this post was submitted on 07 Dec 2023
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I wish more people understood this. Insurance is an extra cost paid to protect from catastrophe. Anything that saves you money on a regular basis is not insurance: where does the extra money come from?
Pet insurance is another bizarre misunderstanding of this nature. Unless there are procedures you are unwilling to forego to save your pet, but completely unable to afford, you are throwing money away in the long run. The entire actuarial profession exists to ensure this fact. Take what you'd spend on premiums, and invest it in a good savings vehicle instead.
insurance is part of health plans. There is a deductible and an out-of-pocket max, which are both designed to protect you from those catastrophic risks. But because those catastrophic risks are best addressed by preventative care, and regular checkups, and freakin' gym memberships, so the economics of insuring health becomes the economics of health incentivization, fucking around to figure out what it takes to get people to take care of themselves in advance rather than waiting but not getting people to go to doctors for frivolous issues.