Insurance has an interesting history of development through the years. The business of insurance as it has evolved to today should leave us with knowing we must change our outlook as a community and challenge the structures that exist as is. We can sort through the pros and cons, then deliberate further pertaining to what is actually a “pro” or “con” about insurance. Personally, the concept of insurance isn’t a 100% knockout-great idea.
Insurance requires a person to plan is such a way, that you create a safety net for foreseeable and unforeseen issues alike. That is incredibly smart. But, insurance also asks for you to bet against yourself. You pay money, in the event you “lose,” whatever that may be, so the loss won’t be as bad. That problem with that is: if you win, by not having anything go wrong, then you have just lost that money you paid. It puts you in between a rock and a hard place. Looking a bit closer, you may see insurance as a nice communal pot, where the money of one payer or many payers that don’t need end up requiring any insurance benefits, goes to help the smaller percentage of those that do require the policies of the insurance plan to take effect. The cornerstone of insurance companies is that they believe customers will not need their services, which customers pay for, more than they believe customers will need them. It gets worse when the government mandates that everyone have insurance in order to drive, practice medicine (malpractice insurance), or live as it relates to healthcare.
There are pros and cons to government involvement. Disregarding those pros or cons, government involvement has led to mis-legislation and mis-regulation, which allows for the concept of the insurance business to be manipulated to a point where people can’t help people, which is really the main goal or purpose of this business. What does that mean? I mean, insurance companies are to dole out cash to people who provide services in order to help those injured or afflicted in some way, which their insurance is supposed to cover. Doctors, mechanics, lawyers, etc. cannot or chose not to perform certain necessary services, which may be well within their power, for another because they know they will not be recouped those “costs” by insurance companies based on “policies.”
Looking to the insurers, or insurance companies, which run a very profitable business, it is clear that the money making aspect has trumped and eclipsed the business purpose. Plus, the money generated has to pay operating costs of running the business, so it’s like a money cycle or pie. Those who manage the flow of the cycle or those cutting the pie, find elaborate ways to take more of the money as it flows by them, or cut a bigger slice of the pie (whatever analogy works best). Essentially, the insurance industry has become a great place for the greedy and selfish to get their glutenous desires quenched, but those are vices that don’t quell easily.
Where does this leave the individual? What is the little boy or girl to do? What is the father or mother to do? What is the man or woman to do?
We have to take ownership and responsibility for ourselves. And, hope that we have prepared for a day when we need the assistance of a mechanic or doctor or lawyer when that unfortunate time arises. We could wish that the money paid to an insurance company that is unused for our own needs, will somehow be allowed to come back to us, or reduce future costs for ourselves and our progeny. Some plans out there actually have policies like that in existence, but not enough. At the end of the day, I’m not worried about having the best insurance company, I’m worried about having the best health, driving skills, home care, and business practice to avoid having to deal with the insurance companies. I hope to remain fortunate no one breaks into my house, or that I don’t get hit or hit anyone with my car; that I remain healthy by staying illness and injury-free. I hope I live long enough and generate enough income to where I can leave something for those I leave behind on that day I die. All of the above is regardless of having insurance to cover me or not. This is my Do It Yourself speech in so many words.