4 ms·

> If most Americans get seriously sick at the same time they've lost a job, then they're on a one-way road to poverty. Source? I don't believe "most" is even c

• sidlls 9y ago
  From a duckduckgo search of "median savings us": https://www.valuepenguin.com/banking/average-savings-account-balance https://www.valuepenguin.com/banking/average-savings-account.... Half of households with savings accounts have a balance of $5,200 or less. That's barely one month's worth of basic expenses (rent, food, utilities) in the Bay Area. It's perhaps 3-6 months' worth in a less absurdly expensive area, depending on housing situation and how austere one can pare down the life to. Throw in even a non-serious, but serious-enough sickness and that's cut in half (or worse). According to Here's a marketwatch article: https://www.marketwatch.com/story/most-americans-have-less-than-1000-in-savings-2015-10-06 https://www.marketwatch.com/story/most-americans-have-less-t..., 21% of households don't even have a savings account. They'd have zero months' worth of anything if they lost a job. So, yeah, "most" might even be a bit optimistic. I'd have used "vast majority", "almost everyone", "just about anyone outside the top 5%-10% of income earners", etc.
  • brucephillips 9y ago
    Low to no savings doesn't imply people can't afford insurance. You're not accounting for government aid.
    • sidlls 9y ago
      If a person loses their job they'll get COBRA and see their premiums double or triple. And a family on government aid in this scenario is already impoverished.
      • brucephillips 9y ago
        > a family on government aid in this scenario is already impoverished. No, CoveredCA, for example, provides aid to families with income up to 400% of the poverty line.