You've hit indirectly on why it's so important that people be able to keep their own money. The brutal reality of the world is that, outside of yourself and some close companions, no one really cares about you or your ability to survive a disease in 40 years. Certainly not politicians in Washington DC. I very much doubt political aristocrats in Beijing care either.

Unsurprisingly, resources get best allocated to what most people actually care about when people get to individually allocate their own resources.