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Insurance skepticism is when the product seems more like gambling or an expensive savings plan, than it is about high cost risk management. The more inevitable
by cmurf 9y ago
Insurance skepticism is when the product seems more like gambling or an expensive savings plan, than it is about high cost risk management. The more inevitable some costly event is perceived, then why not just save for that event, rather than pay a premium for only partial coverage, etc.
This is my complaint with referring to health insurance, a huge amount of which is b.s. What we have is an aging payment plan. We're all gonna get old, and it's gonna suck, and be expensive, might as well start paying now: oh guess what, you are, it's called Medicare payroll tax.
- chimeracoder 9y agoYou're right that health insurance isn't insurance at all. But to clarify: > What we have is an aging payment plan. We're all gonna get old, and it's gonna suck, and be expensive, might as well start paying now: oh guess what, you are, it's called Medicare payroll tax That would be the case if the following were true: * If Medicare's operations were purely funded by tax money, and * If the taxes people paid were proportional to their expected lifetime costs-of-care However, neither of these are true. Medicare's reimbursement rates are indirectly subsidized by private insurers (who then pass those costs on to privately-insured patients in the form of higher monthly premiums and copays). And of course, the taxes are based on income, not risk profiles.