> "In fact I think we have the millennials to thank as they grew up after the cold war and did not experience much of the propaganda that older generations did, so they are more open to policies like universal healthcare."
So they haven't seen the negative consequences of too much government power and thus are too quick to call for government solutions.
Answering your question, I put more trust in my government than private corporations because government ostensibly works for me, and citizens get to influence the makeup of our government. (Note, I'm not American, if I lived under the US democracy I might feel differently).
I would say that if there was no government involvement, then their profit would depend on providing quality healthcare service. Right now there are so many regulations and government controls that I can't even choose between multiple providers, pitting them against each other to offer better service.
I'd actually love to purchase private insurance from another country if that was an option. Let's use globalization for good to lower healthcare costs for all. Imagine consulting with a doctor in India over an iOS app and ordering drugs from Mexico...
All of that would only be possible by removing the government from the picture.
You really trust the government to take care of you? How blind are you? The UK government wasted £12 billion of taxpayer money on an abandoned IT system.
... well, too late, because your insurance was chosen and paid for by your employer (if you have one), and your clinical decisions were made for you. Oh, and if you try to change insurers you will be denied coverage for your "pre-existing condition".
The UK is far from perfect, but it does the basics well (antibiotics, contraceptives, emergency care, insulin). And there's zero risk of it making your state worse by bankrupting you.
And for those who want faster care, private insurance is still an option. It's just that: an option. Not something that people have to desperately scramble for.
Then when you need to make a claim you discover that Company B gave a good deal because in the fine print they added exclusions that result in your claim being rejected for some arbitrary reason. So yes, in the long term the competitive landscape works as word gets out that Company B's plan is garbage, but in the short term you are forced into personal bankruptcy or a worse health outcome.