Discussion:Aetna CEO Stunner: Industry all but Extinct
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| 6 March 2012 | |
| Aetna CEO Mark Bertolini unloads at Las Vegas Convention. Says industry on the way out like the dinosaurs.
Article by Wendell Potter, insurance industry insider, author of 'Deadly Spin: An Insurance Company Insider Speaks Out on How Corporate PR Is Killing Health Care and Deceiving Americans' "Ever since the health insurance industry came to be dominated in recent years by a handful of big for-profit corporations, insurers have actually been driving away customers and shrinking the universe of people they were willing to cover, because of the return on investment and the profit demands of the large institutional investors that own most of the corporations' shares. It is because of those demands that insurers price their premiums beyond the reach of millions of Americans. It is because of those demands that insurers reject on average a third or more of all applicants because of "preexisting conditions." And it is because of those demands that insurers have routinely canceled the coverage of thousands of policyholders when they got sick. Now you know why more than 50 million of us are uninsured. It is not because most of those people are being irresponsible. Most of them either can't afford to buy coverage or can't buy it at any price."
What CEO Bertolini is really saying is that if they actually have to insure sick people, the industry won't make it because the margins won't be fat enough to please the institutional investors. But the inconvenient truth is that we all get sick. Even without insurance and Medicare we get sick. These are the companies many Elephants worship. The great private system of insurance that looks out for them from cradle to...well, I would say grave, but with cosmetic surgery they think they will live forever. lol. | |
Spell Czech (talk|edits) said: | 10 March 2012 |
| What irreplaceable role do the institutional investors play in this? | |
| 11 March 2012 | |
| Another argument for providing insurance to those already sick? And why aren't we able to call State Farm for auto insurance just after the accident.
The term "adverse selection" would be turned on its head in your and the Obamacare world where it is not only attempted to be avoided, but actually becomes the stated policy. Yes, we all get sick. Knowing that, we actually buy insurance in contemplation of that fact, not after it becomes the reality. | |
| 11 March 2012 | |
| Have you ever tried to buy insurance on your own? I am trying to buy it before I get sick. I'm not sick now. But I do take three medications, which is WAY too many for an individual policy. I was sick in the past (cured in 2002). I've actually gone to the doctor. Oh, and I'm over 50.
But when my COBRA runs out, I have very few options available. | |
| 11 March 2012 | |
| Joan: To an insurance company, if you take three medications you are "sick". It doesn't matter if they save you from getting sick.
TPE: "Yes, we all get sick. Knowing that, we actually buy insurance in contemplation of that fact, not after it becomes the reality." I'm not sure "we" do. According to the article, fewer companies are offering medical coverage, at least as of today. Besides, some people just cannot afford the insurance. Doesn't the so called Obamacare force everyone to buy insurance? If so, that would make for a very efficient insurance program, and it would theoretically bring down the price for all at some point. The insurance companies could not cherry pick since they could not take into account pre existing conditions. The problem with "Obamacare" is that it still keeps the private insurer in the game. The private insurance industry takes at least 14 cents out of each health care dollar (probably more today), and then you have to calculate the overhead expense for doctors and hospitals to comply with all the different policies (contract terms). The insurance companies are known to play "gotcha" if you mess up the slightest thing on a claim. Anyway, many are in denial over the whole topic of health care in America. I think it will probably have to completely breakdown before there is any real interest in fixing it. Wealthy folks reason that they can always find a concierge doctor...the problem is they may not always be able to find a concierge hospital. The hospitals will be the first to fall when the system collapses. Emergency rooms are already closing. SC: I think at one time, most of the large insurers were non-profits. They still had to turn a "profit" to continue operations, but they were not in business to produce large profits because they weren't traded at all. Most of our hospitals were non-profits also, and that began to change in the 1990s. | |
| 11 March 2012 | |
| Doesn't the so called Obamacare force everyone to buy insurance? If so, that would make for a very efficient insurance program, and it would theoretically bring down the price for all at some point. The insurance companies could not cherry pick since they could not take into account pre existing conditions. CrowJD, if the insurance companies must accept all applicants including the ones with pre-existing conditions, wouldn't rates increase rather than decrease? The private insurance industry takes at least 14 cents out of each health care dollar And you expect that to decrease with government doing the insuring? Oh, that's right, government is known for its high efficiency. The insurance companies are known to play "gotcha" if you mess up the slightest thing on a claim. I am personally on Medicare and a supplement. I require a monthly supply of certain covered disposable medical items. Medicare has set an upper limit to the number "normally" covered. I need higher than that number. They said "no". I appealed, with a doctor's letter explaining it is a life or death issue, and got denied until I moved it up to an administrative law judge, who over-ruled Medicare and ordered it to be covered. Now, EVERY MONTH, I am limited to their "normal" number unless I appeal every month with a new doctor's letter, get denied, and move it to a judge again. Life is too short, so I just buy the ones I need out-of-pocket. And you say the private companies play "gotcha"? | |
| 17 March 2012 | |
| Considering almost no one I know can afford to go to the dr much less get health insurance and cant be accepted by medicaid even though the average people make in my area and survive on is less than 15000 per year (thats a good job). according to obama care people that make less than 50k are supposed to be eligible for medicaid. I think its all a scam to put more money in the govts pocket. drs give you 1 drug(that they tested in some cases for less than 6 months) that has terrible side effects, another to counteract that one etc. next thing you know you are on 10 kinds of medication and are sicker than ever. The income for all these people goes up and makes more tax owed to the govt. unless they can find a loophole(which they do eventually). I found some surprising research while doing a paper in college, that the most prescribed medication in america is vicodin and its one of the most addictive. they keep you medicated in america so everybody higher up makes money. its just like everything else with the higher ups. | |
