3 big health insurers stockpile $2.4 billion as rates keep rising

iVillage Member
Registered: 04-07-2002
3 big health insurers stockpile $2.4 billion as rates keep rising
7
Sun, 03-11-2012 - 2:25pm

3 big health insurers stockpile $2.4 billion as rates keep rising
Noting that health-insurance companies are amassing growing surpluses while raising rates, state Insurance Commissioner Mike Kreidler says lawmakers should allow him to consider an insurer's surplus before he agrees to any rate increase

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 nwtreehugger  

iVillage Member
Registered: 03-03-2009
Thank you. My bro works at FDA as a biostatistician. Maybe he knows more about the definition of "preventative".

Jabberwocka

iVillage Member
Registered: 04-07-2002
Well written!

 nwtreehugger  

iVillage Member
Registered: 03-03-2009

Presidents sign legislation and they can direct cabinet secretaries to implement legislation in a certain way.

Jabberwocka

iVillage Member
Registered: 02-05-2011
I double checked. It's a rule, one Obama personally approved.

Another President may decide to protect the unborn by denying abortion and all forms of birth control via yet another rule.

Allowing one person to have so much power is very dangerous in my opinion.

As to insurance companies, ANYTHING can be preventative. Vacations to Disneyworld could be therapeutic. If Obama orders vacations covered by insurance with no co-pay, there is nothing to stop him.

The precedent is dangerous in my opinion. It makes offering insurance almost impossible. Those that do will eventually require protection from the government by government.
iVillage Member
Registered: 03-03-2009

You are in error. The president does not have the powers to ".....order insurance companies to cover anything at any price he wants,...... with a stroke of a pen". He signed ACA but ACA was legislation which ORIGINATED in Congress. The contraceptive measure was covered under preventative care.

As for insurance companies needing to "have a stockpile", sure, they need operating capital. The devil is in the details. How does that "stockpile" compare to the companies' cost? If the companies are supposed to be nonprofit, then the argument that they need a "reserve" to act as "hedge against the bad times" becomes just too darn vague to be a valid argument; particularly if it looks like steep rate increases are already covering "the bad times"!

I have said this many times before but will say it again. Medical insurance only adds another layer of expense to a system which is already one of the most expensive, if not the MOST expensive, health care systems in the world. And we do NOT get better outcomes to justify that cost!

Jabberwocka

iVillage Member
Registered: 04-07-2002
So they stockpile premiums & charge us more & more every year & pay for less every year. Yeah sure...just let them rip off the consumer because they can? Besides, what "freebies" are they giving out? I sure haven't noticed any - they've cut back coverages for everyone that I know!

 nwtreehugger  

iVillage Member
Registered: 02-05-2011
With the stroke of a pen the President can order insurance companies to cover anything at any price he wants. Insurance companies need to have a stockpile, who knows what will be the next freebie? Rates tend to change once a year, but the President can apparently sign any mandate at any time.