And these have different requirements. Most importantly, ordinary health insurance is something you can sell on the free market — but catastrophic health insurance isn’t. It exists if and only if we decide to spread out its costs across the wider population, which means some kind of law (basically, a tax) to do it.
Health Insurance: How Does It Work?
Yonatan Zunger

Unfortunately, the way the US health system works, those insane prices at the ER serve as catastrophic health insurance. And everyone pays a piece of it, because we all pay higher costs for medical care to cover the costs of people unable to pay for the ER visits they can’t live without.

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