Spreading the risk is only half of insurance, the other half is deciding exactly what hazards are covered. In normal first-world countries you have some form o

Spreading the risk is only half of insurance, the other half is deciding exactly what hazards are covered. In normal first-world countries you have some form of socialized healthcare with bioethics committees that decide what should society should pay for. You can have reasoned arguments about end-of-life care and very premature babies. But in America with the crazy system of employee-provided coverage it's the CEO that sets coverage limits, and generally speaking a company's interests are not aligned with society in general.