Thus all insurance is wrong.
Reader comment on: Richard Epstein on ObamaCare
Submitted by Lyle (United States), Dec 13, 2010 18:27
Insurance by its very nature is a cross subsidy. I pay so that if your house burns down you can re-build. It appears many on the right think that insurance should be abolished because the whole concept of insurance is based upon cross subsidy. The insurance concept might be more clear if you were to talk about catastrophic medical (say costs above 75k) in that case all pay a little so that those few who need the services avoid being wiped out. Another example, if one buys a life insurance policy it subsidizes those who die early, how is that different?
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