The S.O.C. was meant to cover everyone, which it does quite well considering it is meant as a guideline, not a set in stone set of rules. The whole waiting for S.R.S. makes sense, since some people have expressed regret, however again, the S.O.C. makes exceptions if your therapist thinks you are ready.
Overall, I think the S.O.C. works pretty well really.
As for insurance companies not paying for it, doctors have a motto, "do no harm". To a normal person, doing that is doing harm. There is nothing wrong with your genitals, they may be incorrect, but they do function. S.R.S. means taking working organs and turning them into something else. One could argue that they are unusable in their current condition but in some ways, that really is a mental issue (they physically work). More importantly though, insurance companies are in it for money, anything they can exclude or charge you for, they will. While quick to stop paying for something, any changes as to what they will pay for is slow. Insurance is gambling and just like gambling, the house always wins.
In terms of money, you may not be able to afford to go all the way, but you may be able to get some things done to where you live a decent life. Government programs can cover some of it.