State Farm Health Insurance A Co-op Example
Congress has briefly considered the insurance co-op as a viable option to overhaul health care, but it’s been put to the side for now. According to the article “The insurance co-op is already in your neighborhood” by Julie Mason on the Washington Examiner’s website, State Farm Insurance is America’s most well known, successful member-owned cooperative.
State Farm offers many types of insurance including State Farm health insurance. Many consider their model a great success as they serve over 75 million policies in North America. At the end of each year profits are turned over to the policy holders which were about $1 billion back in 2007.
State Farm was founded in 1922 by a retired insurance salesman and farmer who started the company with a few friends. The company’s success has occurred over time and does not easily translate to a workable model for a government run co-op for health care. It would take too much time, money, organization and significant involvement from the government. These are things Congress is not willing to sacrifice at this point. 5tehuzfw6y
