Good riddance. Heath insurance in the US seems to benefit the insurance companies more than anyone else.
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That benefits me a great deal!
Maybe when you said insurance you meant to say "health insurance" but the same principle applies. If I have a heart attack then treating it will be hideously expensive, but that's also unlikely to happen.
Health insurance should work exactly as you describe, but far to often I've seen it cover the little things like colds, and then fail to adequately cover big things like a heart attack.