None of us has health insurance, really.

If you develop a long-term condition such as heart disease or cancer, and if you then lose your job or are divorced, you can lose your health insurance.

You now have a preexisting condition, and insurance will be enormously expensive — if it’s available at all. In a new study, “Health-Status Insurance: How Markets Can Provide Health Security,” author John H. Cochrane argues that free markets can solve this problem, and provide life-long, portable health security, while enhancing consumer choice and competition.