Will Bueché

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Health Insurance

Posted in Personal by Will on Friday, November 21st, 2008 ~ 6pm

An angry post.

Oh this is nice. My first gift for my upcoming departure from the age 35-39 bracket to the next bracket up is a letter from my health insurance company saying they’re going to raise my rates by $60 more dollars a month.

Health insurance is such a scam. These companies take in billions, and pay out millions. I’d like to know exactly how much pure profit they get from their scam. The closest I could find was a news article from last year, which looked at Washington (not D.C., the one out west). It asked “health insurance companies are struggling right?” and answered:

“The big three carriers in Washington saw profits increase from $11 million in 2002 to $243 million in 2003 and $431 million in 2006. Their cash surplus went from $833 million in 2002 to $2.2 billion in 2006. The cost of health care is still going up, but the profits by private health insurance companies are rising even faster.”

Health insurance companies should ideally be required to be paying out at least 90% of what they take in. And if they’re taking too much in, then they should be required to LOWER THE CUSTOMER’S RATES until the profits fall below 10% again.

“Although most industrialized nations have universal health-care coverage,” another newspaper says, “the United States is unfortunately not among them. No doubt the existence of some 1,500 profit-seeking insurance companies contributes to this abysmal fact.”

Come on, Obama Wan Kenobi, you’re our only hope.

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