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Ourcrazymodern? - you've posted this kind of thing before, and I'll continue to respectfully but vehemently disagree. I'm not pissed off, so no worries there, but I do disagree with you completely and utterly.
That said, if you think insurance is a scam, then you don't know what you're talking about, and there is no misunderstanding. It has never been a money-related scam. The concept began when the British started trading across the globe and the risk of ships never returning was very high. Lloyd's of London was created to spread that risk around so that those who sponsored the trips wouldn't lose everything.
Regardless of who you or your wife is, saying that an entire industry is a scam is an insult to me and the hundreds of thousands of people who work in it every day. The simple fact that most companies write to an underwriting profit in the low 100%'s (with only a very few exceptions) should tell you that losses outpace the premiums very quickly. Insurance companies don't make money on the premiums - they make money by taking those premiums and investing them wisely. For instance, the world's largest insurance company's (AIG) largest revenue stream isn't from insurance premiums but from the lease of fleets of trucks and airplanes. In a typical year their loss to premium ratio hovers around 103%, but they keep it there because of the cash-flow potential.
There are certainly problems with the healthcare system, and one of them is the health insurance companies, but I will not sit silent while you or anyone else label me and every single one of my professional friends as scammers or mobsters. There are bad apples in every profession, but I work very hard to make sure that my clients pay the least amount of money for the most amount of coverage. Clearly you don't understand that is what almost everyone in my industry does.
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"They that can give up essential liberty to obtain a little temporary safety deserve neither liberty nor safety." - B. Franklin
"There ought to be limits to freedom." - George W. Bush
"We have met the enemy and he is us." - Pogo
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