Auto insurance, I get - most people don’t get into major accidents or have their cars stolen. Home insurance, I get - most peoples’ houses don’t burn down.
But when it comes to health insurance, I just don’t see how the ungodly amounts charged for even the most routine medical services can possibly be made up for by the pooled premiums paid out by individuals and their employers.
Case in point: I’m young and relatively healthy. But this year I had a septoplasty operation to fix a deviated septum - fairly routine, one hour outpatient procedure. I’m lucky to have excellent insurance from my employer that paid 100% of the costs - but I saw what those costs were, and my insurance paid about $30,000 in all including the OR fee, doctor’s fee, anesthesiologist’s fee, etc. I pay roughly $80/month in premiums (and I know my employer pays part too but I don’t know how much they pay). At that rate, it will take me over 30 years to have paid $30K in premiums which would cover this one simple operation.
I know there are many, many people dealing with various medical issues costing hundreds of thousands, if not millions of dollars a year for care. And even if you are paying something crazy like $2000/month for health insurance premiums, that’s a drop in the bucket compared to what the health insurance company pays out on your behalf (and yes I know they look for opportunities to deny claims where they can, but even so, they pay out a lot). Are there really that many people who pay premiums and never go to the doctor in their lives, thus enlarging the pool for the others who are using medical services? I mean with the insane cost of medical services, all it takes is a single visit to the hospital and a couple tests to blow many years worth of premiums. I just don’t see how it could possibly add up.