Turning insurance upside down

The Medishield Life is a great scheme for the good of the people theoretically. It is going to bring affordable healthcare to everyone, especially those who really really need it, those who are already very sick with existing conditions. How much more can one hope for when no insurer would want to touch them with a ten foot pole? Now everyone is waiting for the details to see how real this can be and how many will be covered and how much will it cost.
 
Personally I have doubt if there can be a comprehensive insurance cover for everything and every one. It cannot be for many simple reasons. When the principles of insurance are turned upside down, when the uninsurable will be insured, when the highest risk will be made to pay less and the least risk will have to pay more just do not make sense.
 
In the matter of life and health, the young are the less risky group and normally will pay the lowest premiums for insurance. The older one gets, the nearer one gets to the other end when death and serious illnesses are as sure as the sun will rise. Naturally the premiums to be paid by the oldies will be many times higher than the young. And covering people above 70 and into the century is inconceivable and makes bad business sense and bad insurance. Further, who needs insurance at those ages and who can afford the premiums?
 
The first major flaw, to cover the young and make them pay for the oldies is incomprehensible. And who will be made to pay for the young who have no income?
The second big flaw, covering the high risk oldies, and making them pay less. I am wondering just how low would they be made to pay when the risk is so high. And it is unimaginable to get oldies paying insurance premium throughout their lives into the 70s and beyond. Many of them will be economically inactive, with no income and probably exhausting or depleting whatever little savings they have. Where got money to pay? Then who will pay for them, the govt or their children?
 
Now, the paymaster must naturally be the parents of the young and the children of the olds. Yes the economically active that will have to pay for their own insurance and the insurance premiums of their children and parents. God have mercy for this piece of sandwich.
 
Designing insurance schemes that violate the principles of insurance policy will not work as it will not be workable or sustainable. Either the premium will be so high or the insurers will all go broke. What is the likely outcome once reality sets in, when the numbers do not make sense, is that there will be a watered down version that may be a big let down.