So effective immediately, insurers cannot deny coverage to those with pre-existing conditions.
Insurance is paying someone to assume risk for you. You may not get sick or injured, but for a fee, someone else is willing to cover your expenses should it happen.
With pre-existing conditions, it isn't a matter of shifting risk. It's shifting responsibility. There is no "what if."
So how can the insurance industry keep up with this new demand? Oh, keep in mind that this industry will face higher taxes as well.
Is there a price control built into the bill, whereby the insurance company has to charge the same premium regardless of whether there is a preexisting condition? Seems to me the insurance company would say, "OK. You've got cancer. We can't deny you coverage. But, instead of $500 per month, your premium will be $20,000 per month."
There couldn't be price controls because the insurance companies couldn't assume all that extra risk without someone paying for it. Their profit margin on health insurance coverage is alreay low, if they have to take on more risk and greater costs without additional revenue all of them would abandon the market. Thus opening the door to...tah dah! Socialized medicine.
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Kevin Haendiges
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There couldn't be price controls because the insurance companies couldn't assume all that extra risk without someone paying for it. Their profit margin on health insurance coverage is alreay low, if they have to take on more risk and greater costs without additional revenue all of them would abandon the market. Thus opening the door to...tah dah! Socialized medicine.
There couldn't be price controls because the insurance companies couldn't assume all that extra risk without someone paying for it. Their profit margin on health insurance coverage is alreay low, if they have to take on more risk and greater costs without additional revenue all of them would abandon the market. Thus opening the door to...tah dah! Socialized medicine.
As ipscshooter said, I think you have apprehended the end game. Indeed, I have heard that there is supposed to be provision in the bill to establish bodies to supervise insurance companies and regulate premiums. Hmmm? Does that sound a little fishy and questionable? Oh, I guess I shouldn't be so cynical and distrustful of our Democratic President and bicameral Democratic majorities. They will do the right thing. And they did tell us we would be able to keep our healthcare arrangements we already have if we are satisfied with them, so what could go wrong?!
Does anyone understand insurance????
