As mentioned before, a million dollar cap does not go as far as you think. My friend's heart transplant cost more than that for sure. New cancer drugs can cost $200k per year just for the drug alone.
One of the biggest benefits of the ACA, besides protecting those with pre existing conditions, was the elimination of caps like this.
Don't risk your hard earned retirement money by buying cheap ass insurance that doesn't protect you against the very things that cause people to go bankrupt due to medical problems. I don't care how healthy you think you are, shit happens to people all the time.
I think this topic is one of many without 1 true answer. Life itself is about risk vs reward. I am not going to preach to
@austin that he is not adequitly covered. If there were a million people like him, how many would not be adequetly protected? 1, 1,000, all of them? How much more money is required to put that number to a level acceptable to you, or to me? What if the costs were triple? Or 10 times? Or 1 extra dollar?
It is all about acceptable risk. That is why the ACA is so problematic. There are people that think ACA carries too much risk , and others that believe it does not carry enough. When something like that is mandated, you will have conflict.
My main concern with health shares is that customers may not understand the risks they are taking. Maybe there is no risk at all. I just do not know. Healthcare is NOT a simple idea that can be understood by the most unintelligent of the community. I argue it SHOULD be, but it just is not. That bothers me not only for me, but the other 80% of the population that thinks they are of above average intelligence.
If everyone drove a tank that maxed out at 10 MPH, I would argue there would never again be a road death(yes some idiot would still manage to die, but still). Why don't we? Cost and time lost by driving slower. Are we all "wrong"? I say no.
I drive small cars. I like the mileage, and I believe I am taking an acceptable risk of getting run over by a semi. MMM even did an article about this very topic. Others may think I am crazy to take that risk, and only feel safe in SUV monstrosities(in MY opinion). That makes me right and others wrong, right? Right?.... Of course not.
Regarding losing your "hard earned retirement money:"
It varies by state, but for most, 401k money is protected against bankruptcy, so based on your situation, you really might not be risking ANY of your retirement by being under-insured. Would it be crappy to ditch on a hospital bill? Yup. Is it a tool in my toolbox I would consider. ABSOLUTELY. If it is good enough for my president's companies to do SIX times, it is good enough for me. Sorry to get political here. It was inappropriate, and I was wrong.
This really is yet another example of acceptable risk vs. reward. I would NEVER start a company if there was a reasonable possibility I would need to default on my creditors. Others would not bat an eye. Who is right? The law says we both are. I can live with that. But 6 times? Seriously (ok, last time).
What if ALL credit was like student debt? Never discharged. Carried with you for life. No more bankruptcy, no more "payment reductions". No more restructuring. If you have a debt they can just take all you have to pay it back and put your body into indentured servitude. Would that change peoples minds about healthcare and acceptable risks? It would for me.