Great article by my friend Judy Morris: America really doesnt have health insurance. The definition of insurance is as follows (here): Insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer, or insurance carrier, is a company selling the insurance; the insured, or policyholder, is the person or entity buying the insurance policy. The amount to be charged for a certain amount of insurance coverage is called the premium. Risk management, the practice of appraising and controlling risk, has evolved as a discrete field of study and practice. The transaction involves the insured assuming a guaranteed and known relatively small loss in the form of payment to the insurer in exchange for the insurers promise to compensate (indemnify) the insured in the case of a financial (personal) loss. The insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insured will be financially compensated. By definition, insurance is a voluntary contract and coercion should never a factor, otherwise its not insurance but government force and taxation. Folks voluntarily choose to purchase insurance for various purposes to mitigate against unforseeable catastrophic events like an automobile accident or the house burning down. Decades ago before government intervened in the healthcare business, America had a low cost world class medical system because folks only bought medical insurance for catastrophic medical events such as a major illness requiring large but unexpected medical expenses. All other routine medical expenses, such as doctor visits and perscriptions, were paid for out of pocket. But along comes government to destroy a perfectly functional and cost effective and voluntary healthcare system. Courtesy of the government, America now has a taxpayer subsidized healthcare system that costs over $1 trillion dollars a year and thats just for those on government healthcare.
Posted on: Tue, 13 May 2014 01:02:45 +0000
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