What if? It's the basis of many stories. We ask. We ponder. We wonder.
On Tuesdays I throw one out there. What if? It may be speculative. It may stem from something I see. It may be something I pull from the news.
Make of it what you will. If a for instance is not specified, interpret that instance as you wish. And if the idea turns into a story, I'd appreciate a thank you in the acknowledgements 😉
What if insurance companies weren't run for profit? (That is, what if what was paid in that wasn't used to meet claims or pay personnel was set aside for other years or paid back to the customers as dividends?)
Especially customers who never use them. Like I've never made a claim on my car insurance. Progressive, who my car insurance is through, sometimes sends me emails asking how they're doing, wanting my feedback. I reply that "you are doing really well. I've sent money into a black hole to you for 30 years and never once made a claim. So you're doing really well off me. But me, not so much."
ReplyDeleteSome companies are set up that way. I haven’t paid a premium on my whole life policy in years because I use the dividends for that purpose.
ReplyDeleteThe real crime in this country is the cost cutting that goes on with for-profit health insurance. I’d love to see that branch of the industry restructured,
That would be nice. I hate that my premium reflects the other poor drivers with the company.
ReplyDeleteI don't know if there are any true nonprofit insurance companies in the property/casualty space (which would include homeowners and auto) but there are mutual insurance companies, and those are owned by their policyholders. They do not have shareholders. Profits from those companies are paid out in dividends to their policyholders or kept for expenses but I wonder where that money actually goes. I think the "Blues" in health insurance started out as non profits but that entire industry needs so much fixing.
ReplyDeleteUgh...it's a shame I'm paying for others' accidents. It's simply not right but I still don't get why the States doesn't have universal.health care. It's not communistic. I don't wait years to see a Dr. The media likes to enhance things.
ReplyDeleteUniversal Health Care sounds fantastic. It really does. As does socialism..."From each according to his abilities, to each according to their needs" (I may be screwing up the quote). It would be like we were all a big family-for instance, I would never let my children or friend go without if they really needed a hand. But, it would never work. Because of people. Too many people are lazy slack asses who will glom off productive people. I saw it in Navy health care-sick call lines had more than than their fair share of people who didn't "feel right" (and may be just trying to book off work) to the detriment of those with genuine health needs. In any case, health care in this country is crazy expensive, which I think can be blamed on insurance companies (Liz-see? I drifted back to insurance). There's got to be a better way. I just don't think UHC is the answer because of human beings. Okay, stepping down from the soap box.
DeleteMy insurance company (USAA) does that to some degree. But, would there be some sort of profit for the company involved? Other than gaining the admiration of the customer and, thus, gaining MORE customers and profits, I can't see this working.
ReplyDeleteAh, I wish this what if was indeed real!
ReplyDeleteSad to say, I don't think insurance would be readily available. Would you work for no pay? I wouldn't.
ReplyDeleteFortunate for me, my retired husband shops yearly for the best insurance plans covering our home, cars, and medical needs. Loyalty is punished, too, a sad lesson we've learned.
It's a juggling act I am sorry so many folks cannot achieve, lacking the time and/or energy. Be well!
Liz, your question sparked some interesting thoughts!
ReplyDeleteIf insurance companies operated without profit motives, it could transform how we view insurance. Imagine premiums directly benefiting policyholders, fostering trust and community. While challenges exist, it's an intriguing notion toward prioritizing people over profits.