3 ms·

> for individuals with limited resources who will be wiped out if uninsured Usually, individuals with limited resources can't really be wiped out: there is not

> for individuals with limited resources who will be wiped out if uninsured Usually, individuals with limited resources can't really be wiped out: there is not much to wipe out. Here is my perspective: I consider myself typical individual with limited resources: I'm mostly live on the my salary (Software dev), I don't really have major assets (20k car bought for cash, renting a house), have some savings (~30k cash). And I only have minimal car liability insurance, as required by law. So, what kind of "wipe out" event can happen to me / my family? And what kind of insurance do I need to get for that? Let's say I have auto accident and I'm liable for million dollars. The likelihood of such event is low. Such event probably would result in bankruptcy, but it's not much worse, then constantly paying extra for insurance. So, there is "no wiping out" in this seemingly catastrophic event. So, what I'm saying is "individuals with limited resources" often doesn't have much to wipe out, so they don't have to worry about insurance.

rdtwo 6y ago
Usually they have wipeout problems that can’t be insured for. Medical conditions or unemployment being the most common.
- SlavikCA 6y ago
  Can't be insured for? I find that ironic, because we actually have medical insurance and unemployment insurance here in USA, but we often see "individuals with limited resources" wiped out for reasons you mentioned.
  - rdtwo 6y ago
    In areas where that works it’s more of a social insurance and government run. In the us medical insurance is a rate subscription service, similar to say Costco.
skybrian 6y ago
That depends on how much avoiding bankruptcy is worth to you. It might be worth learning more about what the experience is like?
zeroxfe 6y ago
> Let's say I have auto accident and I'm liable for million dollars. The likelihood of such event is low. Such event probably would result in bankruptcy, but it's not much worse, then constantly paying extra for insurance. So, there is "no wiping out" in this seemingly catastrophic event. Consider the same accident and you fracture your spine, leaving you paralyzed neck down. Insurance (at least in the US) affords you access to medical care, and access to follow up therapy and other resources to (hopefully) recover completely. If you have limited resources and no insurance, the consequences are a lot worse than bankruptcy.

rdtwo 6y ago

Usually they have wipeout problems that can’t be insured for. Medical conditions or unemployment being the most common.

SlavikCA 6y ago
Can't be insured for? I find that ironic, because we actually have medical insurance and unemployment insurance here in USA, but we often see "individuals with limited resources" wiped out for reasons you mentioned.
- rdtwo 6y ago
  In areas where that works it’s more of a social insurance and government run. In the us medical insurance is a rate subscription service, similar to say Costco.

skybrian 6y ago

That depends on how much avoiding bankruptcy is worth to you. It might be worth learning more about what the experience is like?

zeroxfe 6y ago

> Let's say I have auto accident and I'm liable for million dollars. The likelihood of such event is low. Such event probably would result in bankruptcy, but it's not much worse, then constantly paying extra for insurance. So, there is "no wiping out" in this seemingly catastrophic event. Consider the same accident and you fracture your spine, leaving you paralyzed neck down. Insurance (at least in the US) affords you access to medical care, and access to follow up therapy and other resources to (hopefully) recover completely. If you have limited resources and no insurance, the consequences are a lot worse than bankruptcy.