Why do we call it "insurance?"
I heard this on NPR the other night, and thought it was awesome. It's the story of how American health insurance came to be what it is, and I'm sure it'll surprise you. I did me.
Before the birth of modern medicine, hospitals were poorhouses where the indigent went to die. Then came the advent of effective medicines, especially antibiotics, along with a revolution in medical schools.
[...]
Health care became much more effective, and much more expensive. Clean hospitals, educated doctors and real pharmacological research cost money. People proved willing to pay for care when they were really sick, but it wasn't yet common to go for checkups or survivable illnesses.
Read the whole thing at WBUR.
Readers' Comments
Meanies. :P