If you live in the US, you know how complicated and inefficient our healthcare system is. According to research, 66.5 percent of all bankruptcies were related to medical expenses—it is the number one cause of bankruptcy for American households.
Most Americans can not cover an unexpected $1000 expense, such as car repair, house repair, medical, or dental costs. When they can't afford the expense, they will most likely default on credit cards, accumulating more debt with higher interest rates. It's a vicious cycle among average American households living check after check.
I currently pay around $1500 every month for our family healthcare insurance. The maximum out-of-pocket is presently at around $17,000. I need to cover that entire cost per year until the insurance kicks in. Most of us are all one step away from bankruptcy if unfortunate events occur.
There must be a better way.
I am building DaalBeat to solve this problem. It is a micro DAO for a healthcare emergency fund. A group of six to twelve people can create a risk pool without a third party for a healthcare emergency fund through blockchain technology.
No intermediaries like insurance companies taking all your money. The average American household can save up an emergency fund to cover the maximum out-of-pocket costs for any catastrophic events each year by sharing the risk pool on the blockchain.
While we can't win the fight with the healthcare insurance giant, we can try to help people not file for bankruptcy because of medical bills—one step at a time. Then perhaps one day, we can disrupt the healthcare insurance industry—it's way overdue.