If catastrophic event includes getting diabetes, then there is no coverage. Come to think of it, the government doesn’t really cover you for any catastrophic event. You go to the emergency room, then the hospital sues you into bankruptcy, then… That doesn’t sound like government cover for medical care.
To see the joys of unfettered free market and the resulting cost decreases, look no further than Marathon Pharmaceuticals. Monopolistic ownership of a needed cure allows pricing right to the limit of what the market will bear. Epipen prices show the same thing.
I’d love somebody to explain how an insurance based medical system can achieve the results you claim. The incentive they have is to raise premiums and deny coverage… which is what we see in practice.