No, they socialize the risk of becoming ill.

Are privatised health insurances in the USA shit right now?

Sure.

But as a European with nationalised healthcare let me tell you: we also have (heavily regulated) health insurances.

The alternatives is: every health problem is a potential cause of financial ruin.

What kind of libertarian bullshit is this?

Think about it for more than 2 seconds.

What are insurance companies here for?