AP finally reports on insurance industry’s thin margins »
Posted By pc25 1 month ago in Political NewsWhile Democrats in Congress have spent months demonizing insurers as greedy villainous monsters, from Barack Obama to Nancy Pelosi to Alan Grayson, the American media stood mute rather than report on the extent of this supposed greed. Why? It’s not as if these companies don’t have annual reports, or that business media haven’t tracked their performance.
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pc251 month ago
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FTA
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The average profit margin for health insurers last year clocked in at an anemic 2.2%. What does that mean from the investor position? They would have done better to put their money into FDIC-insured savings accounts at their local bank, let alone a CD or other guaranteed investment device. A 2.2% profit margin would normally trigger a stockholder revolt.
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hyperbola1 month ago
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So the insurance companies are not only corrupt, they are also incompetent! Given how much more they charge for substandard health care compared to other countries, it seems that they are simply fat and lazy. All the more reason to replace them.
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mesodude1 month ago
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What cons don't seem to realize is that the maximum amount of profit anyone one should be able make by rationing health care is ZERO. It's always been zero. It's zero today and it will be zero tomorrow. This notion that the game changes simply because health insurance companies don't make as much percentage-wise as other industries do is ludicrous because we're talking about FOR PROFIT insurance--which should not exist AT ALL.
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rimbaud1 month ago
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The health insurance companies are in a constant fight to be able to pay out the claims submitted to them. Without reform, they will be unable to insure their healthy members and still pay the claims of their sick ones. Even with insurance, serious illness can send some of their members into the poor house. Follow the money...
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BrianBenenhaleyComment removed: Hard Banned1 Reply
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_boots72Comment removed: Spammer
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willottica1 month ago
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The problem with insurance companies isn't, and has never been, outrageous profit margins. It's outrageous overhead costs. Exectutive salaries and bonuses, middle management salaries and bonuses, claim denier salaries and bonuses: none of these are included in the profits, yet they all take money away from Health Care. The Insurance industry is a giant leach on the productivity of the nation. They produce nothing, yet take a substantial sum of money away from those who are ill (or might become ill).
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The profit motive of the industry is only a small problem in comparison, because it enshrines into corporate policy that denying someone's health care claims is better for the company than providing the service they are contracted to do (which is to create and maintain a risk-sharing pool of resources so that no-one is crippled by a disastrously high health care bill).
The profit motive is bad, because it allows for bonuses to be paid based on increased "profit". Though a risk sharing pool that collects more than it pays out has failed to perform as efficiently as it should. "Profits" by the Health Insurance industry actually result from a failure to properly predict the average cost of health care. So bonuses are paid when people are either overcharged or underserved by their insurance.-
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Leftist1 month ago
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The profit motive is bad. It is raping Americans. It is the cause of polluting energy oil companies and high gasoline prices, (EXXON), it is the cause of a loss in American jobs (WALMART), fat Americans (MCDONALDS), the dumbing down of Americans (DISNEY) , the shattered economy (GOLDMAN SACHS) the foreclosures (BANK OF AMERICA) and then there are the health insurance companies.
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There is no way out of the mess until President Obama remakes America and all profits are eliminated and the economy is run for the benefit of the working man insteadof the fat greedy pigs. Either take these companies down, or tax their profits at a 95% rate. Do it now.
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lloydm651 month ago
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Absolutely we should have tort reform,and freedom to purchase our health care from any where is the U S.I have been against employers buying insurance for their employees for fifty years, it just doesn't work.I'm willing to bet if we had an employer grocery card people would put things in their shopping carts that they wouldn't dare buy today.I believe a hundred million employees could,and would compete for policies that fit their needs at a better price.No bells,or whistles,no first dollar claims,just good coverage.I also believe we should tell our law makers that all premiums be paid from pre tax income.
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Dionys1 month ago
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"and freedom to purchase our health care from any where is the U S"
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Yeah.
That's worked out GREAT for credit cards, hasn't it?
Funny how they all operate out of one or two places. And how those places have really loose laws restraining those credit card companies.
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fjgalt1 month ago
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Charlie Sheen wants $2 million per episode of "Two and a half men." Is that excessive? Should his "salary" be reduced to the $200,000 limit on business executives? Should he be paid any more than the average workingman? If not, why shouldn't his and every actor's wealth be redistributed among the rest of us?
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Why should Rearden be the only one to profit from Rearden metal?
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