If there’s two things we Americans like to preserve it’s our money and our health. This year over 100 banks have gone belly up, yet no depositor has lost any of their savings. Not one. This is due to the Federal Deposit Insurance Corporation. The FDIC is a single payer system whose premiums are paid by member banks.
To those who think that insurers of banks should be open to all only need to be reminded of AIG, their insurance acumen, their profit motive, and their bailout by U.S. taxpayers.
The single payer model doesn’t work well for many insurance types, e.g., auto, homeowners, life, etc. But it has worked well for banking in the U.S. and it has worked well in other countries for health insurance.