There have always been disasters, disease, and death. No financial instrument will 100% protect everyone from those things. Any scheme (market- or bureaucracy-based) that guarantees to cover everybody from healthcare costs is a fool's errand because people will spend themselves poor, lie, cheat, and steal to stay alive.
That being said, the best things to do are the obvious things. Take care of yourself (no smoking habits, no binge drinking). Tell your doctor about your family medical history so you can keep an eye out for hereditary diseases. Live below your means. Have an emergency fund -- a huge one if you're especially concerned.
But besides all that, bankruptcy exists for this sort of situation. Sometimes life sucks and there should be a way to hit a reset button and move on.
>Any scheme (market- or bureaucracy-based) that guarantees to cover everybody from healthcare costs is a fool's errand because people will spend themselves poor, lie, cheat, and steal to stay alive.
I hear talk of far-off countries, where no one goes bankrupt from medical expenses.
To rephrase, giving everyone a blank check to pay for healthcare will never work.
Many countries that provide universal healthcare either have budget problems or financial situations not true of the U.S. (small size, proportionally large oil reserves). Even then, at the end of the day, someone still says no to some costs.
Sure. Some procedures are uneconomic, and it would be awkward to make them illegal, so there will probably always be private options. But the US approach is just grossly inefficient (I've heard it spends twice as much per capita on healthcare as comparable nations, for indistinguishable outcomes). Driving people into bankruptcy for health problems they have no control over doesn't make anyone more productive. Tying healthcare to employment makes the labour market illiquid and disadvantages everyone. And I shudder to think what life must be like for e.g. someone who wants to leave an abusive marriage but is dependent on their partner for health coverage.
That being said, the best things to do are the obvious things. Take care of yourself (no smoking habits, no binge drinking). Tell your doctor about your family medical history so you can keep an eye out for hereditary diseases. Live below your means. Have an emergency fund -- a huge one if you're especially concerned.
But besides all that, bankruptcy exists for this sort of situation. Sometimes life sucks and there should be a way to hit a reset button and move on.