I've recently received a publication that included this article on health insurance (Understanding Medical Loss Ratio by Leon Kircik, MD). I'm not a fan of insurance -- as it's legalized gambling; but DIYD-DIYD (darned it you do and darned if you don't) participate. I frequently hear disparaging comments about the Affordable Care Act - "Obama Care" -- as if this is some horrible 'Government Controlled' imposition. But often I believe most people are only listening to propaganda created by insurance companies to over-rule or dismantle the potential of this Act. We, the people, are losing ground in our ability to fight against corporations who are only concerned with profit and not in the business for the general good. Government was created for the purpose of aiding 'the people'. We are all - 'the people'.
Do you know that insurance companies are 'businesses"? Everything businesses do is designed to create profit -- and to the greatest extent. Therefore -- whatever they (insurance companies) pay out for your health-related costs -- is money they have lost. The difference between what we as consumers pay for premiums and what the insurance companies pay to cover our care is classified as 'medical loss ratio' . There is great incentive to NOT PAY. What they don't pay for our care - becomes a profit.
The Affordable Care Act has set limits to the percent of money insurance companies can hold back from paying. This law states insurance companies need to pay out 90% of our premiums toward our care. If this Act is impaired, or worse yet - dismantled, then you and I will receive less and less for the premiums we pay and insurance companies will profit more and more. With no restrictions or regulation on the amount of profit from dollars we pay, individuals will have little ability to demand changes in this profit structure. Is this what you really want? Profit is the only incentive for any business operation. But reasonable profits, not exploitation. Is "Government intervention" in exploitation really evil? I think if you're an insurance company or own stock in these firms it is -- but if you're looking for financial assistance to cover huge medical costs -- perhaps it's not. Remember, everything we evaluate is based on our perspective. Why not look at the Affordable Care Act from many angles before you criticize what "Obama Care" might mean for all.
