It, like a refrigerator, or more like an auto policy, is a financial product. There is nothing you can hold but a piece of paper which you pay money for. AND, if you are unfortunate, you submit a claim and receive money. With the advent of employer provided insurance, you the consumer have been shielded from the knowledge of the full cost of treatment. You could buy a catastrophic event policy at one time.

A few weeks ago, Jon Gruber stated that Obamacare was not intended to cover everyone. Furthermore, it was to buy votes by becoming an entitlement, and dare anyone take it away would lose votes. The only snag came when reality set in. Premium increases came due in Oct 2016, just before election day.

If I didn't have auto coverage but got in an accident, subsequently bought insurance, THEN put in a claim a few weeks later, it would be insurance fraud. AND, the accident would be a pre-existing condition.