ObamaCare, Social Justice, and Administrative Overhead

When you buy into an insurance plan, you are buying into a risk pool.  Take fire insurance.  You believe you are taking reasonable precautions not to let your house catch fire.  But accidents happen.  Perhaps a faulty space heater catches fire in the middle of the night, and by the time the fire alarm goes off and the fire department arrives, half of your house is gone and the rest is smoke- and water-damaged.  So you believe it is prudent to take out fire insurance.  You join a risk pool of other like-minded home owners.  Maybe only one in fifty has a serious fire in his home.  But if it is you, then you are covered.  If your neighbor decides to take his chances and does not join the risk pool, that is his choice.  But if he has a fire that razes his house, well, that is his tough luck. Now, health insurance doesn't work that way.  We don't turn our backs on people who don't have health insurance.  A young girl is bitten by...(Read Full Article)