I am new to objectivism and I have questions.
What does an objectivist think about insurance? I believe the basic concept is that I provide money now, "to guarantee against loss or harm" or "to secure indemnity to or on, in case of loss, damage, or death." (Reference) This means that the insurance companies, accepting my money, agree to provide money/goods/services when I ask for it. Does an objectivist see it like investment? Is it my own investment or the insurance company’s investment?
What about the insurance companies that drops a person for being too sick? I believe the argument for the insurance companies would be that you have not paid them enough money over time to pay for your own sickness. Let's say that I could die because I am too sick. What about the fact that I have been a productive member of society, I have earned money honestly and have given money to insurance companies so that I may be provided with goods and services later. I would assume an objectivist to argue that I should not expect to receive more money/goods/services than I have provided. But isn't that the point of insurance or any investment? I could make an argument for myself, stating that it was the insurance companies risk for investing in me? Is that fair?
What about a pre-existing condition? I see why it would not be right to attempt to enter into an agreement with an insurance company because the risk is too great for them, nor is it fair. Consider the following. Let's say that I am working, I am insured by my employer, but then we find out that I have a condition. Let’s say that we find out that I need medication to stay alive. What if I wanted to leave that job and go to work for someone else? Let's say that the new insurance company that has agreements with my new employer won't accept me because of this pre-existing condition. Let's also say that the medication I need to live is extremely expensive. Am I supposed to work 3 jobs attempting to pay for this medication? Maybe I could work for a company that pays me enough to pay for the medication. Maybe I could continue to use the previous employer’s insurance company at a higher cost than what was offered while I was still employed. Is that possible? Thoughts?
