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Cut Out Health Insurance?

QUESTION: Shauna asks if it’s ever okay to stop paying health insurance to pay down debt. Dave says no way.

ANSWER: No. The number-one cause of bankruptcy in America today is medical bills. It’s not medical bills necessarily from the uninsured. It’s medical bills also from copays and deductibles and no one had any savings.

The number-two cause of bankruptcy is credit card debt.

Let me just tell you, you blink your eyes and you have $200,000 worth of medical bills. One little thing, and you’re just devastated. It’s a bankruptcy event.

No, you do not walk around without health insurance. And I’m not talking about Obamacare and I’m not talking about mandates and I’m not talking about penalties and I’m not talking about any of that crap that the government is mandating. I’m talking about you having common sense, which says you ought to have health insurance. That simple. Then you can get into the philosophy of who pays for it—like I’m supposed to pay for yours or something. Or you’re supposed to pay for mine, but at the end of the day, you’ve got to have health insurance, so you need to go get it and you need to pay for it and you need to do it right now.

That wasn’t unclear, was it?

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