alt Hacker NewsWhat you are describing isn't really private insurance though, its a privately run socialized healthcare system. There's nothing wrong with that, it simply isn't insurance.
What you are describing isn't really private insurance though, its a privately run socialized healthcare system. There's nothing wrong with that, it simply isn't insurance.
You're right. However, all insurance needs to get more in premiums than it pays out in claims in order to be viable. The details will differ about whether there is some kind of bias for certain people to pay more and claim less. With socialized healthcare, the coverage is just much broader and there is less room for "gaming" the system.