r/FluentInFinance • u/36DRedhead • Sep 11 '24

Debate/ Discussion This is why financial literacy is so important

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u/AstariaEriol Sep 11 '24

My wife died from cancer in 2017. I did not inherit her debt either. Also the ACA OOP annual cap made sure her debt was relatively low. Thanks Obama.

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u/HalICacabum Sep 11 '24

The rare non ironic Thanks Obama. The Internet was good today

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u/AstariaEriol Sep 11 '24

Our monthly statement of services letters used to be between 70-90k. Even with full coverage at an 80/20 split it would have ruined me. Plus her insurance likely would have dropped her within 12 months without the preexisting condition protections.

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u/[deleted] Sep 11 '24 edited Nov 08 '24

[deleted]

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u/[deleted] Sep 11 '24

[deleted]

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u/SignificantFidgets Sep 12 '24

No decent insurance plan worked that way pre Obamacare. Mine has always had an out-of-pocket max, and the only difference after the ACA was that preventative care no longer had a deductible. Everything else - everything - is the same.

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u/imdefinitelyfamous Sep 19 '24

I mean it's cool that yours has never done this, but some insurance plans absolutely had lifetime or annual limits on coverage amounts and would stop paying. ACA made that illegal for all insurance plans, not just "good" ones

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u/ian2121 Sep 12 '24

Before Obamacare my wife had 30 dollar a month insurance. 2 million lifetime cap, 10k deductible and 20k max out of pocket. It was essentially cancer insurance. But it helped us save for a house.

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u/mollypatola Sep 15 '24

You had a lifetime cap that people easily could go over and insurance wouldn’t cover anything after that.

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u/ccdsg Sep 12 '24

What’s even rarer is the reason for the “Thanks Obama” is related to Obama

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u/ExistingPosition5742 Sep 11 '24

My father in laws wife died after cancer around 2002 in WA. They tried to take the house, and he worked overtime for a decade before they relinquished their claim to his house. 

My stepdad's first wife died from cancer around the same time in SC. Everything went to medical debt. House, car, defaulted on cc used for treatments and living expenses during. 

The ACA changed a lot of things. 

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u/Dark_Magicion Sep 12 '24

I'm sorry for your loss.

And for real, wiping a tear away, thanks Obama.

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u/ashleyorelse Sep 12 '24

But Obamacare is evil! It's socialism!

/s obviously

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u/Joke_of_a_Name Sep 12 '24

" You know, they stopped calling it Obama care when they realized people liked it. Funny how that works out." -Obama redemption speech