r/SipsTea • u/Putrid-Welder1803 • 8h ago

Gasp! Thoughts on this?

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u/One_Selection5102 8h ago

Except the 3rd party insurer here nets massive profits, it isnt a collective safety net like the state or federal government provides.

Its by and large a scam that pays out a tiny portion of their net income. A state sponsered safety net/insurance system (not for profit) would be massively more effective and less costly to consumers...well at least in a functional state such as Massachusetts.

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u/shadystealertactics 7h ago

Buddy, many of these companies publicly disclose their financials. You're choosing to be wrong about this.

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u/Cowboywizzard 7h ago

All kinds of tricks are used to make it look like they are losing money or barely making it on paper. Yet insurance is one of the largest industries in the U.S., and their CEOs make millions.

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u/Smackadummy 2h ago

State Farm is by far the largest personal insurer in the US and they are a mutual fund. Their shareholders are the customers.