Health care reform turns private insurers into welfare providers
May 10, 2010 · Updated 3:16 PM
One of the biggest hoaxes in recent history has been shoved on private health insurance companies by the government. You must insure the uninsurable and for the same premium as insurables.
I spent 30 years in the insurance business and rule one was and still is: Insurance is for things that might happen, not for something that already has.
With one stroke of the president’s pen we made insurance companies private welfare providers, not insurance providers.
What’s next? People with three DUIs become eligible for insurance for the same rate as a good driver? Someone who is turned down for life insurance after being diagnosed with terminal cancer now is eligible for a huge policy at the same rate as a healthy insured?
The big difference is the private insurance companies can’t print money to cover their losses, the federal government can and does.
Anybody age 65 can enroll in Medicare regardless of their health condition and receive health care even if his provider gets paid half his usual rate and the government can’t and is not required to pay in full and still has trillions in unfunded liabilities. They just can’t print or borrow money fast enough so we will just stick it to the big, bad, private insurance companies so they go broke.
Isn’t that what we intended all along? Then the government will be the only provider. God help us!