Insurance is simply a product, like any other product. It fills a need, or a desire.
Insurance was not created for, nor does it serve a need, any more than paying protection to the mob serves a need. The only need it fills is the lining of the pockets of the higher-ups in the insurance industry.
Before medical insurance, patients got better care and they did not go bankrupt due to medical costs. Hospitals thrived. Doctors thrived.
Since medical insurance, patients get far worse care and they are rushed out of hospitals. Now, approximately half of Americans who go bankrupt do so as a result of medical bills.
Hospitals are going out of business at an alarming rate. That means less access to critical care. It has also caused the new industry of urgent care clinics, that are charging far more than ever before.
So, who’s needs and desires are being satisfied by the new business model?
Not mine or yours.