"I witnessed a series of events not long ago that fairly bludgeoned me over the head with all the weight of exactly why our National Debt has spiraled out of control.

I'm a tax attorney, but the bulk of my work now centers on estate planning and administration, (the result of where I live, where the geriatric population is disproportionately large).

A good friend and client recently passed away, leaving a surviving spouse and an estate of a little over $2 million. Her husband's medical insurance had always been paid by his employer, and soon after his death she received the standard COBRA notice. Her continuing cost of insurance would not have been approximately $7,000 annually. Apparently, her momma didn't raise no dummies, and she declined continuing coverage in favor of Medicare coverage, at the same time picking up a gap insurance policy to cover out-of-pocket expenses.

The surviving spouse died shortly thereafter. Her total medical bills: About $250,000. Medicare fought with me for a while, thinking the husband's policy was primary, but I eventually convinced them that the policy had, indeed, lapsed.

Then it struck me. Her net worth at the time of death was $2 million, and she clearly could afford, even quite comfortably, the private insurance premiums. Instead, she had the ability to opt out and stick the U.S. Taxpayer with the bill!

To paraphrase the Mogambo Guru: Hahahahahahaha!

So instead of the medical bills being absorbed by a private insurer accountable to shareholders and, presumably then, doing business with at least some fashion of a risk model in place, the Federal Government picks up the tab and absorbs the cost with yet another issuance of debt financed largely by foreign investors.

Incredible!

In any event, just wanted to share with you a "true tale" from the field in which I thought you might find some interest."