $250,000, or 1 million for health care. An Urgent Care visit can cost a month’s wages and an ER visit can cost a year’s wages. I am not in the least surprise that most bankruptcies are medical bankruptcies. A person with health insurance can still go bankrupt paying the premiums, the deductible, the co-payments, the “exceeds reasonable and customary” and the “not covered.” Health insurance is a racket.
