Dan Weissmann

Future Hindsight · Mar 16, 2019 · 25m

Picking an insurance plan is nearly impossible

Although it is no surprise that picking an insurance plan is complicated, it turns out it is nearly impossible. A study by George Loewenstein at Carnegie Mellon reveals that a majority of Americans will choose a suboptimal plan. With access to a full analysis of all the costs and regulations, 80% of us can make a sound decision.

Insurance companies drive up costs

Insurance companies are not motivated to keep costs down because they can pass them on to us, their customers. Large hospital groups and pharmaceutical companies are also active…