The Big Bucks of Insurance

And we’re back!

Today I will address another “fun” topic in our journey to evaluate the US healthcare system and the medical care of our people. Insurance. More specifically, medical and life insurance.

I would like to start with this: who has access to medical and life insurance coverage? Does everyone who needs care have access? People who have the money for it? Sick people?

To answer this question, lets look at the structure of these insurance companies. What do you need to have to get insurance? Well the first thing would be money. Most insurance companies require you to pay for coverage through copays, monthly/annual premiums, or fees that may not be covered by insurance. Not to mention, you have to go through hoops just to get insurance coverage. Sometimes you have to have a referral from a primary doctor or they won’t cover the procedure. but what if you can’t see your primary doctor? What if it was an important and necessary procedure?

Now, who can get coverage? In a lot of cases, people are turned away from coverage if they have chronic diseases, are obese, or at high risk of dying. Why is this? To protect the financial interest of the insurance companies.

If someone requires more doctor visits and procedures, that more that insurance companies have to pay out of pocket. For life insurance companies, if someone dies, they have to pay up.

Here’s a personal anecdote. I’m a poor, starving college student, and I rely on my parents for health insurance and health needs. I am one of the many who are unfortunate enough to not be able to see as well as others. However, because we have to pay for eye care (glasses, contacts, etc.), I need health insurance. My mom’s health insurance wanted to charge her over $1,000 extra on top of her current policy in order for her to add me to her insurance for eye care.

While there are greedy companies out there, not every insurance company is bad. My grandfather managed to get life insurance and health insurance even though he was really sick and had a history of drug use. When he passed, his life insurance company was very kind and helpful, and everything was covered and taken care of for us.

Without the health insurance I receive from my dad (who is in the military), I would not have my healthcare needs met.

It is evident how significant medical and life insurance is to people. However, not everyone is able to get access because of the cost-benefit stance that some companies may take.

US policy has attempted to make sure everyone has sufficient access to healthcare coverage. Nevertheless, it is apparent that our current system is still lacking.

We need a system that puts more regulations on private insurance companies, as well as a system that can reliably provide coverage for those who cannot access private insurance companies.

Improving healthcare coverage may be the first step in improving the wellbeing of the American people.