BUZ LIVINGSTON: You can get anything you want at Alice’s Restaurant

Published: Tuesday, November 26, 2013 at 04:26 PM.

Most people who declare bankruptcy due to excessive medical costs had health insurance before getting sick. Despite having health insurance, a client of ours still had a five figure medical bill.

People don’t understand insurance, heck, I’m a poster boy. Back in the ’90s I ignored an agent’s admonition, “A $50,000 paid up policy is always good” and took the cash value.

People pay untold millions for cash-value life insurance or annuities and have no clue what they bought.  “I have a 6 percent guarantee on my annuity.” Sorry pal, maybe not. Hardly anyone understands an insurance declaration page, either.

As far as botched rollouts go, healthcare.gov pales in comparison to the genius move during the Vietnam War to replace functional M-14 rifles with M-16s. My friend Jacks still fumes. The M-16 is a perfectly good weapon but the government low bid the ammunition like they did healthcare.gov.  

People overlook Obamacare/ACA insurance policies are guaranteed issue. Smoking is the only preexisting condition. ACA insurance policies have annual limits on maximum out-of-pocket costs.

In addition to guaranteed issue they guarantee you won’t go bankrupt. The ACA seems to do better in some states.

In red state Kentucky one poll had Sen. Mitch McConnell with higher unfavorable ratings than the ACA.  In Arkansas , the Medicaid expansion has been a stunning success with almost 65,000 low income residents now insured. Obamacare/ACA gives early retirees or those who lose employer sponsored health insurance an affordable option for expensive COBRA coverage.

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