47 million people lack health insurance in the United States. Ninety-three percent of the increase is among middle and high income families. The emergency room becomes their healthcare provider. Those that have employer-sponsored plans often face rising premiums that cut into their paycheck. Either way, a chronic illness or medical emergency can leave them scrambling to pay thousands, if not hundreds of thousands, in hospital and other bills.

In 1992, two years after I got my first job, I was...