That's what insurance does. Some events are extremely rare and extremely expensive. We shouldn't expect every individual to have enough savings to pay for ever

That's what insurance does. Some events are extremely rare and extremely expensive. We shouldn't expect every individual to have enough savings to pay for every eventuality. Sharing that risk allows nearly everyone to live better. The question here is whether that insurance should be provided by a profit-making corporation or a government agency. Though the US system of private insurance is badly broken, evidence from other countries shows that both approaches can work.