If only. But now we have insurance in insurance:
For these economically uncertain times, the UnitedHealth Group has a “first of its kind” product: the right to buy an individual health policy at some point in the future even if you become sick.
Called UnitedHealth Continuity, the product is not actual medical insurance, but is aimed at people who may have insurance now but are worried they may lose it – and may not be able to obtain replacement insurance on their own. They may expect to retire early, for example, before they qualify for Medicare. Or they are worried about the possibility of losing their job and their health coverage.
People who are already sick will generally not be eligible for the new product. Those who do pass a medical review, will pay 20 percent each month of the current premium on an individual policy to reserve the right to be insured under the plan at some point in the future.
There is also a politics angle: by buying such a policy you are betting against comprehensive health insurance reform under Obama. Here is a previous MR post on a related market. Here is a post on why private health insurance doesn’t work better than it does. And don’t forget Alex’s book on Entrepreneurial Economics, which promoted a version of this idea some time ago.
For the pointer I thank both Michael Buckley and Davis King.