Why do we need insurance companies?
Recently had a kid. As was explained by the insirance company, the charge for the procedures and the 4 days in the hospital was $55,000. That's the price if absolutely nothing goes wrong. If something had gone wrong, expect that price to quadruple.
Even allowing for inflated prices due to the anti-free market nature, the cost of that sort of care would be crippling. This is why we need insurance. If you get curable cancer, and you don't have $200,000 in cash in your pocket, you literally die.
I'm all about free market setting prices. We sure as hell could use more of that in our lives. However health care and emergency situations are one of the few areas where basic macroeconomics completely fails. If I'm having a heart attack and being rushed to the hospital, I'm not going to shop prices at the various hospitals to see which is cheapest. I'm going to go to the closest one that has the ER. I'll worry about the cost later, if I live. [Post edited by Hokie madman at 06/29/2017 8:05PM]
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In response to this post by vt_mughal)
Posted: 06/29/2017 at 7:57PM