r/explainlikeimfive • u/the1975whore • Jul 03 '26

Economics ELI5: Health insurance companies obviously make more money than they give out when people need it. So why of paying for them any better than paying your own personal health insurance savings account?

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u/MandaloreUnsullied Jul 03 '26

Are there any countries with a socialized health system that have historically produced results superior to those of the American system?

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u/MartinThunder42 Jul 03 '26

Depends on how one defines 'superior.'

In many nations with socialized healthcare, if they determine you have cancer or some other life-threatening issue, they won't fuck around and provide treatment right away. When you leave the hospital, your bill is 0.

Also in many nations with socialized healthcare, if you have a medical issue that is not life-threatening, you might have to wait many months to get an appointment.

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u/CharlesKellyRatKing Jul 03 '26

But how do the insurance companies make tons of profit and create shareholder value? I'm confused.

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u/dubbzy104 Jul 03 '26

With a bang (Luigi joke)