MAIN PURPOSE of Obamacare went in effect today - Bankrupt the Health Insurers!

[Gareyt17]

and make no mistake...this is the ultimate goal of Obamacare.....so they can finally introduce full on socialized medicine....


The Bomb Buried In Obamacare Explodes Today-Hallelujah! - Forbes

That would be the provision of the law, called the medical loss ratio, that requires health insurance companies to spend 80% of the consumers’ premium dollars they collect—85% for large group insurers—on actual medical care rather than overhead, marketing expenses and profit.

Indeed, it is this aspect of the law that represents the true ‘death panel’ found in Obamacare—but not one that is going to lead to the death of American consumers. Rather, the medical loss ratio will, ultimately, lead to the death of large parts of the private, for-profit health insurance industry.


Imagine yourself as a small business owner for a moment...can you imagine having to run that business with only 15% of your gross sales? This to pay ALL salaries, office space, advertising, commissions to salespersons, insurance on your business, accountants to keep up with endless paperwork required by our government?

Think you could do it? Of course not! Neither can the insurance companies!

 

[Charles_Main]

It's always been pretty clear to me that their Ultimate Goal is Single Payer. The ACA has always been a means to an end. One of the most dishonest things ever sold to America.

 

[Papageorgio]

and make no mistake...this is the ultimate goal of Obamacare.....so they can finally introduce full on socialized medicine....


The Bomb Buried In Obamacare Explodes Today-Hallelujah! - Forbes

That would be the provision of the law, called the medical loss ratio, that requires health insurance companies to spend 80% of the consumers’ premium dollars they collect—85% for large group insurers—on actual medical care rather than overhead, marketing expenses and profit.

Indeed, it is this aspect of the law that represents the true ‘death panel’ found in Obamacare—but not one that is going to lead to the death of American consumers. Rather, the medical loss ratio will, ultimately, lead to the death of large parts of the private, for-profit health insurance industry.


Imagine yourself as a small business owner for a moment...can you imagine having to run that business with only 15% of your gross sales? This to pay ALL salaries, office space, advertising, commissions to salespersons, insurance on your business, accountants to keep up with endless paperwork required by our government?

Think you could do it? Of course not! Neither can the insurance companies!

They already moved to that, the main cuts are to the employees, particularly sales staff and customer service support. Processes are going to take a little longer and the consumer will pay.

 

[theDoctorisIn]

This happened 7 months ago, not "today".

 

[theDoctorisIn]

Scratch that, that went into effect Jan 1st, 2011. So that's a year and 7 months ago...

Insurance seems to be doing fine so far...

 

[Papageorgio]

Scratch that, that went into effect Jan 1st, 2011. So that's a year and 7 months ago...

Insurance seems to be doing fine so far...

Check with your local agents, they are getting hurt by it.

 

[Bfgrn]

and make no mistake...this is the ultimate goal of Obamacare.....so they can finally introduce full on socialized medicine....


The Bomb Buried In Obamacare Explodes Today-Hallelujah! - Forbes

That would be the provision of the law, called the medical loss ratio, that requires health insurance companies to spend 80% of the consumers’ premium dollars they collect—85% for large group insurers—on actual medical care rather than overhead, marketing expenses and profit.

Indeed, it is this aspect of the law that represents the true ‘death panel’ found in Obamacare—but not one that is going to lead to the death of American consumers. Rather, the medical loss ratio will, ultimately, lead to the death of large parts of the private, for-profit health insurance industry.


Imagine yourself as a small business owner for a moment...can you imagine having to run that business with only 15% of your gross sales? This to pay ALL salaries, office space, advertising, commissions to salespersons, insurance on your business, accountants to keep up with endless paperwork required by our government?

Think you could do it? Of course not! Neither can the insurance companies!

Can you explain why in the early '90s, 95 cents out of every dollar was used by the insurance companies to pay claims?

Do you know why it changed?

This guy does. WENDELL POTTER is former Vice President of corporate communications at CIGNA, one of the United States' largest health insurance companies. With almost 20 years inside the health insurance industry, Wendell Potter saw for-profit insurers hijack our health care system and put profits before patients.

Wendell Potter on Profits Before Patients

BILL MOYERS: Why is public insurance, a public option, so fiercely opposed by the industry?

WENDELL POTTER: The industry doesn't want to have any competitor. In fact, over the course of the last few years, has been shrinking the number of competitors through a lot of acquisitions and mergers. So first of all, they don't want any more competition period. They certainly don't want it from a government plan that might be operating more efficiently than they are, that they operate. The Medicare program that we have here is a government-run program that has administrative expenses that are like three percent or so.

BILL MOYERS: Compared to the industry's--

WENDELL POTTER: They spend about 20 cents of every premium dollar on overhead, which is administrative expense or profit. So they don't want to compete against a more efficient competitor.

BILL MOYERS: You told Congress that the industry has hijacked our health care system and turned it into a giant ATM for Wall Street. You said, "I saw how they confuse their customers and dump the sick, all so they can satisfy their Wall Street investors." How do they satisfy their Wall Street investors?

WENDELL POTTER: Well, there's a measure of profitability that investors look to, and it's called a medical loss ratio. And it's unique to the health insurance industry. And by medical loss ratio, I mean that it's a measure that tells investors or anyone else how much of a premium dollar is used by the insurance company to actually pay medical claims. And that has been shrinking, over the years, since the industry's been dominated by, or become dominated by for-profit insurance companies. Back in the early '90s, or back during the time that the Clinton plan was being debated, 95 cents out of every dollar was sent, you know, on average was used by the insurance companies to pay claims. Last year, it was down to just slightly above 80 percent.

So, investors want that to keep shrinking. And if they see that an insurance company has not done what they think meets their expectations with the medical loss ratio, they'll punish them. Investors will start leaving in droves.

I've seen a company stock price fall 20 percent in a single day, when it did not meet Wall Street's expectations with this medical loss ratio.

For example, if one company's medical loss ratio was 77.9 percent, for example, in one quarter, and the next quarter, it was 78.2 percent. It seems like a small movement. But investors will think that's ridiculous. And it's horrible.

BILL MOYERS: That they're spending more money for medical claims.

WENDELL POTTER: Yeah.

BILL MOYERS: And less money on profits?

WENDELL POTTER: Exactly. And they think that this company has not done a good job of managing medical expenses. It has not denied enough claims. It has not kicked enough people off the rolls. And that's what-- that is what happens, what these companies do, to make sure that they satisfy Wall Street's expectations with the medical loss ratio.

BILL MOYERS: And they do what to make sure that they keep diminishing the medical loss ratio?

WENDELL POTTER: Rescission is one thing. Denying claims is another. Being, you know, really careful as they review claims, particularly for things like liver transplants, to make sure, from their point of view, that it really is medically necessary and not experimental. That's one thing. And that was that issue in the Nataline Sarkisyan case.

But another way is to purge employer accounts, that-- if a small business has an employee, for example, who suddenly has have a lot of treatment, or is in an accident. And medical bills are piling up, and this employee is filing claims with the insurance company. That'll be noticed by the insurance company.

And when that business is up for renewal, and it typically is up, once a year, up for renewal, the underwriters will look at that. And they'll say, "We need to jack up the rates here, because the experience was," when I say experience, the claim experience, the number of claims filed was more than we anticipated. So we need to jack up the price. Jack up the premiums. Often they'll do this, knowing that the employer will have no alternative but to leave. And that happens all the time.

They'll resort to things like the rescissions that we saw earlier. Or dumping, actually dumping employer groups from the rolls. So the more of my premium that goes to my health claims, pays for my medical coverage, the less money the company makes.

BILL MOYERS: So, the more of my premium that goes to my health claims, pays for my medical coverage, the less money the company makes.

WENDELL POTTER: That's right. Exactly right.

BILL MOYERS: So they want to reverse that. They don't want my premium to go for my health care, right?

WENDELL POTTER: Exactly right. They--

BILL MOYERS: Where does it go?

WENDELL POTTER: Well, a big chunk of it goes into shareholders' pockets. It's returned to them as part of the investment to them. It goes into the exorbitant salaries that a lot of the executives make. It goes into paying sales, marketing, and underwriting expenses. So a lot of it goes to pay those kinds of administrative functions. Overhead.

 

[ShackledNation]

The insurance companies lobbied in favor of Obamacare. Over the past 10 years, 9 million Americans dropped their insurance plans because they were unhappy with the insurance companies. The individual mandate will force these individuals to buy those plans once again. Forcing people to buy your product is not going to bankrupt you.

 

[johngray123]

I think that he is doing right thing and because he know how to handle his country and take care about the market.
corruption India
indian anti corruption act

 

[OohPooPahDoo]

and make no mistake...this is the ultimate goal of Obamacare.....so they can finally introduce full on socialized medicine....


The Bomb Buried In Obamacare Explodes Today-Hallelujah! - Forbes

That would be the provision of the law, called the medical loss ratio, that requires health insurance companies to spend 80% of the consumers’ premium dollars they collect—85% for large group insurers—on actual medical care rather than overhead, marketing expenses and profit.

Indeed, it is this aspect of the law that represents the true ‘death panel’ found in Obamacare—but not one that is going to lead to the death of American consumers. Rather, the medical loss ratio will, ultimately, lead to the death of large parts of the private, for-profit health insurance industry.


Imagine yourself as a small business owner for a moment...can you imagine having to run that business with only 15% of your gross sales?

The insurance companies don't produce the health care, they merely spread risk around. Its hardly unreasonable for them to spend 80-85% of their gross proceeds on actual medical costs, they are essentially just middle men. When you pay for healthcare you honestly think its reasonable for the actual health care providers to get only 70% or less of what you're paying them?

This to pay ALL salaries, office space, advertising, commissions to salespersons, insurance on your business, accountants to keep up with endless paperwork required by our government?

Think you could do it? Of course not! Neither can the insurance companies!

Actually Humana has been beating 80% for a while and are close to 85%, at 83.8%
Humana Profit Rises 22% Amid Lower Medical Costs - WSJ.com

But don't let facts get in your way.

 

[dblack]

The insurance companies lobbied in favor of Obamacare. Over the past 10 years, 9 million Americans dropped their insurance plans because they were unhappy with the insurance companies. The individual mandate will force these individuals to buy those plans once again. Forcing people to buy your product is not going to bankrupt you.

Someone is paying attention. This is not a policy to eliminate private insurers, but rather a move to turn them into government protected monopolies who lobby government regulators for their profits rather than provide a product people actually want.

 

[OohPooPahDoo]

The insurance companies lobbied in favor of Obamacare. Over the past 10 years, 9 million Americans dropped their insurance plans because they were unhappy with the insurance companies. The individual mandate will force these individuals to buy those plans once again. Forcing people to buy your product is not going to bankrupt you.

Someone is paying attention. This is not a policy to eliminate private insurers, but rather a move to turn them into government protected monopolies who lobby government regulators for their profits rather than provide a product people actually want.

Where the fuck do you losers come up with this shit?

 

[dblack]

The insurance companies lobbied in favor of Obamacare. Over the past 10 years, 9 million Americans dropped their insurance plans because they were unhappy with the insurance companies. The individual mandate will force these individuals to buy those plans once again. Forcing people to buy your product is not going to bankrupt you.

Someone is paying attention. This is not a policy to eliminate private insurers, but rather a move to turn them into government protected monopolies who lobby government regulators for their profits rather than provide a product people actually want.

Where the fuck do you losers come up with this shit?

Paying attention. Follow the money. Etc...

You do understand that the insurance companies were the heaviest lobbyists for the individual mandate, don't you? Once they are established as our only legal avenue for financing our health care, they'll be protected from loss by regulation.

 

[OohPooPahDoo]

Someone is paying attention. This is not a policy to eliminate private insurers, but rather a move to turn them into government protected monopolies who lobby government regulators for their profits rather than provide a product people actually want.

Where the fuck do you losers come up with this shit?

Paying attention. Follow the money. Etc...

You do understand that the insurance companies were the heaviest lobbyists for the individual mandate, don't you?

That's because the individual mandate is the option that allows them to survive. Socialized medicine puts them out of business entirely, and it was perceived that the public option was a move in that direction.

Once they are established as our only legal avenue for financing our health care, they'll be protected from loss by regulation.

Huh? What the fuck are you even talking about? Who else would you buy health insurance from other than a health insurance company?

 

[dblack]

That's because the individual mandate is the option that allows them to survive. Socialized medicine puts them out of business entirely, and it was perceived that the public option was a move in that direction.

The PPACA is, in large part, designed as a bailout for the insurance industry. They are facing a dead end and they know it. Health care inflation, driven largely by the irrational insurance schemes that they have been peddling, is outpacing their ability to sign up new enrollees. Higher and higher payouts, and a diminishing expansion of their customer base is creating a vicious cycle: they have to raise premiums to meet expenses, but that only causes more and more people to drop out of their plans.

PPACA is their last gasp effort to stay in the game. They are essentially trying to establish themselves as public utilities - private corporations with government mandated customers. What could be a sweeter deal? In exchange for heavy regulation and government collusion, they eliminate nearly all risk from their industry. And if there's one thing insurance companies are eager to do, it's eliminate risk.

Not only does ACA force all of us to play the insurance companies' game, it implicitly protects them from failure. As the sole funding mechanism for all of our health care, they are assuredly 'too big to fail' and will enjoy whatever level of government assistance/collusion/bailouts is necessary to keep them solvent.

 

[Bfgrn]

That's because the individual mandate is the option that allows them to survive. Socialized medicine puts them out of business entirely, and it was perceived that the public option was a move in that direction.

The PPACA is, in large part, designed as a bailout for the insurance industry. They are facing a dead end and they know it. Health care inflation, driven largely by the irrational insurance schemes that they have been peddling, is outpacing their ability to sign up new enrollees. Higher and higher payouts, and a diminishing expansion of their customer base is creating a vicious cycle: they have to raise premiums to meet expenses, but that only causes more and more people to drop out of their plans.

PPACA is their last gasp effort to stay in the game. They are essentially trying to establish themselves as public utilities - private corporations with government mandated customers. What could be a sweeter deal? In exchange for heavy regulation and government collusion, they eliminate nearly all risk from their industry. And if there's one thing insurance companies are eager to do, it's eliminate risk.

Not only does ACA force all of us to play the insurance companies' game, it implicitly protects them from failure. As the sole funding mechanism for all of our health care, they are assuredly 'too big to fail' and will enjoy whatever level of government assistance/collusion/bailouts is necessary to keep them solvent.

Unfortunate as it is, the mandate is the only way privatized health care will work. Unless you want to continue to allow insurance cartels to purge the sick.

The rest of the industrialized world realizes that health care does not fit a 'free market' model. Because the patient has no leverage in the market transaction.

 

[ShackledNation]

That's because the individual mandate is the option that allows them to survive. Socialized medicine puts them out of business entirely, and it was perceived that the public option was a move in that direction.

The PPACA is, in large part, designed as a bailout for the insurance industry. They are facing a dead end and they know it. Health care inflation, driven largely by the irrational insurance schemes that they have been peddling, is outpacing their ability to sign up new enrollees. Higher and higher payouts, and a diminishing expansion of their customer base is creating a vicious cycle: they have to raise premiums to meet expenses, but that only causes more and more people to drop out of their plans.

PPACA is their last gasp effort to stay in the game. They are essentially trying to establish themselves as public utilities - private corporations with government mandated customers. What could be a sweeter deal? In exchange for heavy regulation and government collusion, they eliminate nearly all risk from their industry. And if there's one thing insurance companies are eager to do, it's eliminate risk.

Not only does ACA force all of us to play the insurance companies' game, it implicitly protects them from failure. As the sole funding mechanism for all of our health care, they are assuredly 'too big to fail' and will enjoy whatever level of government assistance/collusion/bailouts is necessary to keep them solvent.

Unfortunate as it is, the mandate is the only way privatized health care will work.

The mandate is the only way corporatist healthcare will work. There is no free market healthcare system, and with the mandate there is even less of a pseudo one. You seem to be conflating free market healthcare with the American healthcare system of the past several decades. At best we have had a mixed system for decades, with various levels of corporate-government collusion.

This colluded system hasn't worked, so the only way to uphold it is to force people to participate in it. Calling that "making privatized care work" makes no sense at all...it doesn't work and its not privatized.

 

[The Infidel]

The insurance companies lobbied in favor of Obamacare. Over the past 10 years, 9 million Americans dropped their insurance plans because they were unhappy with the insurance companies. The individual mandate will force these individuals to buy those plans once again. Forcing people to buy your product is not going to bankrupt you.

Insurance companies were trying to curry favor by endorsing it... nothing more, nothing less.

Only the ultra rich will be able to afford policies... how else can they afford to let pre-existing conditions be insured.
Oh they will insure you alright.... at a price. It is unsustainable otherwise.

The end goal is single payer... PERIOD!

 

[ShackledNation]

The insurance companies lobbied in favor of Obamacare. Over the past 10 years, 9 million Americans dropped their insurance plans because they were unhappy with the insurance companies. The individual mandate will force these individuals to buy those plans once again. Forcing people to buy your product is not going to bankrupt you.

Insurance companies were trying to curry favor by endorsing it... nothing more, nothing less.

Currying favor was part of it, of course. But to say there is nothing more to it will require a lot more than than a period at the end of your sentence.

 

[Bfgrn]

The PPACA is, in large part, designed as a bailout for the insurance industry. They are facing a dead end and they know it. Health care inflation, driven largely by the irrational insurance schemes that they have been peddling, is outpacing their ability to sign up new enrollees. Higher and higher payouts, and a diminishing expansion of their customer base is creating a vicious cycle: they have to raise premiums to meet expenses, but that only causes more and more people to drop out of their plans.

PPACA is their last gasp effort to stay in the game. They are essentially trying to establish themselves as public utilities - private corporations with government mandated customers. What could be a sweeter deal? In exchange for heavy regulation and government collusion, they eliminate nearly all risk from their industry. And if there's one thing insurance companies are eager to do, it's eliminate risk.

Not only does ACA force all of us to play the insurance companies' game, it implicitly protects them from failure. As the sole funding mechanism for all of our health care, they are assuredly 'too big to fail' and will enjoy whatever level of government assistance/collusion/bailouts is necessary to keep them solvent.

Unfortunate as it is, the mandate is the only way privatized health care will work.

The mandate is the only way corporatist healthcare will work. There is no free market healthcare system, and with the mandate there is even less of a pseudo one. You seem to be conflating free market healthcare with the American healthcare system of the past several decades. At best we have had a mixed system for decades, with various levels of corporate-government collusion.

This colluded system hasn't worked, so the only way to uphold it is to force people to participate in it. Calling that "making privatized care work" makes no sense at all...it doesn't work and its not privatized.

The only way to get rid of corporatist health care is to do what almost every other industrialized nation does. Strong state funding of single-payer universal health care, instead of insurance based health care tied to employment.

You are living in some kind of fantasy world if you believe government non-intervention would lead to corporations becoming health care stewards. Insurance companies are not in the healthcare business. They are in the PROFIT business.

There are people employed by insurance companies whose sole job is to go over your health records with a fine tooth comb and find a loophole, a previous treatment for a mole, wart or something they can create a link to your current illness, and they get rewarded for finding and denying treatment.

THAT my naive friend is how a 'free market' works. Insurance companies are not in the healthcare business. They are in the PROFIT business. Denial of expensive treatments feed the bottom line.

Do you understand the keys to a market transaction? Do you understand the term 'leverage'? If one party in a market transaction has little or no leverage, it is NOT a free market. It is a captured market.