There are many things to be grateful for in the modern day world. And many things that I would like to see improve. One of my biggest complaints has to be the way we handle insurance in the United States. In a country that prides itself (and it is pride) on its high moral values, how can we justify the fact that insurance companies exist as FOR PROFIT institutions? The basic concept of insurance is to set aside money for today in order to have a hedge against the bad things that could happen tomorrow. We even go a step further and organize as a group so that a major catastrophe can be handled if enough people are smart enough to set aside enough money to weather the storm.
So why do we allow insurance companies to profit from other people’s pain? Why do we allow speculators to invest in insurance?
Insurance companies reap BILLIONS of dollars in profit every year for their corporate investors. A lot of that money comes from denying the claims of people who have a legitimate right to coverage. There have been several expose’s on the fact that some insurance companies routinely send a denial of coverage as the first response to EVERY claim. And where does all the money go? Apparently it takes real leadership to deny people the money to which they are entitiled, because the heads of major insurance companies are among some of the best paid people in the world.
Do you really think that any person deserves a multimillion dollar salary for organizing a company to take money from individuals and then not give it back when they need it ?
Let me be very clear. I do NOT think insurance is a bad idea. I think that companies that make a profit from other people’s suffering are a terrible idea.
So, the next time you hear about people who want to know where the money is going to be coming from to pay for all those old people who are going to be hitting the part of their lives where they need more medical care — I suggest we start by taking all the FOR PROFIT insurance companies, and making them into non-profit corporations. Then we take all the BILLIONS they rake in every quarter and use it to help the people who gave them the majority of that money in the first place. And while we are at it, we can cut the salaries of the people at the top, reduce the ranks of the people who just sit on telephones denying claims, sell off all the private Lear jets, limos, and bling, and end all “corporate meetings” in the Bahamas.
That’s where we get the money from.
Please note. I did not say the dirty words “socialism”, or “nationalization”. Insurance companies can be non-profit and independent. They can pay their employees from the president to the janitors decent wages. But nobody needs to be paid millions, and nobody needs to ride stretch limos to work.
More importantly, nobody needs to make huge profits based on other people suffering and dying.