Surely the way to overcome the problems of group health insurance is tying insurance to membership of a group that is more stable than working for a particular employer. An obvious choice would be citizenship (or residency): if health insurance is provided to everyone who is a citizen (or resident), the problem of losing insurance when you lose your job or retire is eliminated. What's more, since paying taxes is a requirement of citizenship (or residency), you can compel everyone to pay in a manner that is equitable, rather than forcing those can often least afford it (ie. sick people) to pay the most. This is why there is not a single successful private healthcare system in the world, whereas socialised health care is successful in numerous countries.
I don't think it's because the group is more stable, the group is essentially a filter to make sure that people in it should be healthy enough to work, so it automatically has filtered out most of the extremely unhealthy people. Also since there are more potential customers bundled together it has more bargaining power than an individual. These are the main reasons why health insurance companies are willing to take these groups and charge them at relatively low prices. But I do agree that a universal health care is an option worth considering at least.
I think the makers of this video do not understand how insurance actually works in terms of health care. There never used to be an over-regulated, managed healthcare system in the US--it used to only be catastrophic health insurance. For all other medical needs, one paid out of pocket. Like life insurance, the idea is to get a policy when you are young and healthy, and you contribute to a pool that over time is available to you if or when you do get sick. In the event of a very expensive operation that you might have to have, the risk is spread over all of the healthy people that have insurance. The ACA is attempting to force into the market what would happen if we had a truly free market in health care insurance, not the regulated and cartelized monstrosity we are faced with today. We don't need an ACA for life insurance, so we certainly don't need one for medical insurance. Insurance companies also invest their capital into the stock market. Their income stream is not just limited to underwriting income. This was not discussed in the video, either.
Another way to put it is this: if insurance in health care can't work because of market failure, then let it fail. The ACA is just propping up a failed system.
@@mknf5091 The State of switzerland regulates and subsidizes part of the insurance, but the problem is the real price has increased in the last 20 years
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Watched your videos a night before a test and i got the highest marks in my class!
but do you deserve high marks? hmm
Well done bro
Did way better job than my uni professor, thank you!
Best explanation
❤ from india
Thanks a lot! Your videos help me a lot!
Surely the way to overcome the problems of group health insurance is tying insurance to membership of a group that is more stable than working for a particular employer. An obvious choice would be citizenship (or residency): if health insurance is provided to everyone who is a citizen (or resident), the problem of losing insurance when you lose your job or retire is eliminated. What's more, since paying taxes is a requirement of citizenship (or residency), you can compel everyone to pay in a manner that is equitable, rather than forcing those can often least afford it (ie. sick people) to pay the most. This is why there is not a single successful private healthcare system in the world, whereas socialised health care is successful in numerous countries.
How about you buy your own insurance instead of asking the gov and employer to do that for you?
I don't think it's because the group is more stable, the group is essentially a filter to make sure that people in it should be healthy enough to work, so it automatically has filtered out most of the extremely unhealthy people. Also since there are more potential customers bundled together it has more bargaining power than an individual. These are the main reasons why health insurance companies are willing to take these groups and charge them at relatively low prices. But I do agree that a universal health care is an option worth considering at least.
What's the data on wait times and survivability for various diseases?
Super good video!
Glad I found you :)
Why your videos are so great but when I do akerlov excercices they seem so boring
great video!!
what is the link to the previous video about used cars?
+Richard Lee Here it is: ruclips.net/video/sXPXpJ5vMnU/видео.html
Let us know if you have any feedback on how we can improve.
Best, Roman
+Marginal Revolution University P.P.
very nice , thanks
very nice ..thnks
great vid, thanks.
now I see what Obamacare is about! thanks!
Leo Samhui v
No, it's horrible
awesome!!!!
El Telephono de bravo insurance
I think the makers of this video do not understand how insurance actually works in terms of health care. There never used to be an over-regulated, managed healthcare system in the US--it used to only be catastrophic health insurance. For all other medical needs, one paid out of pocket.
Like life insurance, the idea is to get a policy when you are young and healthy, and you contribute to a pool that over time is available to you if or when you do get sick. In the event of a very expensive operation that you might have to have, the risk is spread over all of the healthy people that have insurance.
The ACA is attempting to force into the market what would happen if we had a truly free market in health care insurance, not the regulated and cartelized monstrosity we are faced with today. We don't need an ACA for life insurance, so we certainly don't need one for medical insurance.
Insurance companies also invest their capital into the stock market. Their income stream is not just limited to underwriting income. This was not discussed in the video, either.
Another way to put it is this: if insurance in health care can't work because of market failure, then let it fail. The ACA is just propping up a failed system.
nice'
yo theres me on the far left lol
bili
#sneak100
Solution: Universal healthcare
No
@@mknf5091 hahahah that problem only exists in US
Daniel LV uhh there’s no state healthcare in Switzerland and they do just fine
@@mknf5091 The State of switzerland regulates and subsidizes part of the insurance, but the problem is the real price has increased in the last 20 years
Daniel LV >regulates insurance >price increases yeah i wonder why
I find this video a bit moot, since health insurance shouldn't exist anyway.
moot ?
Yea, moot, if you google the definition, the context I was using it in is the second one.
Why?