Obamacare Bonzanza: Fat times in the health insurance industry

The more complicated a government program, the more crony it is.

So let’s see…Obamacare has infused the health insurance companies with heaps and heaps of taxpayer dollars. Big Pharma has done almost equally as well under the cronycare regime. Premiums for terrible policies – which as I see it could largely be bought for the same or lower prices before Obamacare – are going up.

Yup, this thing worked out great.

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Have House Republicans Cast Their First Vote For Obamacare?

Obamacare, which passed through Congress on questionable procedural grounds, the rejection of which was the wave on which many a House GOP freshman rode into Congress, is settling into law. And the Republicans are now helping to make it happen. I guess pharma, hospitals, and the insurance companies like their new taxpayer financed revenue streams.

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Even liberal Mother Jones admits Obamacare is a crony capitalist jack (But they think that’s a good thing)

Of course the health care companies like Obamacare. THEY WROTE SIGNIFICANT PORTIONS OF IT. That was the deal with the “devil” Obama made. The Dems essentially gave the insurance industry (and other parts of the health care industry) a massive transfer of wealth from America’s middle class to their corporate bottom lines.

Lesson here is – get a lobbyist.

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The United States already is the largest single-payer health provider in the Western world, and the system is failing

The train wreck continues to pile up.

Word coming down the anecdotal (and now non-anecdotal) grapevine is that Obamacare is a developing nightmare. No one knows how it’s going to work in the long run, or the short run for that matter. There seems to be pain at every level. From the patients who have no idea what they are covered for, what a deductible is etc., to doctors who are increasingly just dropping out and retiring, things are not going well.

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Utah comes after insurance startup

Pretty blatant stuff. As a former insurance underwriter (and sometimes agent) I can tell you first hand that brokers and agents loathe competition. Which is understandable. Competition means having to lower prices on a highly commoditized product. That’s not good for commissions.

This is one of the reasons why insurance is such a “highly regulated industry.”  It’s not just about looking out for the consumer that’s for sure.

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Utah orders startup to raise prices so competitors are “treated fairly”

Insurance is a “highly regulated industry.”

I say this as a former insurance underwriter who often looked at statewide filings of other companies and as one who sold insurance in multiple states in college. Insurance is a game of very cozy relationships on the state level.

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Sebelius: Americans don’t like Obamacare because their “financial literacy is low”

It’s not that Obamacare is a horribly complicated program which has screwed up healthcare for millions of people, which increased rates rather than decreasing them as promised, which was passed without even 50% of the American people supporting it, which has proven to be a crony capitalist vehicle for the big health insurance companies. No, you don’t like Obamacare because you are ignorant of the program’s genius.

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Fed Takes A Closer Look at Insurance (Will we ever see a Fed induced insurance “crisis?”)

The Federal Reserve today announced that it is bringing in a former state insurance commissioner, Thomas R. Sullivan, to strengthen and head its insurance regulatory office. This is a good idea. Most insurance regulation is at the state level, but the Fed has a huge impact on insurance, especially through its interest rate setting.

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Obamacare premiums to skyrocket in many places, 100%, More?

Just a year ago some people scoffed at this map based on a study done by The Society of Actuaries. Now it looks like even these numbers aren’t even close to what people will actually see in terms of premium increases.

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The Health Insurer Bailout is Headed Your Way

All the big health care insurance stocks are up big over the last year. (And continue to be.) What does that tell you? Source: Yahoo Finance

There are a few winners in Obamacare. Very few, but they do exist. If one has an extreme medical condition it is easier to get insurance now. (Sort of.) The health insurers, in partnership with the federal government are also winners.  (At least in the short to medium term.) They now have access to a pool of taxpayer subsidized potential policy holders who were not part of the market before.

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