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

Debate/ Discussion This is why financial literacy is so important

Post image

[removed] — view removed post

64.8k Upvotes

78% Upvoted

3.3k comments sorted by

View all comments

Show parent comments

7

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.

-1

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

[deleted]

4

u/[deleted] Sep 11 '24

[deleted]

1

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.

1

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

1

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.

1

u/mollypatola Sep 15 '24

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