Why do people have medical insurance?
The same reason they have other insurances…to transfer the risk to an insurance company. I’ve given the example before of the guy who decide to go just 3 months without coverage (because it was cheaper…or so it seemed) and then had a heart attack and had to sell him home to pay the bills. I just broke my wrist…something I didn’t expect…and I certainly didn’t expect that it would cost $8-$10k. Of course between my disability policy and my health insurance I should technically turn a profit (not that I’m looking to break it again). But, I’m certainly glad I have coverage and it would take Insurance is designed to cover unexpected events. Hope that answers your question.