Evil health insurance company profits

As you well know, the rallying cry for health care reform has been the evil insurance companies, someone everybody loves to hate, even the 70 million Americans with employer based self-funded health plans.  The fundamental problem of course is we have lost sight of the fact that it is health INSURANCE just like any other form of insurance.

Nevertheless, we all know about the obscene profits…or do we.    I stumbled upon this, so you can judge for yourself.

Evil health insurance company profits

 

 

 

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One comment

  1. “INSURANCE” exactly! Insurance is a contractual FINANCIAL agreement; specified benefits (coverage) in return for payment of premiums. It is a BUSINESS that provides a financial stop loss to it’s policyholders. Insurers assess risk and calculate premiums accordingly.
    1) Insurance companies are required to maintain reserves to cover future obligations. That is a concept foreign to DC! The CBO estimates of costs and revenues are fantasy.
    2) Complaints against insurance companies regarding payment or coverage can be filed with state Insurance commissioners and/or in courts of law. Not so with the government.
    IOW: Congress can promise you anything (see Medicare), back it up with nothing (see deficit), and call it reform. If you don’t like it, tough. There is no recourse. They cannot and do not pay for services currently provided to the elderly and disabled.
    [ For profit or not for profit, it’s all the same. Really, how naive are some people?]
    I argue with insurance companies on a near daily basis. Which would normally make me the last person to come to their defense. But, the DC distortions cannot go unanswered. Insurance companies are just the latest whipping boy or red herring to distract from the real evil doers, aka Congress. Congress is the cause, rising costs are the effect. Every problem in healthcare costs can be traced to acts of Congress, eg. wage freeze, price controls. And they are still at it! The most fiscally irresponsible are digging the hole deeper while ignoring the real problem. They cannot or will not pay the providers. But no fix for that!
    The insurance companies do not provide medical care, congress does not provide medical care. Physicians provide medical care. It costs money. Lots of money. We cannot afford what Congress has already promised; there is not enough money and not enough people to confiscate it from. No way, no how.

    Like

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