Boys in Congress Can't Get Anything Right!!!!

[mdudayev]

Well with the public option being out looks like the boys in congress are back at the so called "Health Reform with Dummies". I have got to say to those of you who are worried about this taking us out of business no need to worry, these guys come up with worse version every time they come back from trying to make a better one. Now I would like to ask my fellow financial advisers "Do you agree that there should be a reform on the way insurance companies conduct underwriting?" meaning rate ups on flu's, declining for any preexisting condition and more, because I think that is where the reform should be focused on rather than trying to control another industry. Let me know your opinions and facts if you have them.

 

[Full Throttle]

The government and regulatory bodies point a finger towards us in regards to regulating our industry and especially on the securities side, there are piles of forms for "full disclosure" to make sure the customer understands what they are buying. The only way this will pass is without "full disclosure", since the majority of the public wouldn't be sold on the plan if they knew what was really going to happen. A little hypocritical in my opinion.

 

[mdudayev]

The government and regulatory bodies point a finger towards us in regards to regulating our industry and especially on the securities side, there are piles of forms for "full disclosure" to make sure the customer understands what they are buying. The only way this will pass is without "full disclosure", since the majority of the public wouldn't be sold on the plan if they knew what was really going to happen. A little hypocritical in my opinion.

I like your answer!!! It is very true that public wouldn't be sold on the plan if they knew the truth. They should focus on creating jobs because the power of one good salesmen can create a 20-35 jobs, just a good example how money circulates.

 

[somarco]

"Do you agree that there should be a reform on the way insurance companies conduct underwriting?" meaning rate ups on flu's, declining for any preexisting condition and more, because I think that is where the reform should be focused on rather than trying to control another industry.

How is forced underwriting changes any different from controlling the industry? Either way, premiums will go up substantially.

Carriers are actually lobbying for guaranteed issue with a mandate that all buy coverage. They can eliminate some overhead for underwriting, some areas of claims review, some areas of legal counsel and even actuarial. They can simultaneously double their premium base overnight giving them access to more cash flow to be used for investment.

Some also foolishly believe they can do all that and eliminate much of the cost of agent support.

Every time the govt get's involved in matters relating to insurance, particularly health insurance, premiums rise. The resulting increase in premiums from GI will be the biggest increase of any that preceded.

Those who want GI deserve what they get.

 

[Thatguy]

I have got to say to those of you who are worried about this taking us out of business no need to worry, these guys come up with worse version every time they come back from trying to make a better one.

This is EXACTLY what has me worried. That our public officials will try and find a "better system."

 

[Full Throttle]

Those who want GI deserve what they get.

True, but the reality is the government will then look at the insurance companies post-GI and point a finger accusing the private industry of failing to get their premiums under control. Next step, public option.

 

[ins.dave]

True, but the reality is the government will then look at the insurance companies post-GI and point a finger accusing the private industry of failing to get their premiums under control. Next step, public option.

Exactly.
They are gonna keep try’n to put 10 lbs. of stank into a 5 lb. bag all the way up to the next federal election.
And in doing, keep “the dream” alive for the lower socio – economic and young romantics that is their voting block all the while.
Enjoy your 15 minutes Kenyan.