- Sep 19, 2011
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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 nations 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 weve run the business in the past, is here.
This isnt just industry whining its the truth. And the chief reason for the shift is Obamacare to its critics dismay and its champions delight.
One of Obamacares 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 doesnt hit the 80- or 85-percent target, it must rebate its customers the difference.
This rule may sound reasonable. After all, who doesnt want to get better value for their premium dollars?
But its exerting a serious toll on insurers bottom lines. WellPoint, the countrys 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
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 nations 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 weve run the business in the past, is here.
This isnt just industry whining its the truth. And the chief reason for the shift is Obamacare to its critics dismay and its champions delight.
One of Obamacares 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 doesnt hit the 80- or 85-percent target, it must rebate its customers the difference.
This rule may sound reasonable. After all, who doesnt want to get better value for their premium dollars?
But its exerting a serious toll on insurers bottom lines. WellPoint, the countrys 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
