Healthcare and the Insurance Principle


Amidst all the talk about signing up for mandatory insurance (or failing to do so) through healthcare.gov, we have probably lost sight of what is really going on. I suspect that you, like a majority of Americans, think you buy health insurance so it will pay for your health care services and products. If so, I regret to tell you that is not what insurance is for… at all.
You purchase homeowner’s insurance to protect you (your investment actually) if your house burns down or is destroyed by flood. You do not expect insurance to pay for lawn maintenance or replacing old, clogged plumbing pipes.
You buy auto insurance to protect you — another investment — if your vehicle is stolen, taken for a joy ride, and trashed (this happened to me). You do not expect your insurance carrier to pay for oil changes or buy new tires to replace ones you put 40,000 miles on.
Medical malpractice insurance doesn’t prevent the doctor from making a mistake. Nor does it protect the patient from having an adverse outcome. It only protects the insured physician from losing his or her life savings in a lawsuit.
Insurance of any kind is a betting pool, one where the “winner,” is actually the loser. When you collect insurance money, i.e., when you win the bet, your house burned down; your car was totaled; or a patient was badly injured and sued the doctor successfully. “Winning” an insurance betting pool means you get something you really don’t want and then receive money to compensate for your bad luck.
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