The biggest problem with modern health "insurance" is that it's not insurance - it's a health care plan that presents a giant principal agent problem throughout

The biggest problem with modern health "insurance" is that it's not insurance - it's a health care plan that presents a giant principal agent problem throughout the entire medical system starting with the patient and cascading from there. I'm old enough to remember a time you could break an arm, show up to your primary doctor's office that day without a pre-scheduled appointment, and walk out with a cast on plus pain meds all for less than a week's take-home pay for a blue collar employee. This was largely due in part for the reason you were the one paying the bill and there was almost no overhead. Plus the doctors who charged absurd fees simply lost patients to the competition down the street. Principal agent problems are rife in modern society, starting with medical care. They basically remove almost all pricing competition from the equation.