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You don't need industry-specific regulations to prevent insurance fraud; you just need to enforce insurance contracts. If you're worried about becoming a huge m
by wyager 10y ago
You don't need industry-specific regulations to prevent insurance fraud; you just need to enforce insurance contracts. If you're worried about becoming a huge medical cost in 20 years, find an insurance company that's willing to go into an n-year preset-rate contract. You might pay a premium corresponding to the increased risk on the part of the insurance company, but if insurance companies were allowed to do this and people wanted it, the correct price would be found sooner rather than later.
- nikdaheratik 10y agoInsurance companies already do something like this. It's called "long term care insurance" and it is entirely separate from normal health insurance which they don't want to place on a multi-year contract because the health care costs themselves are changing too much year-to-year for it to be viable.