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We don’t have health insurance. They are administrators for 3rd party paying system. They collect a fee (premium) for each of us, take their cut and pay out the rest. If they don’t have enough to pay, they will increase the fee.
Nope, as stated they are an "administrator" not an insurance company. Many businesses with self funded health care plans have TPA's doing the administration.
UMR is unlikely, but the underlying insurance company (or even UMR's parent company, UnitedHealth) could go out of business if the pandemic gets really really bad. But if it gets to that level, the government will step up with funding.
None of the insurance companies will ever go bankrupt. All types of insurance companies continue to charge consumers crazy premiums, mismanage the money, and eventually disaster strikes. Then the consumers foot the bill for the companies through taxpayer bailouts. Insurance companies can't lose; which leads to high prices, mismanagement, and corruption.
UMR is unlikely, but the underlying insurance company (or even UMR's parent company, UnitedHealth) could go out of business if the pandemic gets really really bad. But if it gets to that level, the government will step up with funding.
Honestly, the statistics lean on it being Medicare that really takes the hit for this. If your average 45 year old gets the virus they're unlikely to need hospitalization.
UMR is unlikely, but the underlying insurance company (or even UMR's parent company, UnitedHealth) could go out of business if the pandemic gets really really bad.
Sure it can. Do you think insurance companies have unlimited money?
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