Office Hours: Why Scott Doesn’t Have Health Insurance, How Gen Z and Millenials Can Accrue Wealth, and What Scott Does to Stay Healthy

Spending & Insurance

Scott Galloway highlights the staggering figures of US healthcare spending, which reached $4.5 trillion in 2022, accounting for about 17% of the economy 1. He criticizes the insurance industry for consistently raising rates faster than inflation, noting that this practice disproportionately affects the bottom 90% of income earners 2. Scott shares his personal decision to forgo health insurance, arguing that it often serves as a wealth transfer from the poor to the rich 2.

Health insurance is yet another transfer of wealth from the poor and the middle class to the rich.

--- Scott Galloway

He suggests that a more consumer-driven approach to healthcare could lead to better cost management and decision-making.

   

Funding & Benefits

Scott proposes a radical shift in healthcare funding, advocating for a gradual lowering of the Medicaid eligibility age to eventually achieve nationalized healthcare 3. He argues for a consumer mentality in healthcare, where individuals are more informed and proactive about their healthcare choices 3. In discussing employer-provided health benefits, Scott addresses the trend of offering cash instead of traditional health insurance, which could empower employees to manage their own healthcare costs 4.

We need to start thinking out of the box, and we need to kick the healthcare industry in the nuts over and over and over.

--- Scott Galloway

While this approach might reduce company expenses, it raises concerns about the burden on employees who rely heavily on health insurance.