> Middle class people frequently have insurance, but get hammered by deductibles and out of pocket maximums, rarely qualifying for "financial aid." This can be ruinous.
How large are these OOP maximums and deductibles on average? I’ve always kept an emergency fund that’s well in excess of my OOP max. Is this unusual? Also, I’m off the impression that you can get onto payment plans if you can’t pay your bills right away? These aren’t rhetorical questions (although that won’t stop people from downvoting as though they are, I’m sure), I’m genuinely curious.
> I’ve always kept an emergency fund that’s well in excess of my OOP max.
29% of households have < $1000 in savings, and the median is $11,700[1].
$1000 disappears almost immediately given deductibles, and $11,700 isn’t that far off either. People just don’t have the chance to “get ahead” when making <$15/hour.
OOP maximums can be up to $8200 for an individual plan or $16400 for a family plan. But, that doesn't tell the whole story. Because health insurance is tied to employment in the US, getting seriously sick can not only easily trigger those maximum amounts, but also lose you your insurance.
Unfortunately, it is unusual among Americans to have an emergency fund this large.
I don't know the answers to your questions, but one thing I do know is that OOP maximums have exceptions and are not absolute. So please don't treat them as a 'maximum level of risk' or something like that. The insurance company can still screw you over, even if you do have an OOP maximum.
How large are these OOP maximums and deductibles on average? I’ve always kept an emergency fund that’s well in excess of my OOP max. Is this unusual? Also, I’m off the impression that you can get onto payment plans if you can’t pay your bills right away? These aren’t rhetorical questions (although that won’t stop people from downvoting as though they are, I’m sure), I’m genuinely curious.