So like, real question here... How does would that work if you're poor, chronically ill, have cancer, need an organ replacement, have HIV, etc? How do I know if I'm getting my money's worth, given I do not have medical education? What happens if I can't make a choice of what services I consent to because I've been rendered incapacitated due to a medical emergency?

For a counterexample, look at dental surgery. This is also often not covered by insurance, but it's much more expensive, and low-income individuals often take on debt and risk their financial security to undergo these procedures because the alternative is often a severely degraded quality of life. The difference is that the demand is much less flexible, so providers can get away with higher prices. Many healthcare procedures fall into this category.

Pre-WW2 America isn't a place most people would want to return to in terms of healthcare. It was far far less advanced, people died much more easily and you may recall a certain Great Depression which made it so those savings weren't quite as reliable as people hoped.

Oh and when you go to the ER after getting hit by a bus, are you going to call around for the best deal?

You might argue that's what insurance is for, but now you end up back where we are today, with a middle-man paying for things. Things that are essentially guaranteed to happen but unpredictable in their magnitude.

I'm not saying we shouldn't have more market information, but it's just incorrect to say the market will solve this. Serious medical problems are a, "your money or your life" situation, pure unregulated markets are going to really struggle in this area.

I dunno, the differences weren't huge, and at least people didn't go bankrupt (data not from the US, but close).

https://www.ncbi.nlm.nih.gov/pmc/articles/PMC2625386/

"Life expectancy of mature women taken from Hollingsworth8 and OPCS data for England and Wales

Date Life expectancy of women at 15 years (years)

1480–1679 48.2

1680–1779 56.6

1780–1879 64.6

1891 61.6

1901 62.6

1911 66.4

1921 68.1

1951 73.4

1961 75.7

1971 76.8

1981 78.0"

1989 79.2

As a specific and personal data point, I have chronic kidney disease, which developed rapidly when I was 25. With pre-WW2 medicine (no transplants, no dialysis), I might have lived to 26, maaaaybe, and even then only if I'd been able to control my blood pressure long enough for renal failure to set in instead of a stroke or heart attack.

Thanks to modern medicine, I'm now nearing 40 with a good prognosis; there's no reason to believe it will impact my life expectancy, and the impact on my quality of life is relatively minimal. Compared to dying in my mid-20s, that's a vast world of difference. I will not willingly go back to pre-WW2 medicine, thank you very much.

To take a contrived and simplified example, imagine a hypothetical world in which everybody dies on their 90th birthday by default, but a handful of diseases cause 25% of the population to die on their 30th birthday instead. That brings the average life expectancy to 73.75y.

Now imagine a bunch of medical breakthroughs bring the 30-year-old mortality rate down from 25% to 7%. That enormous difference brings the average life expectancy to 85.45y.

That's in increase in life expectancy just shy of 16%, despite the fact that it comes from a 72% reduction in 30-year-old mortality rates.

That's obviously a massive oversimplification, and real distributions look different, but it illustrates the problem with just looking at average life expectancies; it makes it look like everyone's life span has just been scaled up by 16%, which is not the case. If you look at it from the perspective of, "what are the chances my life will be cut short by some preventable disease?", the magnitude of the change is much greater. Some of that change is due to very cheap innovations like bread-mold-as-antibiotic, and some of it is due to very expensive innovations like organ transplants. Either way, I for one am glad those days are over, despite the appealing economic simplicity.