In order for there to be profit there has to be waste. Profit *is* waste in insurance. I put money into the pool to cover mutual need and some pinhead steals it. Private insurance is *always* more expensive
The fact that people think the free market can better handle insurance makes me wonder what people think insurance even is. It's just a pool where we put our money to mitigate risk. No one can "innovate" it to be cheaper, unless the innovation is ripping people off.
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"...unless the innovation is ripping people off."pic.twitter.com/PpK4djpiSZ
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Likewise, profit from it is literally inefficiency.
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I don't understand how anyone with over a 5th grade can't get this through their heads, but I regularly argue with people--many of them voters--who refuse to believe it...
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There probably is some innovation in hiring people to manage people's health that would reduce total health spending, but that's basically a social worker, and fits within the scope of government as well
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What if you used medical data to serve advertisements? Boom, another problem solved using Innovation™
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Disagree. The available innovation is removing rent takers from the value chain.
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If you think providers of capital are the only recipients of insurance profits then you don't know much about the insurance business. How about brokers, reinsurance, and contract administration inefficiency masked by hidden fees.
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