The entire concept of insurance is “pooled risk” – an inherently “socialist” notion that arose in complex economies based on the realization that, sooner or later, bad fortune can befall anyone.
The original concept of insurance was to consolidate participating individuals’ resources into a shared war chest that anyone can draw upon if and when they pull the short straw and, due to unanticipated or unavoidable calamity, end up facing a major expense that exceeds that individual’s capacity to immediately pay for the expense.
So why is profiteering in this realm the accepted norm? Shouldn’t there be a “public option” not only for healthcare, but also for domain-mandated insurance such as car insurance and homeowner’s insurance?
Why do we accept that the insurance industry is not only for-profit, but outrageously profitable – mostly for those at the top rungs of the insurance companies?
Does anyone stop to think what percentage of their insurance premium pays the salaries of these bloated executives, or what percentage pays for advertising?
And are we really so gullible that we can’t see through this ruse?