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Could this be a possible reason for resistance to health care reform?

Apparently, the wizards of wall street have found another way to make a huge amount of money using life insurance policies. Much like the debacle of mortgages which were chopped up and resold into securitized packages which included toxic debt, they would essentially do the same with life insurance policies. As per the news story, these firms would let you cash out on your million dollar policy for 400,000 cash money. These policies would then get hacked up into packages. The sooner the person dies, the bigger the payout. If the person lives too long, then these funds would make very little to no money and even lose money.

With that said, the idea of health care reform is to let people live longer and reduce costs over time. With the status quo, our costs are rising and we have lower life expectancies than many other industrialized nations. A healthier populace means these people couldn't make money off of this scheme. Thoughts on this?

http://www.cnbc.com/id/32707038

Update:

Sakata - Listen up, Girlfriend.... lets get something straight between you and me. You be respectful and I will do the same. OK? Secondly, I asked a logical question. I have lived the health care dream of the US here. I have TWO insurance plans, United health care and GHI and it is a constant battle to get them to pay for medical procedures they promised to pay for in the first place.

The best medical plan I ever experienced? The military when I was a kid through my father. I got sick, I went to the dispensary, I get my medicine, and that was it.

As far as the Information war, I am not expouting a single payer system. All I have said is that it needed to be reformed. Even the CONS have said that.

If you are curious as to my political leanings, I am an independent with no love for either the Republicans or Democrats. I just want what is right for this country.

Update 2:

Yup-u--r-retarded - CNBC is a really great source actually. Because I follow it, my 457k did not tank like everyone else with a retirement plan did and I made lots of money. I just made 12000 in 2 months. I also made money on all of my real estate holdings as well and CNBC helped me avoid the housing bubble as well. It is because of CNBC I didn't lose my shirt and made gobs of money.

Update 3:

Johninjc- That is truly horrible. I am not all for socialized medicine because even though they are great at treating emergency illnesses (Broken arm, auto accident injuries, etc) It falls short when it comes to long term care like Cancer, etc. As a matter of fact, Germany is notorious for putting the elderly to the back of the line for life saving procedures because they are at the end of their productive life.

Update 4:

Sakata- yeah, you did. Assuming I was on the "socialist medicine" side of the debate and then calling me "Guy". We're not friends and you don't know me. I asked a question with something I found and that was it. I know if I was these financial firms, I would be pushing strawberry flavored cigarettes and 4000 calorie snicker bars.

Update 5:

piegowdealer- As I said, it was A possible reason, not the. The main reason reason is because the AMA and the insurance companies have a lot to lose in this cock fight.

My sister in law through her job pays 800 a month for health care for her and her son. It has a 2500 deductible and after that is paid, she is still liable for 20 percent of the cost of the procedure. That is why the insurance companies, although I respect their right to make money, need to be reigned in.

Update 6:

Bev-B - I don't know if you have health care or not. However, if you do, then YOU and ME have to pay for those without health care still. Either by extortion like rates for insurance premiums and for ridiculously priced hospital rates. Theoretically, if I was living in public housing with 3 kids off of public assistance, I would never need insurance. I just go to the hospital and let them take care of me. If I have nothing, the hospital can't get anything from me. That cost is passed on to you and me.

Update 7:

Pascha- yes, my link is the CNBC link that I included earlier. Also, with the near collapse of our financial system, I put nothing past anyone to make a buck. People thought real estate could go nowhere but up. Luckily, through my wheelings and dealings and watching CNBC (not that nutjob cramer), I learned a full 2 years before the financial collapse that things were going to get bad.

12 Answers

Relevance
  • 1 decade ago
    Favorite Answer

    Yes.

    FACT - Insurance companies in the USA admit to pushing up prices, buying politicians and not paying out claims when they should

    FACT - PER PERSON the USA spends more on healthcare than any other nation on the planet

    FACT - Obama debated his plans before the election for healthcare

    FACT - the chance of a child under five of dying in the USA is greater than industrialised nations with universal health coverage

    FACT - Obama was elected by the American people to bring in change

    FACT - Obama wants to stop insurance companies from screwing the American people

    FACT - The reforms Obama wants work in the Netherlands and Switzerland

  • 1 decade ago

    Many people do not want the government controlling anymore aspects of their lives. No matter what the package is, if the government controls any part of it, a large number of people will be against it. There are other ways to reform health care that do not include a takeover by the government of another 1/6 of our economy.

    There has always been such a thing as decreasing life insurance. The younger you die, the more it is worth. Many people buy this to take care of their young family if something should happen. It is much cheaper than other kinds of life insurance that keeps it value.

  • Pascha
    Lv 7
    1 decade ago

    Someone would still have to be paying the premiums on that $1 million dollar policy for there be anything of value to chop up and sell.

    Also, I don't know what kind of regulations there are about owning insurance policies on someone unrelated. If the beneficiary is someone who is not a caring relative, what .is to prevent more direct attempts at shortening the lives of those whose lives are insured?

    Relying on the health care system to accomplish that would be much too indirect for a diabolical scheme.

    Do you have a link?

  • Anonymous
    1 decade ago

    Sounds like an Irish Bull. Not the real reason for resistance.

    The big insurance companies lose out on billions of medicare $$$$ if single payer goes into effect. If they have to insure everybody and make each state a single plan, their costs are going to skyrocket and they know profit will be almost impossible if they have to compete against a public option.

    In Oregon we have a public option for workers comp insurance. Etna spent over 15 million on a ballot initiative to kill it. It lost handily.

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  • Erika
    Lv 4
    5 years ago

    No. It surprises me that such a lot of Americans look to not be mindful approximately Obama’s healthcare plans [a]. During the election, he campaigned for those alterations pointing out that he felt it was once unfair to have a approach wherein coverage organizations attempt to get away paying claims and was once elected to carry in alterations [b]. First of all, too many persons have no idea that Obama needs to make coverage extra to be had to all. His approach is very similar to that which goes in Holland, Taiwan [c] and Switzerland. It works there and personal healthcare organizations furnish such a lot the coverage to the persons there. FACT - the USA spends extra on healthcare PER PERSON than every other country on this planet [d]. FACT – coverage organizations admit that they push up bills, purchase politicians and don't pay out for lots of claims after they must [e]. FACT - the US has greater demise premiums for children elderly beneath 5 than western European international locations with common well being insurance policy [f]. That signifies that a useless American 4 12 months historical could have had a larger danger of lifestyles in the event that they had been born in Canada, France, the Netherlands, Cuba, Switzerland, Germany, Japan and many others, all of that have common well being insurance policy. And no western European country with common healthcare has moved clear of it. And the sorrowful factor is, that the coverage organizations have spent a whole lot of cash to combat those reforms [g] and a whole lot of politicians are taking the thirty portions of silver from them to combat the reforms, as an alternative than combat for the well being of the American persons. Remember, I again my details up with proof. Those who say they're fallacious generally tend to not. If they're fallacious, electronic mail me with evidence and allow me recognise.

  • 1 decade ago

    That and this too. Oregons has public health care and it is wanting to put people to death instead of pay for their medical services.

    http://abcnews.go.com/Health/Story?id=5517492&page...

    Death Drugs Cause Uproar in Oregon

    Terminally Ill Denied Drugs for Life, But Can Opt for Suicide

    The 64-year-old Oregon woman, whose lung cancer had been in remission, learned the disease had returned and would likely kill her. Her last hope was a $4,000-a-month drug that her doctor prescribed for her, but the insurance company refused to pay.

    What the Oregon Health Plan did agree to cover, however, were drugs for a physician-assisted death. Those drugs would cost about $50.

    "It was horrible," Wagner told ABCNews.com. "I got a letter in the mail that basically said if you want to take the pills, we will help you get that from the doctor and we will stand there and watch you die. But we won't give you the medication to live."

  • Anonymous
    1 decade ago

    Possible reason for resistance doesn't mean anything, guy. Most people aren't 'resisting health care' because they're wall street wizards.

    They're resisting because you're losing the information war, and badly.

    Edit: Kenneth, nothing I said was disrespectful. I'm commenting on the state of the health care debate. Not you, or your views.

  • 1 decade ago

    A CNBC source? LOLOL!!!!

    It's not going to happen, get used to it.

    Fix the broken things before you make it worse.

    Source(s): Common sense....
  • In Caribou Quit Barbies own words: If Van Jones resigns, I'll leave Y/A forever.

    http://answers.yahoo.com/question/index;_ylt=Aq1lN...

    (the coward removed her question. LMFAO!)

    E-MAIL him and TELL HIM to keep his promise and LEAVE!

    Van Jones QUIT.

    Now its Caribou's turn to QUIT.

    LEAVE NOW CARIBOU! GO!

    Caribou, keep your promise you LYING COWARD!

  • Anonymous
    1 decade ago

    No. The reason is simple. 270 million have health care, less than 40 million don't, either by ability to get it, or unwillingness to pay. Majority rules, period.

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