Tuesday, November 30, 2004

 

A Copy And Paste Post On Health Care

But at least I copy-and-pasted something that I actually wrote. From an e-mail thread earlier this week:

I'm becoming convinced that the whole idea of health "insurance" is BS. What I'd be happy with is true catastrophic insurance coverage in case of accident or life-threatening illness, with the opportunity to set up a tax-free savings account that doesn't expire every year to pay for the day-to-day stuff. What we've got right now is some sort of half-assed hybrid - I still like to equate it to asking your car insurance company to cover routine maintenance - that's unfairly punishing the young and healthy people in a given pool, while still not providing great coverage in the case that there is a major illness or injury.

If there's a deductible or co-pay on routine visits and procedures, and 80-20 coverage on major stuff (which still wouldn't keep most of us out of bankruptcy), then really, then why should you and your employer pay hundreds of dollars a month? I think that at this time, and I pay around $200/month for covering and I. has got a prescription that's $30/month (the co-pay is something like $40/year), and we both get our yearly check-up. That's about it for our regular health costs; the rest goes into profit for the insurance companies and funding the health-care costs of other people in the same pool. My sprained ankle ended up costing me just over $500 out-of-pocket, with the insurance company picking up another few hundred. Yea, sure, I'm getting my money's worth.

Sign me up for insurance that covers single instances of, say, $2000 or more, and re-occurring costs of, say, $5000 associated with any one particular illness or injury. I'll pocket the $2500 that's currently paying for my "insurance", toss it into a tax-free account, and I'm sure that I'll end up ahead in the long run, as well as being provided with an incentive to stay healthy and safe.

I'm willing to remain open to alternatives - any other suggestions? I just know that throwing my money at a limited number of highly-profitable firms who provide an essential service is going to be a good way to get fleeced. Perhaps I could hedge my losses by investing equivalent funds into the stock of insurance companies...

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