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Interestingly enough, most people continue to work despite the fact that a simple mishap or bout with illness for themselves or a loved one can (and does) wipe

Interestingly enough, most people continue to work despite the fact that a simple mishap or bout with illness for themselves or a loved one can (and does) wipe out everything they've earned working. It's been ~10 years since I looked at the numbers, but I remember it being something like 30% of bankruptcy filings are due to medical issues and associated costs. Maybe systemetizing it a priori would have a different impact on people's perception about the mechanism though?

VBprogrammer 8y ago
At the risk of this going slightly off topic. I wondered how that compares to the UK (where there is free at the point of use health care) According to this https://www.yourmoney.com/credit-cards-loans/living-beyond-means-common-reason-bankruptcy/ https://www.yourmoney.com/credit-cards-loans/living-beyond-m... circa 10% of bankruptcy proceedings were due to ill health. I don't think much can be drawn from that though as there are too many legal and cultural differences in the application of bankrupsy.
uep 8y ago
I've seen higher numbers elsewhere, something like 60+%, though I'm not sure where it stands with the 2008 housing crash. What's more concerning is that most people with medical bankruptcies had health insurance at the time they initially got sick. This bit[1] from the 2009 in the NYT says 3/4 had health insurance, but I just remember reading it was more than half in the last few years. [1]https://prescriptions.blogs.nytimes.com/2009/09/07/insured-but-bankrupted-anyway/ https://prescriptions.blogs.nytimes.com/2009/09/07/insured-b...
antepodius 8y ago
I'd certainly imagine a lot of people would resent having a person take away their stuff more than luck/nature doing so. If someone stole my phone, I'd be angrier than if it had fallen out of my hand and off a cliff; if someone stabbed me in the heart, I'd be angrier and more likely to entertain fantasies of revenge than if I had a heart attack. Also, ceteris paribus, if you get ill and you've worked harder, you'll have more resources to help yourself, so you'll be less likely to be broke by the end of it. Under this system, how hard you worked doesn't increase your expected amount of money next year. Also, all the rich would immediately flee the country.

VBprogrammer 8y ago

At the risk of this going slightly off topic. I wondered how that compares to the UK (where there is free at the point of use health care) According to this https://www.yourmoney.com/credit-cards-loans/living-beyond-means-common-reason-bankruptcy/ https://www.yourmoney.com/credit-cards-loans/living-beyond-m... circa 10% of bankruptcy proceedings were due to ill health. I don't think much can be drawn from that though as there are too many legal and cultural differences in the application of bankrupsy.

uep 8y ago

I've seen higher numbers elsewhere, something like 60+%, though I'm not sure where it stands with the 2008 housing crash. What's more concerning is that most people with medical bankruptcies had health insurance at the time they initially got sick. This bit[1] from the 2009 in the NYT says 3/4 had health insurance, but I just remember reading it was more than half in the last few years. [1]https://prescriptions.blogs.nytimes.com/2009/09/07/insured-but-bankrupted-anyway/ https://prescriptions.blogs.nytimes.com/2009/09/07/insured-b...

antepodius 8y ago

I'd certainly imagine a lot of people would resent having a person take away their stuff more than luck/nature doing so. If someone stole my phone, I'd be angrier than if it had fallen out of my hand and off a cliff; if someone stabbed me in the heart, I'd be angrier and more likely to entertain fantasies of revenge than if I had a heart attack. Also, ceteris paribus, if you get ill and you've worked harder, you'll have more resources to help yourself, so you'll be less likely to be broke by the end of it. Under this system, how hard you worked doesn't increase your expected amount of money next year. Also, all the rich would immediately flee the country.