Gene Therapy Was Hailed as a Revolution – Then Came the Bill

Re:Gene Therapy Was Hailed as a Revolution – Then Came the Bill by votepaunchy on Monday April 08, 2019 @06:45AM (#19603937)

It’s Called “reinsurance” and it’s already implemented in many states for cases such as these (million dollar payouts) since post-ACA an insurer could go bankrupt on a single customer with a pre-existing condition.

https://en.m.wikipedia.org/wiki/Reinsurance

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Re:Gene Therapy Was Hailed as a Revolution – Then Came the Bill by jjoonathan on Monday April 08, 2019 @06:53AM (#19603968)

Privatize the gains, socialize the losses!

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Re:Gene Therapy Was Hailed as a Revolution – Then Came the Bill by refurb on Monday April 08, 2019 @10:47AM (#19605693)

Reinsurance is entirely private, not sure what you mean by "socialize the loss".

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Re:Gene Therapy Was Hailed as a Revolution – Then Came the Bill by jjoonathan on Monday April 08, 2019 @07:55PM (#19610335)

That's what I previously understood to be the case, but the post I replied to suggested something different -- that states were getting in on the reinsurance game. That's what I object to.

Theoretically, it would be possible for states to do this responsibly in a manner that benefited everyone, but if I weigh the extent to which our system allows interested parties to pay for legislation against the extent to which the public is likely to make reinsurance rates a ballot issue, I can't help but put the probability of a responsible implementation at about 1-2% and the probability of "privatize the gains and socialize the losses" at 98-99%.

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Re:Gene Therapy Was Hailed as a Revolution – Then Came the Bill by nradov on Monday April 08, 2019 @10:03AM (#19605273)

It's not possible a single insurer to go bankrupt due to a single expensive customer. State insurance commissioners wouldn't allow such a financially fragile insurance company to sell policies in the first place.

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