Not saying this about him specifically, but it seems like a lot of people somehow think that health insurance = health care. "OMG without health insurance, I can't see a doctor or hospital!".
Why do rich people have credit cards? Yes, there is a fee but it's a great way to keep your expenses itemized and you only have to send a single check. Same with insurance, you can buy a top notch plan and have an advocate that takes care of all the bills and coordinates the bill paying. An insurance card can speed up registration and admission. There is no question as to your financial eligibility and you don't have to prove anything. The insurance company has your back for that. I would have it if I were rich.
Rich people don't carry a balance, they pay it off every month.
There's a significant price to be paid for those questionable benefits. I certainly wouldn't pay that price if I was wealthy enough to self insure.
Doesn't obviate the point.
I certainly would but to be honest I don't know what the cost to benefit analysis is. Do you? Or are we both speculating?
All insurance plans health, auto, life are losing propositions as a whole and make insurance companies quite wealthy. You are suggesting that the convenience of getting a bill from insurance company every month somehow makes up for the occasional bill you might get from your doctor/hospital.
Insurance isn't a guranteed proposition by any means? It's risk.
I'm suggesting that it is possible that medical bills could far outweigh premiums and for that hedge against loss you have someone to manage the bills which for most people are not simply occasional.
A lot of large companies self-insure, as do other large entities. The City of Chicago, for example, self-insures.
Cliché makes for such great wisdom. Which is why I always look before I leap, then again, he who hesitates is lost... wait...
Dangerous idea.
It is a risk. The insurance companies make big money by accepting that risk. Like any business, they can be poorly run and go out of business. Doesn't obviate the point that if you have no unacceptable risk, it is a foolish thing to buy, and your reasons given for buying it when there is no need for risk mitigation are pretty lame.
A few people might come out ahead by getting back more than they pay in, just like some people win the lottery, but as a whole, it's a losing proposition. The purpose is to mitigate unacceptable risk. If you're wealthy enough to self insure, it's a foolish thing to buy.
My point in saying that they make a lot of money is to emphasize the fact that people as a whole pay into it more than they get back.
