I’ll now continue my attempt to address the remainder of the IMMEDIATE REFORMS.
Section 102 Ensuring value and lower premiums. This section, also labeled as Section 2714 in another act, attempts to punish the private insurers IMMEDIATELY if they make too much profit. If you were reading the news, the insurance companies made an average of 2.2% profit last year, 34th I believe in the list of industries. So, first off, we’re punishing an industry already punished by rising medical costs. Now, what is the new punishment? The government will assess whether they are making too much and will make them return some amounts above some average “medical loss ratio” to the insured. Guess what happens if the insurers decided that the government was wrong? Maybe they incurred some catastrophe within the company. Maybe they need to expand and need the extra change to cover that. No-no. All companies must be equal and will not be allowed to grow or provide any additional client beneficial features because they are being forced to stay close to status quo; unless, of course, they increase your premium to cover the rebate to you in the prior year. Oh no, they wouldn’t do that would they?
So, now we have the Federal Government regulating prices within the Insurance industry, as they are already in Banking, Auto, FCC (to come shortly with Net Neutrality). Wasn’t it bad enough they threw our dollars away to the Auto industry, CIT, and all the other bailouts? I haven’t seen so many Marxist moves since the Soviet Cold War days.
Can you believe the bill called this section “Ensuring value and lower premiums?” That’s all folks. Don’t see this goal met here. Another grade = “F”
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