A $10k medical bill is not what I would call catastrophic. Highly unusual, yes. But not catastrophic.
A catastrophic event would be something like you get run over by a car and have to spend weeks in urgent care racking up a six figure bill. Of course, such an event is highly unusual and the vast majority of people will never make a claim of that size or even approaching that size.
By design, people who don't make very much in claims pay for the people who do make those claims but also get the benefit of knowing if such an event ever occurred to them, they wouldn't be financially ruined.
> The insurance companies did the math to make sure they come out ahead no matter what you choose.
That's plainly false. See any true medical catastrophe.
A catastrophic event would be something like you get run over by a car and have to spend weeks in urgent care racking up a six figure bill. Of course, such an event is highly unusual and the vast majority of people will never make a claim of that size or even approaching that size.
By design, people who don't make very much in claims pay for the people who do make those claims but also get the benefit of knowing if such an event ever occurred to them, they wouldn't be financially ruined.
> The insurance companies did the math to make sure they come out ahead no matter what you choose.
That's plainly false. See any true medical catastrophe.