Forum Post: Insurance Unions like Credit Unions
Posted 13 years ago on Oct. 20, 2011, 2:24 a.m. EST by Bryson
(29)
from Austin, TX
This content is user submitted and not an official statement
Is there something that exists like this? I can't find anything under "Insurance Unions" which is the best description I can think of for it, but I wondered if maybe these institutions exist but there is a specific name of which I am unaware.
If I'm being too vague, I mean an insurance firm which is set up like a credit union where the point is protection of the members, rather than maximization of profits. If it doesn't exist, is it something that has been discussed and dismissed for unfeasibility or actually been tried before?
I just saw a post somewhere else about extra-governmental solutions to the problems we face and I thought a health insurance union with a progressive premium structure could be a viable solution since the gov't seems a long way from universal healthcare and depending on the current insurance institutions is very dangerous.
I also admit that I do not have a very informed idea of what it takes to make a health insurance agency sustainable. Surely it is possible to actually do what insurance is supposed to do though, if the entire point wasn't to generate as much profit as possible in every single transaction. Feel free to tell me why this is a bad idea.
I dont know but it sounds like a great idea. We need more things like co ops and credit unions that are joint owned and are not subject to government and corporate control. I have often thought of doing something like that that is healthcare based.