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biocrat
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K.I.S.S. Health Insurance

Sat Mar 04, 2017 10:51 pm

How to provide health insurance seems to be one of the biggest boondoggles ever. For one thing, insurance is needed to pay for medical services while at the same time it significantly adds to the cost of health care. Also, governments and/or insurance companies presiding over what procedures can and cannot be utilized renders a doctor's best judgments invalid, which defeats the whole purpose of health care.

Now, there are certain objectives that any health care system must address. These include bringing down costs, incentives for pursuing healthful lifestyles, universal coverage and having medical treatments decided solely by doctor and patient.

The way to achieve those goals would be to have health insurance and medical bills administered by a special branch of the banking system. An independent not-for-profit financial institution, to handle medical savings accounts for individuals and families. A Medical Savings Bank.

There would be no government involvement (except perhaps for oversight) and no health insurance companies.

Maintaining a medical savings account with one’s Medical Savings Bank MSB would be the only way for anyone to be insured. Checks and/or debit cards issued by the bank would be the only way to pay one’s medical bills. Restricting payment in this way ensures everyone’s participation. A low minimum weekly deposit would allow for those with lower incomes to participate.

Interest would be earned on each and every medical savings account as the MSB would make prudent investments and in that sense operate as any other bank. However, being a not-for-profit institution its profits would be used mostly to supplement the insurance pool. Staff and management of the bank would receive relatively modest salaries.

Now, the population of the US is over 300 million. So, with full participation by every adult and those with children providing an account for each child the amount of deposits would be enormous. Average deposits of, say, $100 a week would amount to over 1.5 trillion dollars every year. That plus interest earned from the bank’s investments would amount to a considerable pool of money. Also, interest earned for individual accounts could be higher than commercial banks could offer and serve as an incentive for individuals to maximize their deposits. Account holders with sizable deposits could make withdrawals, up to a certain percentage, to use their money for other purposes.

Individuals would be responsible for paying their own medical bills but they would also be backed up by the bank if necessary. For instance, let's say I have $10,000 in my account and I have a medical procedure costing $20,000. So, $10,000 would be charged to my account and the other $10,000 is paid by the bank as a loan. So, my account is now overdrawn by $10,000. Now, let's say the bank forgives half of the loan and I pay off the remaining $5,000. I’d pay it off by making my usual weekly deposits. Say, $60 a week. If over the next ten years i have no major expenses I would have $30,200 plus interest. So, deducting the loan, my account would actually be around $25,000.

Such a self-pay system would:

• Keep decisions about medical treatment between doctor and patient

• Provide incentive for people to pursue healthier lifestyles than is now the case

• Bring down demand for health care and lessen the cost

• Reduce operating expenses for doctors. Administrative costs would be a lot less for not having to field all the various health plans 
presently in place. 

• Make it so that the cost for health care would be market driven and much more affordable.
• Eliminate the cost of waste, fraud, and abuse

Now, although the MSB would cover a portion of the debt incurred by some account holders, individual depositors would not be charged for anyone else's expenses. Whatever debts the "bank" would cover would be furnished from the general pool. Like any bank one's deposits are not kept in a drawer with one's name on it, everyone's money is used for bank business while individual savings and checking accounts show the full amount deposited along with any interest earned.

This would be a system where everyone contributes and everyone benefits. The rich, with sizable accounts, could be earning a hefty interest while the poor could be generously subsidized.

Another benefit of this system would be to the economy whereas businesses would no longer be paying for employees’ health insurance plans. This would free up a lot of money that could be used to invigorate the economy and produce more jobs with generous salaries.

I have been shopping this idea around for years. It's been mostly ignored but some have tried unsuccessfully to challenge it.

Recently I've become aware of a similar health insurance program called Medishare.

Comments, questions, suggestions and challenges are welcome.

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Possum577
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Re: K.I.S.S. Health Insurance

Tue Apr 18, 2017 3:46 am

I like this idea a lot. Remove the insurance companies, force people to start saving for themselves for what ever procedures they need or want (keep savings exempt from taxes) and hopefully prices would fall and normalize and everyone would have control over their "premiums", i.e., savings payments.

Is this the gist?

I'm enrolled in something very close to this - a Health Savings Account with a high deductible insurance plan. I choose what to save and the insurance element covers me for those $20,000 surprise scenarios.

I like the loan element of your idea too, keeps everyone responsible.

Where have you gotten traction on this?
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chico020
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Re: K.I.S.S. Health Insurance

Thu Oct 12, 2017 7:44 am

You know what, I was sick and tired to reading your post. It's kind of too long to spend time to read, but when I finish to read it, it has been a lot of sense and really helpful to each and everyone that needs a money for investment. I realized that everything in insurance can excel in our life as well as it'll surpass some missing things around you. When government takes an action regarding this matter, I think everyone will stay lively.

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biocrat
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Re: K.I.S.S. Health Insurance

Thu Apr 26, 2018 4:55 am

Mon Apr 17, 2017 9:46 pm
Possum577 wrote
I like this idea a lot. Remove the insurance companies, force people to start saving for themselves for what ever procedures they need or want (keep savings exempt from taxes) and hopefully prices would fall and normalize and everyone would have control over their "premiums", i.e., savings payments.

Is this the gist?

I'm enrolled in something very close to this - a Health Savings Account with a high deductible insurance plan. I choose what to save and the insurance element covers me for those $20,000 surprise scenarios.

I like the loan element of your idea too, keeps everyone responsible.

Where have you gotten traction on this?


Last few times I tried to login to bitcoin I got a message saying I didn't exist. That was about a year ago. Recently got a "we miss you" email. So, anyway, thanks for your post Possum577.

No, I haven't gotten any traction. You might think someone like Rand Paul would be interested in a health plan that would shrink the government considerably. I emailed the idea to him but never got a response. That goes for all the others that you would think would have an interest in something like this. Of course, you never know if they ever get the emails because, of course, they go through their readers. I recently put up a face book page. Maybe try a promotion there. I'd like to post your comment there if that's okay with you.

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Baloo
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Re: K.I.S.S. Health Insurance

Mon May 28, 2018 11:53 am

Health is the moat precious thing in this world which must be taken with utmost care. Health insurance is a must thing in this era where money is a burden. KISS is a cuatomer friendly organization in this regard for providing money solutions in the form of health insurance. Thanks!

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RedUser
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Re: K.I.S.S. Health Insurance

Fri Jun 01, 2018 1:25 am

As for general insurance quote, I think it may be most useful if you decide to insure your car, for it's the most fragile property, I'd say so because cars are a kind of property which something most often happens to, simply insure your car and don't bother your head with it anymore!

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glassysound
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Re: K.I.S.S. Health Insurance

Fri Nov 16, 2018 12:31 pm

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Keleriel
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Re: K.I.S.S. Health Insurance

Sun Dec 23, 2018 9:21 am

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