$12/ year health insurance what a deal

The President proves in an interview that he doesn't know anything about health insurance by saying when you are young and putting $12 a year into insurance that by the time you're 70 you'll have a nice plan.  Sounds great, where do I sign up?  The problem with this idea is that he has confused health insurance with a retirement account and that is not how insurance works.  But the price tag is amazing, even if he meant $12 per month it would be a bargain.  The average American is paying close to 20 times that amount per month plus co-pays for office visits and drugs and these plans are bankrupting America.  I have no idea what the President was thinking on this one, but he is clearly wrong.