Unfair Competition

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  1. The health insurance insurance had plenty of opportunity to stay alive over the years by pricing their products fairly, limiting their profits to marginal amounts, and by controlling their voracious greed. They failed miserably heaping pricing abuses, payment abuses, and refusing to cover even the slightest ailments, like acne — yes, acne. Now that a large percentage of Americans have no health coverage there is no option. The government must step in and fix the problem, as is the government’s role. And what does the industry do in response? Like a four-year-old child, it cries “No fair!”

    Just as I would respond to my child when she was four, I say, “Yes fair!” You had your chance and you blew it. You paid multi-million dollar — even billion dollar – bonuses to your executives. You refused to cover people who had even the slightest ailment and when you DID cover them you had elaborate systems to keep from paying claims — and even went so far as to attempt to rescind coverage — when they became ill after buying your policies. Yes, you blew it big time, so don’t come whining to us now that someone has come along to offer a better option. Health care coverage is more than a “money-tree” for an industry that was founded to help people get needed health care and, sadly, has evolved into yet another “get rich quick” scheme. Health care is necessary to keep people alive and functioning and should not be trusted to the profit seekers.
    Your “hot dog vendor” will find no sympathy with me. His hot dogs were smaller and skinnier and he charged more for them. The health insurance has no one but itself to blame for being in the position it finds itself in. It’s time for a new cart on the corner and thank God we finally have a president and a congress who recognize that!

  2. Comments are always welcome, no matter how misinformed they may be.

    Compensation and profits are not your enemy. Limiting pay to whatever one considers “reasonable” and eliminating profits (which average 4% on health insurance products if the carrier is lucky) will have almost no effect on premiums.

    Any drop will be quickly erased by utilization and health care inflation.

    Offering coverage for anyone and everyone regardless of health is not a problem. The way to do so is to increase premiums, taxes, or both. The net result is a doubling of premiums to cover the increased risk.

    This has already been proven true in states where carriers are required to cover everyone, regardless of health. The result is fewer carriers, less competition and significantly higher premiums.

    Thanks again for your comments.

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