Well stated, Patrick. Health care “insurance” is really health care financing, since it funds loss control and loss recovery, so to speak.
To turn Patrick’s question around, what makes P&C insurance different from health “insurance” is:
1. Personal P&C coverage is generally far less expensive than health insurance (as it pays for losses, not maintenance);
2. It’s easier to shop for home and auto insurance on the basis of price, since one is not tied to a practitioner (e.g., family doctor); and
3. One can manage one’s auto and home risk much more easily than one’s medical risk, and thus get a better rate.
Certainly one can pursue healthy habits and lower one’s health risk, but age, genetics, and the random appearance of certain conditions cannot be managed.
Well stated, Patrick. Health care “insurance” is really health care financing, since it funds loss control and loss recovery, so to speak.
To turn Patrick’s question around, what makes P&C insurance different from health “insurance” is:
1. Personal P&C coverage is generally far less expensive than health insurance (as it pays for losses, not maintenance);
2. It’s easier to shop for home and auto insurance on the basis of price, since one is not tied to a practitioner (e.g., family doctor); and
3. One can manage one’s auto and home risk much more easily than one’s medical risk, and thus get a better rate.
Certainly one can pursue healthy habits and lower one’s health risk, but age, genetics, and the random appearance of certain conditions cannot be managed.
Yes, well stated. Perhaps we should remove the term insurance and call it Health Care Financing.