Switching from insurance to the Medical Savings and Loan could help us break the sense of entitlement that has gripped our nation.
Insurance is a product built around entitlement. If you are a member of an insured group you are entitled, by contract, to the benefits defined in the contract. Since we perceive insurance as a perk, not as something earned, employer based insurance creates a full blown entitlement complex.
The Medical Savings and Loan is a structured savings plan for health care designed to replace employer based insurance. It has the same amount of money as insurance. It deposits most of the money into the savings account, but holds back a sizeable chunk of funds for those with excessive medical needs.
The key to this program is a structured savings program. Participants will meet frequently with a health care advocate who educates employees on future medical expenses and helps people prepare for these expenses. NOTE: Employees are likely to end up with several hundred thousand dollars in their savings account!!!!!!!
When people have unusual health care expenses, they will receive grants. As mentioned previously, the Medical Savings and Loan holds back a large amount of money for major medical expenses. A plan with 100,000 participants is likely to have a few billion dollars for grant.
Remember, the program has the same amount of money as the insurance plan it replaced.
The grants are there and will be dealt out accordingly. The key to this program is that people are not "entitled" to the grants. The grants are given.
The Medical Savings and Loan starts with the same amount of money as the insurance policy it replaces. The primary difference is that people are paying their health care expenses with money that they earned, while insurance has people consuming health care as if it were an entitlement.
People are likely to spend their health care dollars more wisely if they were spending their own dollars. Breaking the sense of entitlement is likely to create a paradigm where we get more money than what we get with the entitlement paradigm.