The problem with U.S. medical insurance is that it’s way too expensive, especially considering what you get for it. I’ve heard that health insurers typically deny payment right out the gate for one of every five claims. The appeals process is so Kafkaesque that many folks simply forego the process and just pay out of pocket. If you have health insurance, the fee charged for a service is typically much higher that those that pay the “cash price” out of pocket. Deductibles (what you pay before insurance covers anything) are getting ridiculously high. Medical bills are the #1 cause of personal bankruptcy in the U.S., and over half of those going bankrupt have medical insurance.
I was hoping the video below discussed in depth why health insurance is not needed, but it doesn’t. I admit I didn’t watch the whole thing; it’s mostly another horror story involving United Healthcare insurance. The doctor starting at 54:45 minutes does mention that health insurance isn’t needed but then only refers briefly to what sounds like universal healthcare with a free market component.
The next video is by an orthopedic surgeon who doesn’t have traditional health insurance but does have a major medical “health share” arrangement with a company called Sedera. HealthShare plans are not the same as state-regulated insurance. Roughly, they are like a group of people who get together and pay a periodic fee into a joint account, and that account pays medical expenses if one of them gets sick. (Sounds like insurance, doesn’t it?)
—–Steve Parker, M.D.
