health insurance companies going out of business .. DUE TO OBAMACARE!!!

Discussion in 'Healthcare/Insurance/Govt Healthcare' started by healthmyths, Sep 21, 2012.

  1. healthmyths
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    healthmyths Gold Member Supporting Member

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    Experts were trying to tell Obamacare idiots IT wouldn't work!

    Tried to point out that the fundamental premise of 50 million "uninsured" was a lie.. with 10 million NOT citizens, 14 million already covered by Medicaid and
    18 million under age 34, make over $50k that PAY their health services WITHOUT insurance cheaper.. that real number is 8 million!
    BUT if the Obamacare IDIOTS didn't even get this number correct.. OMG... wait till you see what else that means!!!


    The boss at one of the nation’s biggest health insurers recently dropped a very public bombshell about the future of his industry — by forecasting its imminent death.

    At a February conference in Las Vegas, Aetna president Mark Bertolini told a crowd of thousands that
    “the end of insurance companies, the way we’ve run the business in the past, is here.”

    This isn’t just industry whining — it’s the truth. And the chief reason for the shift is Obamacare — to its critics’ dismay and its champions’ delight.

    One of Obamacare’s most disruptive new restrictions is its “minimum medical loss ratio” (MLR). This rule requires insurers to spend 80 to 85 percent of all premiums received on claims. The former governs the individual and small-group markets, the latter the large-group market.

    The idea is to prevent insurers from funneling excessive amounts of revenue toward administrative expenses or profit. If the company doesn’t hit the 80- or 85-percent target, it must rebate its customers the difference.

    This rule may sound reasonable. After all, who doesn’t want to get better value for their premium dollars?

    But it’s exerting a serious toll on insurers’ bottom lines. WellPoint, the country’s biggest insurer, took an estimated $300-million hit last year because of the rule. Aetna suffered $100 million in damage at the hands of the MLR.

    The decline has already started. Aetna has pulled out of the individual insurance market in Colorado and Indiana and out of the small-group market in Michigan.
    The Iowa-based Principal Financial Group stopped selling health insurance entirely, leaving 840,000 people without coverage.
    And Unicare has stopped selling policies in Virginia.

    These developments are just the beginning. As Obamacare locks into place, the economic pressures on insurers and taxpayers will only grow stronger. Indeed, the Congressional Budget Office just revealed that Obamacare will cost $1.76 trillion between 2012 and 2022 — about $800 billion more than the Office estimated when the bill was signed in March 2010

    The End of Private Health Insurance In America - Forbes

    NOTE: The Average is almost 80% of every premium $ goes to claims:

    FACTS why are people so ignorant when the Internet provides this!
    1) % of premiums spent on Claims:
    Total Premium % of Premium
    in billions - 2009 paid in claims
    UnitedHealth Group $81,186 82.30%
    WellPoint $61,251 80.60%
    Aetna $30,951 76.90%
    Humana $28,946 83.20%
    Cigna $19,101 82.30%
    Health Net $15,367 83.90%

    AVERAGE % of Premiums paid in claims: 81.53%!!!

    Fortune 500 2009: Industry: Health Care: Insurance and Managed Care
     
  2. chikenwing
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    chikenwing Guest

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    That's what they want,them evil insurance dudes must go!!
     
  3. kidrocks
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    kidrocks Gold Member

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    Good... it's called, tough love. In business, only the strong survive according to supply and demand. Let the market dictate.
     
  4. healthmyths
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    healthmyths Gold Member Supporting Member

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    NO you f...king idiot!
    If they go out then we don't have:
    1) 1,300 companies to CHOOSE from.. WE have ONLY the single payer!
    2) YOU have an idea where the $100 billion a year that these companies PAY in Federal/State/Local taxes (including YOUR local property taxes!) will come from?
    3) Any idea where the payroll taxes which idiots like you have evidently NO IDEA will come from in that the 400,000 employees pay their SS/Medicare and now evidently
    the BIG surprise to you and other idiots... THESE EMPLOYERS MATCH dollar for dollar! PLUS these employers also pay for UNEMPLOYMENT CHECKS!
    Where will that money come from ??

    4) finally The problem was NEVER the insurance companies! They paid the bills that came in 80% of premiums go out in claims!
    The problem was and I wish idiots like you would look this up.. EMTALA.. it means hospitals must if they take Medicare see uninsured patients! Well that was nice and commendable in 1986! But today Medicare pays some hospitals' claims that are marked up 6,000% because Medicare knows hospitals are "padding and passing" on!

    So...that means Medicare is paying more insurance companies paying more!

    THEN the other $600 billion/lb gorilla .. DEFENSIVE MEDICINE! Medicare/insurance are paying claims submitted for duplicate tests,specialists ALL because as a recent study of 90% physicians say they do that out of FEAR of LAWSUITS!!!


    NONE of these two gorillas were addressed in Obamacare which couldn't even comprehend that 10 million of the uninsured aren't citizens.. 14 million already covered by Medicaid and 18 million counted as uninsured PAY THEIR own way and didn't want insurance OR NEED IT!

    Thus 8 million that truly need coverage COULD have been covered by TAXING lawyers' $100 billion and using that to buy insurance for the 8 million uninsured!
    Simple solution that would drive down defensive medicine costs/ and eliminate "PADDING AND PASSING"!!!

    Too simple though... NOT a single payer system as Obama and idiots WANT without THINKING of the consequences!
     
  5. chikenwing
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    chikenwing Guest

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    Not to mention all the lost jobs
     
  6. healthmyths
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    healthmyths Gold Member Supporting Member

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    At say average of $50,000 a year times 400,000 employees @ 7.65% SS/Medicare paid by employees: $1.53 billion; matched by employer $1.53 billion.
    Nearly $3 billion in SS/Medicare payments.. gone!
    Then we have the change from $20 billion a year going into the economy/ paying taxes to at $300/week 99 weeks: $11.8 billion unemployment checks!

    Then as I pointed out the insurance companies pay local property taxes, local/state/Federal income taxes over $100 billion a year!

    Who will make that up?
     
  7. Lakhota
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    Lakhota Diamond Member

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    Another lying NaziCon thread.

    The only real solution is Single-Payer.
     
  8. SuMar
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    SuMar VIP Member

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    Have you provided a link to contradict?
     
  9. tyroneweaver
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    tyroneweaver Gold Member

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    solution to what
     
  10. editec
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    editec Mr. Forgot-it-All

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    Nonsense.

    Go read a book.

     

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