Forbes January 8, 2024
U.S. health care spending reached $13,493 per person in 2022. For a family of four, that’s equivalent to almost $54,000 a year. Did we get a big bang for all the bucks we spent? Not only have we failed to achieve impressive health outcomes or life expectancy, but the system has also created substantial unmet needs and left many participants unsatisfied.
Imagine a young individual who started working for a large employer. He wants an insurance plan covering only catastrophic events, enabling him to benefit from a low premium and a fatter paycheck. He wishes to invest this additional income to build resilience against future risks. He believes that insurance serves to mitigate financial risks, and so does the accumulation...