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Posted by: Michael Mandel on January 10
What we call health insurance also arose to meet the needs of creditors. In this case, the creditors were doctors and hospitals, who wanted assurance that they would be paid for service. Comprehensive, first-dollar health coverage, which is not really health insurance, protects suppliers, not consumers.
That’s interesting. If a doctor or a hospital is going to treat someone who is going to die, or be very sick, or perhaps not be able to work in the future, it helps for there to be a third party to pay for the bills.
I have to think about this one a bit…first dollar health insurance is really insurance for the suppliers. Otherwise it’s simply a payment from the employer to the worker.
Michael Mandel, BW's award-winning chief economist, provides his unique perspective on the hot economic issues of the day. From globalization to the future of work to the ups and downs of the financial markets, Mandel-named 2006 economic journalist of the year by the World Leadership Forum-offers cutting edge analysis and commentary.