this post was submitted on 10 Dec 2024
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Big edit: im a big dumb that can't read. Roast me, it's my kink
Not true. The concept of insurance is pretty much socialism. A bunch of people, or a community ,pool some of their resources for a certain emergency, and cover the people that have that emergency with the money set aside.
The capitalists hijacked that process and made it for profit.
The only way to make money on that is either:
There is also gambling the coverage money on the market, but it is not inherent the concept of insurance itself.
Honestly, I used to work in property and casualty insurance (very different from health and life insurance, but I stopped because it was in conflict with my morals), and we gambled premiums on the market. It doesn’t seem like a good idea, but my former company has been around for hundreds of years and paid out 98-102% of premiums collected for claims.
I recently learned that the ACA required at least 85% of premiums to go to claims, which is absurdly low from a P&C perspective. There have been stricter regulations for P&C for decades. I have no idea how lawmakers can justify that health insurance is so much more laxly regulated when it’s so much more important.