President Obama said today:

One of the things health reform was designed to do was to help not only the uninsured but also the under-insured,” Obama said. “And there are a number of Americans, fewer than 5 percent of Americans, who’ve got cut-rate plans that don’t offer real financial protection in the event of a serious illness or an accident.

“Remember, before the Affordable Care Act, these bad apple insurers had free rein every single year to limit the care that you received or used minor pre-existing conditions to jack up your premiums or bill you into bankruptcy.

Regardless of what the fact checkers might say this is true.  When I was 56 I lost my employer health insurance.  When COBRA ran out I shopped for an individual plan but they covered so little I decided I was better off doing without.  Between then and the time I became eligible for Medicare I had a couple of medical events that cost me several thousand dollars.  But guess what?  When I looked at the premiums I would have payed, the amount the insurance would have payed and the amount I payed I actually came out ahead with no insurance at all.   It’s these scam insurance policies that are no longer allowed under PPACA – a good thing.  Yes you may have to pay more but you will actually have “real” insurance.