Politicians and most of the media are saying that allowing people to buy catastrophic or bare bones insurance is essentially supporting junk insurance. Just look at what the New York Times is peddling.

Junk insurance is actually Obamacare. which requires people to cover everything including the kitchen sink even though most people don't need everything. The law and regulations then causes deductibles, co-pays and premiums to soar - yet still causes insurance companies to lose money. Then as they drop out of the individual exchanges, the spiral continues - and prices go even higher. Most people don't have the money to pay the deductibles and co-pays so the policies are essentially junk.

And they, too, are dropping out.

Obamacare is essentially like making someone with a 72 Vega buy collision insurance and pay the same premium as someone with a brand new Mercedes.