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Market Currents

Tuesday, November 3, 2009
1:06 PM TweetThis
  • Senate probe finds U.S. health insurers (AET, CI, CVH, HUM, UNH, WLP) are spending considerably less of their premiums on medical care than official industry estimates - an average of $0.70/dollar instead of the $0.87 cited by AHIP. The report also singles out Cigna for mislabeling $5B worth of clients. Sen. Jay Rockefeller: "While health-care costs are spiraling upwards, consumers are paying more and getting less, and the health insurance industry doesn't want anyone to know what they are up to."
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This news story has 8 comments:

  •  
    As a health care provider I see it everyday... Obama's plan may be too much but doing nothing won't work either
    2009 Nov 03 01:17 PM Reply
  •  
    Boy, I sound like a broken record, but... Whatever "costs" drive cash out of consumer's pockets, takes away from GDP. Lest we forget 70% of the GDP is the consumer.

    Once again, more data that is important for investing purposes, unlike what an "Oracle in Omaha" is buying with bad timing.
    2009 Nov 03 01:22 PM Reply
  •  
    More propaganda to support the Administration's take over of 1/6 of the American economy. Who cares how much they spend on healthcare? No one should. The question should be why does the government still require state by state insurance thereby reducing competition? Or why can't self-employed form their own pool, (because its outlawed by government regulations)? In fact if you look at the insurance industry you will find that most of the reasons for the sky high cost are caused by the government. Go figure. So what's the government hiding? That should be the question.

    If we had a non-government mandated insurance industry, then people would naturally leave insurance companies that did not pay up and go to those that do. That is capitalism.
    2009 Nov 03 01:37 PM Reply
  •  
    Everyone agrees health care "reform" can be good. I think everyone also realizes in their gut, that this is a job that should be taken out of the hands of people who know nothing about it (senators and representatives, about 1/10 of 1% of whom have any experience in the health care industry) and given to those who deal with it daily.

    Take the top hospital administrators, insurance company CEO's, doctors and patient advocate organizations and lock them in a room with no lawyers. Sequester them, like a jury. Don't let them out until there is a bill everyone can agree upon.
    2009 Nov 03 02:04 PM Reply
  •  
    Hey, the insurance companies need that money for trips to tropical destinations and having fun in Vegas at conventions.

    They also need it for exorbitant salaries, skyboxes at major league sports venues, attorneys, and money to bribe Congress with.

    Congress wants to pass health care "legislation" because they are JEALOUS that they aren't in on enough of the gravy and want their cut.

    The average Joe/Jane is simply bent over taking it as usual.
    2009 Nov 03 03:03 PM Reply
  •  
    On Nov 03 02:04 PM (S)wingman wrote:
    > Everyone agrees health care "reform" can be good. I think everyone
    > also realizes in their gut, that this is a job that should be taken
    > out of the hands of people who know nothing about it (senators and
    > representatives, about 1/10 of 1% of whom have any experience in
    > the health care industry) and given to those who deal with it daily.
    >
    >
    > Take the top hospital administrators, insurance company CEO's, doctors
    > and patient advocate organizations and lock them in a room with no
    > lawyers. Sequester them, like a jury. Don't let them out until there
    > is a bill everyone can agree upon.

    Come on, there is so much power at stake, how can you even suggest attacking the real problem. "No crisis should be wasted", Obama chief of staff.
    2009 Nov 03 03:04 PM Reply
  •  
    Only 70% of premiums are actually spent on health care, not 87%.

    Sounds like a lot of money being wasted on S & G A.

    Congress should not regulate health care itself.

    But it should look into "root causes" of health care WASTE, like executive pay. And, while they're at it, legal fees.
    2009 Nov 03 07:36 PM Reply
  •  
    Amen! My husband and I have a small business. We had to have 2 individual plans instead of a family plan because otherwise we wouldn't qualify for the business rate. At the end, we were paying over $1400.00 a month for the two of us. When he turned sixty-five, the plan forced my husband out and onto medicare.Why shouldn't he be able to pay for the insurance, and decline medicare coverage? He didn't want crappy medicare and I don't blame him one bit. Since he could not buy a supplement through the business plan, I had to buy an individual plan for myself, too because then we didn't have two employees that qualified for coverage. More costly and worse coverage. A pox on the government for trying to control more. We have state insurance departments that approve the rates these insurers charge. Why should the federal government usurp states rights?


    On Nov 03 01:37 PM Neil459 wrote:

    > More propaganda to support the Administration's take over of 1/6
    > of the American economy. Who cares how much they spend on healthcare?
    > No one should. The question should be why does the government still
    > require state by state insurance thereby reducing competition? Or
    > why can't self-employed form their own pool, (because its outlawed
    > by government regulations)? In fact if you look at the insurance
    > industry you will find that most of the reasons for the sky high
    > cost are caused by the government. Go figure. So what's the government
    > hiding? That should be the question.
    >
    > If we had a non-government mandated insurance industry, then people
    > would naturally leave insurance companies that did not pay up and
    > go to those that do. That is capitalism.
    2009 Nov 03 08:32 PM Reply
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