I think he said "when you start working and paying for your own insurance policy when you're 21 years old, and you're paying $12K (he dropped the thousand dollars) a year for insurance, and by the time you're 70, you have a nice plan. Then, you walk up and say "I want my insurance" and get a huge amount of money back. It's tough to manage to keep paying that much into the account over the years, but if we can make the effort to save, it's a good thing".
Which still doesn't make sense in the context of health insurance and pre-existing conditions - unless he's talking about the pre-existing condition of someone's wallet and health insurance for one's retirement bank account.
I heard variants of that spiel from "financial planners" in the 1980's and 1990's - he's rambling about either a 401K account that you have to start withdrawing from at the age of 71, or something like a term Life Insurance/retirement annuity plan that matures at the age of 70 - when you get it back to roll into a better paying CD account or something like that until you need to be shuttled off into a nursing home.
I know - if at the age of 21, I could have started putting aside $1K a month in an annuity for my post-retirement health costs it would be a good thing.
But regardless, it's obvious that Mr. "Lucky Womb Club" doesn't know anything about any condition that can't be cured by throwing money at it. A pre-existing condition means you weren't born with money, or were immoral enough not to secure enough money to protect your interests and comfort in the future.
On edit - I don't know of any time in the 20th century when Health Insurance cost $12 a year. Even when health insurance started as a private "Accident Insurance" policy back in the 1850's, if the annual cost was $12 a year, it would still be the equivalent of $354.00 a year today.
Until the 1960's and Medicare, most health insurance typically didn't cover very much - still based on a "savings account" model to be able to pay for fee for service health care. Unless, of course, you were lucky enough to have access to the VA, the Military Health Service, or to one of the few employer-type health care plans that were associated with a local hospital and pharmacy (i.e., the Blues - or if you were a Government Employee in DC or other government centers), health insurance did not typically make payments or arrange for cost savings; they just either gave you whatever money was in your account at the time, or whatever your policy paid out if it had matured. Or if you went with a term policy and never used it, they'd release your money back to you after the coverage term was over with a bit of interest if you didn't want to continue it.
Prior to the 1960's, Health Insurance was pretty much a savings account product for those well enough to start paying for future long-term care when one became elderly and couldn't work, or to cover for a someone with a chronic condition under control that would worsen over the years.
People who got health insurance often had to pay in hundreds of dollars for a year or two prior to being able to access that insurance for health care.
Haele
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