Episode 73 – Is our current health insurance really insurance?

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health insurance

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I know we use Twitter as our muse for a lot of our episodes, but this week, we glean some inspiration from the bright sunshine of the real, non-Internet world.  Yes, we get to see the light of day sometimes.  Recently, I was refilling a prescription at my drugstore and was informed that the 20-day supply of pills (nine pills) that I was given the last time I filled my prescription was not up yet.  This meant that my insurance would not cover the prescription until a few days later.

Given that the prescription is for migraines, my pharmacist offered to sell two pills directly to me.  This meant that I would have to pay full price—two pills for about $41.  I thought about it for a moment and decided to make the purchase.

I was thankful that my pharmacy offered me that option and it got me thinking about a few different things.  First, there was the basic economic problem that I was confronted with: what’s more valuable to me, the two pills or the $41?  What complicated the matter a little bit was that I not only had to think about what my current preferences were but also what my future preferences would likely be (if I had a migraine coming on).

But there was a bigger and more important thought that popped into my head: why is medication like this something that my insurance would cover?  And coupled to this idea, why does a small, mass produced pill cost more than $20?  Slappy and I seek answers in this week’s episode.

Related topic:
Mance Rayder, the host of the Free Man Beyond the Wall podcast, invited me onto his show yesterday to talk about how insurance and free market regulation could help privatize a world whose markets are so corrupted and fettered by the state.  Check out and subscribe to his podcast and give my appearance a listen: Episode 72: Talking Privatization of All Things w/ Rollo McFloogle.

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