Katherine Mangu-Ward

It's that's still behavioral.

It is behavioral, but behavioral is often closely connected to demographics, right?

Like men pay more for car insurance than women, for example, across the board.

So I think there's not as much daylight between the way that auto insurance functions and the way that health insurance could function, as some people would like to suggest.

But also, I think...

You know, we live in a time of incredibly complex and interesting financial instruments to deal with risk.

And none of those instruments have been allowed to blossom, do experiments.

Right.

So, I mean, I think at the very, very baseline, we have the fact that, you know, what we used to call catastrophic plans are more or less illegal now.

It's not quite true.

There's a bunch of short term.

Right.

So that's one example of just, you know, there are long term care insurance functions this way as well.

The younger you buy, life insurance functions this way.

There are so many tools you can imagine where people could in anticipation of various risks that they might

that they might have get insurance against those risks that are that the prices will still reflect the relative risk.

But you can build a policy where the risk reward works for both the insurance company and the consumer.

And I think the fact that we are asking health insurance to also be basically a prepaid system for basic health care further complicates things.

Right.

There's no reason why you and I shouldn't just be paying out of pocket for basic health care.