Insurance Companies and profits

[GeoFisher]

I've been SCREAMING this forever.......glad someone is finally telling the truth.

http://www.foxnews.com/politics/2009...s-profits-fat/

http://www.msnbc.msn.com/id/33470129

[Grumpy]

Geo, the Liberals always blamed the businesses, corporations and "rich people" for all the problems. That gives them an excuse to try to take over the businesses and get to their money. They have been doing it to the Big Oil Companies for decades, claiming that they are gouging us, when it reality it has been proven, over and over again, that the Oil Companies make less actual profit then most businesses The government gets more in tax revenue than the Oild Companies but they say the Oil Companies are making too much money. The biggest reason they are making "too much money" is because we are buying too much gas.

Thats my opinion,

Grumpy

[Col Forbin]

I got the Geo lecture firsthand. 2% proffit margin. The liberal in me wants everyone to have the option for adequate acceptable (notice I didn't say the best doc in the nation, just adequate and acceptable) healthcare. I work with alot of extremely low income parents that don't really qualify or are too proud for government assistance that don't have healthcare, and that is a shame. I don't want to sound too socialist, but I don't totally disagree with the canadian healthcare system, if you have a job - you have insurance. Because I still want that option I choose through my work for optimum coverage.

What hit home the most, is Geo's discussion about the funding for a public option. With such a slim margin of proffit for payed insurance, it is hard to believe they won't outsource that public option. I hope they can find a way to make it work - but I don't think our system now is working, and I doubt the one they come up with will be much better to the whole of America. Kinda Damned if you do Damned if you don't situation we are in now.

DANG IT! One outing with Geo, and I am starting to fit in here! I am an extreme liberal on some issues, and a little more moderate, maybe lean a bit to the right on some. However, Healthcare, It seems I am stuck in the middle - and see and have some understanding of both sides.

[GeoFisher]

I got the Geo lecture firsthand. 2% proffit margin. The liberal in me wants everyone to have the option for adequate acceptable (notice I didn't say the best doc in the nation, just adequate and acceptable) healthcare. I work with alot of extremely low income parents that don't really qualify or are too proud for government assistance that don't have healthcare, and that is a shame. I don't want to sound too socialist, but I don't totally disagree with the canadian healthcare system, if you have a job - you have insurance. Because I still want that option I choose through my work for optimum coverage.

What hit home the most, is Geo's discussion about the funding for a public option. With such a slim margin of proffit for payed insurance, it is hard to believe they won't outsource that public option. I hope they can find a way to make it work - but I don't think our system now is working, and I doubt the one they come up with will be much better to the whole of America. Kinda Damned if you do Damned if you don't situation we are in now.

DANG IT! One outing with Geo, and I am starting to fit in here! I am an extreme liberal on some issues, and a little more moderate, maybe lean a bit to the right on some. However, Healthcare, It seems I am stuck in the middle - and see and have some understanding of both sides.

Hahahhahahahahha.

Actually I suspect all the public option junk will be outsourced, depending on HOW it is defined.....

Medicare.........Outsourced to Hum, UNH, AETNA, Cigna.
Medicaid.........HM........not sure.......I think TPA by UNH and Cigna.
MAPD (Medicare Part D)........Outsourced to LOTS of companies.
Tricare..........Outsourced to HUM, UNH, BCBS-South Carolina, etc, etc.
Veterans Admin..........Outsourced (TPA only, I think).......HUM, etc, etc.

Later,

Geo

[know1]

Their profits may not be "not so fat" but they are still making a profit.

They basically take my money, keep a portion to pay for salaries, etc., plus profit, and then turn around and pay my medical bills for me. Why are they necessary?

Furthermore, I believe they make the cost of health care artificially high by making the consumer (patient) and seller (doctor) relationship go away. Also, it's in their own best interest to force medical costs to be so high that people can't afford them without insurance.

But...we really are affording the cost of health care already, PLUS paying for the existence of the insurance companies. Think about it, where does the money come from to pay for health care plus the insurance companies? It comes from us.

[GeoFisher]

Their profits may not be "not so fat" but they are still making a profit.

They basically take my money, keep a portion to pay for salaries, etc., plus profit, and then turn around and pay my medical bills for me. Why are they necessary?

Furthermore, I believe they make the cost of health care artificially high by making the consumer (patient) and seller (doctor) relationship go away. Also, it's in their own best interest to force medical costs to be so high that people can't afford them without insurance.

But...we really are affording the cost of health care already, PLUS paying for the existence of the insurance companies. Think about it, where does the money come from to pay for health care plus the insurance companies? It comes from us.

RIGHT.

So you TELL ME........who will administer the mess without insurance companies.......

Insurance as it sits today is NOT perfect, but for the most part, it works.

SURE there are some problems, and some SERIOUS problems, but for 95% of all customers, it works just fine.

And KNOW1......if you hate the Insurance Companies so much.......DON'T BUY INSURANCE......save your premiums and pay the costs yourself.....SIMPLE.

[stratosjoe]

**** you Geo just when you say sumpin that pizzes me off you come up and say sumpin I agree with. I went thru prostate cancer surgery in March my bill was staggering. I pay close to $2,000 a month for my wife and I both. We have both had cancer (my wife twice) we cannot get it anywhere else so we are at their mercy. Without the ins. I would have had to file bankrupcy 12 years ago from my wifes first breast surgery alone. I am an Insurance agent and it makes me sick what we pay but I think they should see the amount of money charged by the Dr and hospitals as well as what the Ins. companies make. I, as well as all of us have seen ridiculas charges $20.00 for a couple tylenol etc. The hospital as well as the Dr. are charging what they can to make up for the services they have too by law provide for the people that have none. Make a stick too it time frame for these lifers on welfare ,state aid and other long term providers of assistance. Make a table of aid for the folks that work and make $8.00 and help them out NO WORK NO AID ! Whew I'm wore out Geo and its all your fault

[HURRICANEBOB]

Slightly different question, hope somebody can help understand how it works. OSGLI and VGLI, are these government life insurances out sourced or underwriten by private companies, or are they truely govt programs.

Reason I asked is just got a VGLI/OSGLI letter that says the life insurance premiums are going up. In the same letter they tell servicemen and vets how to reduce their costs, by reducing coverage (Sounds like we want more money and if you can't take it under-insure the family). Then it goes on to say if you still don't like the rates now that you reduced the benefit to the loved ones, go get a commercial insurance coverage.

Just kinda felt to me like the economy took a dump, investments were down, insurance companies didn't get their big profits, and so they now want folks that served the country to help **** up their hurt. Or is is just the govt, if there is no underwritting, that's jacking up the rates?

Am I out in left fileld on this (ya...I know...again) or what?

[know1]

RIGHT.

So you TELL ME........who will administer the mess without insurance companies.......

Insurance as it sits today is NOT perfect, but for the most part, it works.

SURE there are some problems, and some SERIOUS problems, but for 95% of all customers, it works just fine.

And KNOW1......if you hate the Insurance Companies so much.......DON'T BUY INSURANCE......save your premiums and pay the costs yourself.....SIMPLE.

See that's the thing. The way it is now, you can't afford not to have insurance because the insurance companies have driven the cost up so much and eliminated any real competition for services.

You wouldn't need to have anyone administer anything if people just paid for health care out of their own pockets.

Think about how much more money our companies could pay us in salary to afford health care if they weren't paying all those premiums. What if people put the money they pay in premiums into some sort of tax sheltered, growth investment from day 1 that they were employed. I figure I'd have about $75K sitting there right now when you add in modest growth and extract the money that I've actually spent on health care over the years.

Someone else said that you need the large pool of people in insurance to make the costs low, but if we talk about insuring everyone, then that goes out the window. The whole thing is like a giant panzi scheme destined to collapse.

I don't hate the insurance companies, but I recognize that their existence and our blind reliance on them, coupled with the fact that people don't actually pay for their health care is a significant part of our problems with the cost of health care.

[elnutsmalljaws]

For someone with FIRST hand knowledge of Hospital Bills, Doctor Bills, Radiology, etc. The charges that I see on these bills are outrageous to begin with, but when they give the "Negotiated Price" to the insurance companies they are still outrageous but amazingly about 30% of the original total. Seen almost $3MM dollars in bills come thru my mail over the past 4 years and have looked at them and see Doctors that I never met or remember billing this and that, the hospital billing for every little wash cloth on top of the daily room charge, messed up. I don't know the answer but do know even with a pretty good medical insurance plan, we have still paid well over $5,000 out of pocket every year since 2003 and 2010 will not be any different for my sugery is in January just after the new year so the hospital will take the out of pocket deductible off the first surgery and stay. Looking at easily $40,000 to $50,000 out of pocket for us in the past 7 years total. To some people, $50,000 might as well be $5MM, not saying I am rich but am saying that we have spent every savings and other that I have to keep afloat with all my medical problems. Worked hard since I was 14 yrs old and spent evey nickle in savings and other due to medical bills. There has to be an equal median somewhere between the medical prices and insurance and the person that figures this one out is much smarter than me.

[Devils Horse]

See that's the thing. The way it is now, you can't afford not to have insurance because the insurance companies have driven the cost up so much and eliminated any real competition for services.

You wouldn't need to have anyone administer anything if people just paid for health care out of their own pockets.

Think about how much more money our companies could pay us in salary to afford health care if they weren't paying all those premiums. What if people put the money they pay in premiums into some sort of tax sheltered, growth investment from day 1 that they were employed. I figure I'd have about $75K sitting there right now when you add in modest growth and extract the money that I've actually spent on health care over the years.

Someone else said that you need the large pool of people in insurance to make the costs low, but if we talk about insuring everyone, then that goes out the window. The whole thing is like a giant panzi scheme destined to collapse.

I don't hate the insurance companies, but I recognize that their existence and our blind reliance on them, coupled with the fact that people don't actually pay for their health care is a significant part of our problems with the cost of health care.

Okay, without the giant ponzi scheme that is insurance what's your answer to a catastrophic illness that puts you in the hospital for several weeks or months? Elwood's situation is a good example.

Your 75k would be a pittance compared to the 2 or 3 million you'd owe. What would you do? How would you pay the bills?

Let's give you the benefit of the doubt. Say medical costs hadn't been inflated by insurance companies and the bill was only 2 or 3 hundred thousand bucks. Same question. How would you pay it?

[know1]

Okay, without the giant ponzi scheme that is insurance what's your answer to a catastrophic illness that puts you in the hospital for several weeks or months? Elwood's situation is a good example.

Your 75k would be a pittance compared to the 2 or 3 million you'd owe. What would you do? How would you pay the bills?

Let's give you the benefit of the doubt. Say medical costs hadn't been inflated by insurance companies and the bill was only 2 or 3 hundred thousand bucks. Same question. How would you pay it?

I think we really need to look into some sort of catastrophic insurance plans and let us pay directly the stuff that we use insurance to take our money and pay for us currently.