I said it before and I will say it again; Obamacare has
exposed one of the greatest corporate frauds perpetuated on the American people
known. WHY THIS IS NOT HEADLINE NEWS ACROSS THE NATION, I DO NOT KNOW. Collectively, the health insurance companies were selling fraudulent
polices wholesale. They attracted buyers of these policies by the simple expedient
of charging a low price. Of course, these cheap policies could not pay the policyholder’s
medical needs and make a profit. The policies included many small print
exclusions and inclusion written in legalese and upheld by the courts: excluding
paying for preexisting condition to the point of being ridiculous, for example,
being a woman is a preexisting condition for pregnancy. In addition, policy
lifetime maximums were far too low, deductable far too high and company profits
were ridiculously high to name but a few of many, many things. Paying for a
health insurance policy meant nothing; if you got seriously ill, you went bankrupt.
As is the case with “all” insurance policies, no one outside
the industry knows how much coverage they actually need; they do not nor cannot
know the future but neither can the insurance companies. They only know when it
is too late. What companies do is spend millions of dollars compiling actuary
tables that tell what the future might hold from the past and based on that they
formulate the cost of a policy. Our government is there to do what we cannot do
for ourselves and Obamacare is a case in point. A legislative committee
struggled through data and compiled an actuary table of their own that
indicated policies health insurance companies were selling, industry wide, were
far below being adequate; of course, they were the most sought after “cheap
ones”.
Insurance company lobbyist on Capital Hill denied this was
the case saying if it were so, it would be rare; thus, the health insurance industry
lies set the stage for what turned out to be a small disaster for the president.
Using the information they gathered, the committee set minimum standards for
health insurance policies; we do not want the government paying for sub
standard policies that are inadequate—really, cheap but fraudulent policies that
do no one any good. The committee was acting in the best interest of the taxpayers.
Obama believed the committee, who in turn believed the lobbyists, when they
said it would be a small number of policies thus he made the now famous statement that “if you like your health
insurance policy you can keep it”.
As it turned out the industry was defrauding thousands upon
thousands of people, far more than anyone expected; selling policies that made
billions in profits but did no on any good. When the truth made it clear that
these polices were no good, the insurance companies sent out notices canceling thousands
of them; the truth is that Obamacare exposed
their fraud and the had to withdraw those polices. The industry cleverly mounted
a huge campaign to blamed Obama for lying; when actually, he was saying he believes
in American industry and did not believe big business was massively defrauding the
American people. He found out the truth,
the hard way!
There is a big message in this story; some big industries have
become more and more corrupt with time; the immorality of the MBA thesis of “profit
first”, which is running unchecked in our country; the holding of profit above
everything: motherhood, baseball, and
apple pie. Democrats should hold congressional hearings of big company executives
and ask them if they need more government regulations? If they answer no, then
investigate them. We now know they do. Why do I say Democrat should hold
hearings? Can you imagine that happening if Republicans control both houses of
government? Remember once you vote in November you cannot get your vote back.
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