You seem to imply that insurance companies dumped people after they developed an expensive condition. But that's a load of FUD, as dumping a customer like that's been illegal for decades. Which isn't to say that you could get someone else to pay for your pre-existing conditions before. That's genuinely new.

Anyway. There's no health insurance market anymore. There's a pre-paid healthcare services market which we call "insurance", with a nearly uniform price guaranteed to all (variance in prices regulated by the government), a very specific government-mandated bundle of services that it must provide, a government-mandated maximum profit margin, and a government mandate that the services be purchased.

So if that's your picture of healthy "competition" in a market... well, I guess you're entitled to that opinion but then I kinda wonder what you must think about the rest of the tech startups that get discussed around here.