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If the only people buying insurance are old and the sick, insurance premiums will be prohibitively expensive.
If insurance companies are not prevented from canceling or restricting coverage after patients get sick, insurance policies are not worth the paper they are printed on.
We have by now saved nearly every broken misbehaving big bank and one really sick insurance company -- Citigroup, Bank of America, Merrill Lynch and Bear Stearns, as well as, oh yes, AIG -- and we did so with nary a blink.
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All individuals in Sweden with income from work or unemployment benefits are covered by the same public sickness insurance, providing sick-leave benefits to people who due to disease or injury cannot work.
Like most OECD-countries, the Norwegian sick leave insurance program embodies a limited initial period of pay liability for the firms, after which the public insurance system covers the costs.
With only the sick buying insurance, premiums would skyrocket and the market could fall apart entirely.
Ms. Readling said she often woke up at night, terrified of the cost of getting sick without insurance.
Yet simply requiring that insurers cover people with pre-existing conditions, as in New York, doesn't work either: premiums are sky-high because only the sick buy insurance.
LV= with its new Sick Pay Insurance has no medical questioning, but while applications are limited to the 17-45 agrouponce once accepted, they can continue with cover until age 70.
Mark Jones, LV= head of protection, says: "Sick Pay Insurance is aimed at those who do not traditionally seek financial advice, and are therefore unlikely to take out income protection.
But in 10 years, people will look back in amazement that we once lived in a time when Americans couldn't get health care coverage if they were sick, when insurance companies could cut off your benefits for being sick, and when run-of-the-mill serious illnesses routinely destroyed families' financial security.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com