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Old 11-19-2015, 06:08 PM
 
Location: Great State of Texas
86,052 posts, read 84,442,711 times
Reputation: 27720

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Quote:
Originally Posted by Robyn55 View Post
The ACA is going down in flames - and will be dead IMO in a year or so. First it was all the health co-ops - like those some people here are in - going belly up. Today - UHC announced its dismal results this year - and pretty much indicated it will probably drop out in 2017. We're not talking about big profits. Or any profits. We're talking about outfits that are losing money hand over fist. Which isn't sustainable. Robyn
I read that. Another insurer reported paying out 115% of the premiums in costs.
Can't run a company that way when there is more going out then coming in.

Only the government can do that
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Old 11-19-2015, 06:32 PM
 
Location: NC Piedmont
4,023 posts, read 3,796,651 times
Reputation: 6550
Quote:
Originally Posted by HappyTexan View Post
I read that. Another insurer reported paying out 115% of the premiums in costs.
Can't run a company that way when there is more going out then coming in.

Only the government can do that
That is odd. I got a refund from UHC when the first regs of ACA kicked in. They were found to be charging premiums too far in excess of their expenses.
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Old 11-19-2015, 06:54 PM
 
Location: Great State of Texas
86,052 posts, read 84,442,711 times
Reputation: 27720
Quote:
Originally Posted by ReachTheBeach View Post
That is odd. I got a refund from UHC when the first regs of ACA kicked in. They were found to be charging premiums too far in excess of their expenses.
It's a whole different ballgame now. Many are asking for double digit rate hikes.
Too many sick people signed up and not enough healthy people signed up.
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Old 11-19-2015, 09:15 PM
 
Location: Eastern UP of Michigan
1,204 posts, read 872,320 times
Reputation: 1292
Quote:
Originally Posted by Robyn55 View Post
The ACA is going down in flames - and will be dead IMO in a year or so. First it was all the health co-ops - like those some people here are in - going belly up. Today - UHC announced its dismal results this year - and pretty much indicated it will probably drop out in 2017. We're not talking about big profits. Or any profits. We're talking about outfits that are losing money hand over fist. Which isn't sustainable. Robyn
Who knows what to believe.


Biggest US health insurer may quit Obamacare


EPS down to $6 from a 6.25 est. OK not cool. But they are estimating 7 to 7.25 for next year.

So the ACA exchanges are costs are hurting their bottom line so bad that they are only able to estimate a 15% increase in earning per share. Give me a break UHC.
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Old 11-19-2015, 11:02 PM
 
11,181 posts, read 10,526,555 times
Reputation: 18618
United Health Care was doing just fine up until a few months ago:
Quote:
UnitedHealth closed the books in 2014 with near-record profits and easily the most revenue in the Minnetonka, Minn.-based company's history. Full-year revenue reached $130.5 billion, up 6.5% from 2013.
source:http://www.modernhealthcare.com/arti...NEWS/150129988
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Old 11-20-2015, 08:48 PM
 
20,955 posts, read 8,664,723 times
Reputation: 14050
Quote:
Originally Posted by Robyn55 View Post
The ACA is going down in flames - and will be dead IMO in a year or so. First it was all the health co-ops - like those some people here are in - going belly up. Today - UHC announced its dismal results this year - and pretty much indicated it will probably drop out in 2017. We're not talking about big profits. Or any profits. We're talking about outfits that are losing money hand over fist. Which isn't sustainable. Robyn
This may be true- BUT, then what happens?

Remember, we were paying a "break the bank" 8600 per person per year in 2006 - and people were gettingh dropped, going bankrupt from medical bills and being turned down for pre-existing conditions.

Make no mistake about it. This is a fight - but "the people" do not have the same interests as United Health Care - whose CEO retired with something like 800 MILLION dollars. It takes a lot of overcharges to add up to that kind of money.

We need total health care reform. When the poll numbers on the ACA were being taken they fooled a lot of people, because only 40% or so for "for" it. BUT, another 25% wanted something stronger and deeper! That means they wanted single payer, medicare for all....not that they wanted to continue to be fleeced by the insurance and medical companies.

The ACA and RomneyCare etc. are giant compromises which attempt to keep the medical and insurance profiteers happy...to some extent. At the same time they try to stabilize rates.

BUT, as I said before, Capitalism - unchecked - will sell you the rope to hang yourself with. These companies don't care if our costs are twice what we can afford....and twice that of the rest of the civilized world.

What we need to do - and won't - is just follow the lead of Germany, Switzerland and others who have already went through this. But America is controlled largely for the corporations as opposed to for the people...so I don't have much faith.

We've let medical costs virtually bankrupt us as a country - and yet we desire higher rates (which will happen without a lot of government intervention)?

Our economy cannot be sound if we are spending 18-20% of our GDP on Health Care. It's just too much and so requires us to borrow, go bust, etc.

I hope someday people realize this - and what must be done to fix it.
This hope was contained in a Churchill quote "Americans will always do the right thing - AFTER all other avenues have been exhausted".

So true. I fear that we still have false avenues to exhaust before some future generation gets it.
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Old 11-20-2015, 08:51 PM
 
20,955 posts, read 8,664,723 times
Reputation: 14050
Quote:
Originally Posted by biscuitmom View Post
United Health Care was doing just fine up until a few months ago:
source:http://www.modernhealthcare.com/arti...NEWS/150129988
It takes a lot of profits to pay for this stuff - and therefore they "lose money" when they pay out billions to their execs....

"During his 15-year tenure as CEO and chairman of UnitedHealth Group Inc., McGuire turned the regional health insurer into the second largest managed care company in the U.S. He received his thank yous in the form of stock options—$1.6 billion of them, to be exact—but he took some of them on the days the company's stock price hit yearly lows, profiting when the stocks went up again. McGuire was asked to leave in October 2006 after federal prosecutors and the IRS requested documents concerning his stock options and executive compensation. He later agreed to return $600 million in various payback agreements, including one with the SEC. But McGuire retained about $800 million in options."
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Old 11-20-2015, 11:08 PM
 
11,181 posts, read 10,526,555 times
Reputation: 18618
Quote:
Originally Posted by craigiri View Post
We need total health care reform. When the poll numbers on the ACA were being taken they fooled a lot of people, because only 40% or so for "for" it. BUT, another 25% wanted something stronger and deeper! That means they wanted single payer, medicare for all....not that they wanted to continue to be fleeced by the insurance and medical companies.
Yes, exactly. A substantial number of people wanted and still want single payer, and that's why we're not happy with the ACA. The only thing the ACA "fixed" was disallowing denial for pre-existing conditions. Five decades of Medicare have shown that it is not perfect but it has worked well enough that it is consistently viewed very favorably by the public.

Last edited by biscuitmom; 11-20-2015 at 11:42 PM..
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Old 11-20-2015, 11:11 PM
 
8,924 posts, read 5,622,028 times
Reputation: 12560
Seems like they blame President Obama for all of their problems. I'm crying for you...
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Old 11-21-2015, 07:01 AM
 
Location: Ponte Vedra Beach FL
14,617 posts, read 21,479,126 times
Reputation: 6794
Some posters here give/have the impression that health care in places like western Europe is cheap - or even free.

But if we look - for example - at a country like Germany - for starters - every employed person pays 15.5% of income (7.3% is paid by employers on behalf of employees by employers)

That's on top of all other taxes. Here in the US - if we had a system like this - it would basically double what is currently paid into FICA.

Also - insurance companies (yes - there are insurance companies in Germany) are allowed to charge more for insurance under certain circumstances. It is kind of unclear how this system will play out in the future (some of these "laws/reforms" are relatively new).

Finally - all employed people pay into the system. Everyone. I am not sure what enforcement mechanisms exist for payment. But Germans in general follow laws. They aren't like the Americans who have been ignoring the ACA mandates (or politicians who passed the ACA without any realistic way to enforce the mandates).

https://en.wikipedia.org/wiki/Healthcare_in_Germany

Expat guide to Germany: health care - Telegraph

BTW - Medicare - which covers about 80% of senior health care costs - currently costs about $800-900 per person per month. The only reason it seems like such a good deal is because seniors on Medicare are heavily subsidized by taxpayers.

There are of course - lots of other issues in this area. But the first hurdle is collecting money from everyone to pay for a system. You can't have (almost) universal coverage without (almost) universal payment. Robyn
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