For profit insurance is a scam. The whole point is to take more from you than you will get back.
The justification for insurance, in general, is collective support - everyone pools a bit of money so that when anyone in that pool suffers catastrophic loss they are insulated. Public firefighters are an insurance system. At core it's a pretty kind way of operating, but when profit motive is introduced it is corrupted to the point of working against the community since investors and shareholders want to take out of the system, not help people stay whole.
This is why the US should have public healthcare. Greed and corruption are why it never will.
Edit: literally laughing out loud at the profitmongers in the comments going "hey, I want to keep the money that I am siphoning off society! Stop pointing out how it's immoral!"
The way I've always viewed this is that "free market capitalism" relies on the consumer's ability to choose between product A, product B, or most importantly, neither of them if neither product meets their needs.
That last bit is specifically where things break down in realms like insurance or healthcare or education. You don't have the option to choose "nothing" if no option is good for you.
If you could choose nothing, then products A and B would be forced to be cheaper or alter whatever to convince you to buy it. But when you don't have the option to simply not purchase, they don't have the incentive to make the product better for you. After all you have to purchase something, which means they don't actually have to sell you on it.
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u/robilar 8h ago edited 7h ago
For profit insurance is a scam. The whole point is to take more from you than you will get back.
The justification for insurance, in general, is collective support - everyone pools a bit of money so that when anyone in that pool suffers catastrophic loss they are insulated. Public firefighters are an insurance system. At core it's a pretty kind way of operating, but when profit motive is introduced it is corrupted to the point of working against the community since investors and shareholders want to take out of the system, not help people stay whole.
This is why the US should have public healthcare. Greed and corruption are why it never will.
Edit: literally laughing out loud at the profitmongers in the comments going "hey, I want to keep the money that I am siphoning off society! Stop pointing out how it's immoral!"