Russel Longcore weighs in on the "health care" takeover. If what he says is true and what is coming down the pike then things are worse than many of us have imagined.
via The Libertarian Enterprise
via The Libertarian Enterprise
Do read the rest at the source. It's not overly long and is worth the time. And you'll get to see what a bound copy of the monstrosity looks like. INGO won't let the image paste because it contains a "bad" word.You didn't really think that I could resist weighing in on this health care debacle, did you? With my 35-plus year background in the insurance business, I think I can bring some unique perspective to the table.
I don't know for sure what is in the bill. But from what I read all over the Internet, there are a few features that need early discussion.
First, this bill has a name already. But, on the day that President Obama signed the bill, Vice President Joe Biden whispered in Obama's ear that this was a "Big F***ing Deal," which was picked up by microphones and broadcast around the world. So, from now on, I will refer to this bill as the BFD.
One bound copy of the BFD The agenda hidden in plain sight
The BFD is not about providing health insurance coverage for the 32-40 million ESTIMATED Americans without health insurance. It's about a government takeover of a giant portion of this nation's economy, and fascism.
How do I know for sure?
Well, let's use the low end of the estimates, 32 million. I'm only using that because the government always lies, and the true number is probably a lot lower. And let's say that the annual premium for the best health insurance policy you can buy is $5,000 per year per person regardless of age. Then do the math. 32 million uninsured people times a $5,000 annual premium per person is only $160 Billion.
Congress and President Obama could have bought every uninsured person in America a deluxe insurance plan for only $160 Billion. But that's not what they did.
This bill is estimated to cost over 900 Billion dollars... and they ALWAYS underestimate on the low side.
So, as I said, this ain't about insuring the uninsured.
But it IS about demographics.
Demographics and Two Major Players
The health care providers didn't fight this bill. That's because right now there are a lot of uninsured people that use the hospital Emergency Room as a free clinic. But under the BFD, all of those people will either pay for coverage, or the Federal Government will pay for their coverage. The days of hospitals providing free health care to the poor and indigent will be gone. The health care providers see the tidal wave of health care benefit money that will hit their shores. All they have to do is soak it up.
The health insurance industry didn't fight this bill, either. That's because they see 32 million people (questionable estimate) that aren't paying premiums that will begin buying insurance. And many of those people will get the DC crowd to pay their premiums for them through "low income" subsidies. In addition, the health insurance companies already have the trained staff to help DC roll out this health care law and administer it for the DC bureaucrats. More money for the insurers.
What pact did the big insurance companies make with the devil?
The insurance industry has not fought this BFD. They have not used their club in the closet. So, the logical conclusion is that the insurance industry has made a yet-to-be-discovered pact with the DC Devils to enrich themselves at the public's expense.
All of the insurance companies domiciled in the USA have investment portfolios. Part of their money is always invested in government securities. That means bonds and other debt instruments. These can be Federal, State or even municipal bonds. But they all hold a large percentage of US securities.
Their bond holdings are sufficiently large that if they suddenly sold even a small portion of the bonds, it would collapse the entire bond market. And with the volatility of the dollar, and the mind-boggling Federal debt that is constantly growing, the value of all government bonds is dropping like a stone.
The insurance companies know this. They already know that they could cause the bond market to meltdown any day that they began selling off government securities. The US Federal government would finally be proven to be bankrupt. So, in essence, they have created a government interference insurance policy for themselves that protects them from Washington's meddling in their business. It's the equivalent of the old "club in the closet"... the weapon you bring out when it's needed. And NOTHING prevents them from threatening DC with that club.
One of the features of the BFD is that pre-existing conditions will no longer be considered in underwriting a health insurance policy. In practice, this will mean that I could wait until my doctor diagnoses me with terminal cancer before I buy an insurance policy. Then, I pay my copays and stick it to the insurance company.
Another feature is that there will be no lifetime cap on benefits. Underwriting and actuarial considerations are worthless when an insurance company cannot calculate the limits of their loss exposures. Insurance ceases to be insurance... a transfer of risk... when there ceases to be any risk. Under the BFD, health insurance becomes a healthcare welfare system.
No insurance company would ever agree to this... unless underwriting and actuarial decisions don't matter anymore. That would only occur if there was some entity above the insurance company that was going to pay all the benefits. Guess who?
