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"If they abuse consumers too much though, we sue & we quit them."
And they just raise the premiums on the remaining customers and/or deny more claims, causing more and more bankruptcies, suffering, and literally deaths. They would do the same thing in a Co-op - and have, in MA, VT, and a number of other states.
It's automatic, and that's what's wrong with allowing their very existence.
If I were you I would be embarrassed at broadcasting that level of naivete and misunderstanding of business - never mind even the minimum legal amount of vision to see what's around you - or even worse, to admit you don't care.
BTW, this is a forum for retired seniors.
Have you refused, or do you plan in the next two years to refuse, Medicare and Social Security?
Because these two government run programs have run at a SURPLUS since inception, and Medicare's management costs are 3-4%. Those costs for private insurance are 30%.
I apologize, I may have misquoted Medicare's management overhead.
I said 3%-4%,
I just learned it's actually only 2.5%
And private Insurance is still 30%.