Health insurance companies and dropping customers/raising rates

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Do you feel it’s okay for insurance companies to drop people or raise rates on people based on that person’s updated risk? Like someone pays for insurance for years but doesn’t need it, gets cancer, and the conpany raises their premium until they cannot afford it, is that right?

My opinion is it isn’t right, it’s almost a bait and switch, you buy insurance for future need, they accept your money based on this, and then raise the rates when the need arises, then what was the previous rate representing?

This is a huge danger for people on their own plans, but even small companies have to switch providers often when they have employees who run into need.

If this is a banned topic, I have no problom with its deletion.

If some people bring their flame wars on here, I’ll just copy the informative posts and delete the rest, reposting it as a new thread.

Alternatively, have I misunderstood how policies work, feel free to share what you know.

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[QUOTE=KC Elbows;996733]Do you feel it’s okay for insurance companies to drop people or raise rates on people based on that person’s updated risk? Like someone pays for insurance for years but doesn’t need it, gets cancer, and the conpany raises their premium until they cannot afford it, is that right?

My opinion is it isn’t right, it’s almost a bait and switch, you buy insurance for future need, they accept your money based on this, and then raise the rates when the need arises, then what was the previous rate representing?

This is a huge danger for people on their own plans, but even small companies have to switch providers often when they have employees who run into need.

If this is a banned topic, I have no problom with its deletion.

If some people bring their flame wars on here, I’ll just copy the informative posts and delete the rest, reposting it as a new thread.

Alternatively, have I misunderstood how policies work, feel free to share what you know.[/QUOTE]

I think people are better off saving up and keeping a nest egg to cover their expenses should they die. That is forethought and you can always use the interest.

Life insurance is betting against yourself for a payoff. It’s the ultimate in gambling really.

there’s no point in buying most life insurance policies as they do not pay what they are stated as paying and apparently outright fraud and forward lies are the standard M.O for all financial corporations these days.

screw em, I’ll keep my cash and possessions and will then to who i like and save up enough money to cover my cremation.

done!

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Yes, it is bad. You should be able to get a fixed rate premium, so they can’t change it.

Another huge issue is pre-existing conditions. Once you have one you can no longer shop around for a better policy because no one else will take you. Usually your issuance company doesn’t try to scru you until something goes wrong. If you cant switch to a better provider that messes up free market competition. There is no incentive for the issuance companies to compete by providing better service to those who actually need to use their insurance because you cant do anything about it by then.

Life insurance is betting against yourself for a payoff. It’s the ultimate in gambling really.

We’re talking health insurance here.

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[QUOTE=David Jamieson;996738]I think people are better off saving up and keeping a nest egg to cover their expenses should they die. That is forethought and you can always use the interest.

Life insurance is betting against yourself for a payoff. It’s the ultimate in gambling really.

there’s no point in buying most life insurance policies as they do not pay what they are stated as paying and apparently outright fraud and forward lies are the standard M.O for all financial corporations these days.

screw em, I’ll keep my cash and possessions and will then to who i like and save up enough money to cover my cremation.

done![/QUOTE]

The problem here(in the U.S.) is, at the point in life you usually need medical care, either when you are older or, when younger, due to misfortune, the costs of medical care are huuuuge. It is quite easy to rack up several home’s worrth of bills, if it’s a serious condition.

Plus, we’re Americans. Our savings went into the negative(on average) five or six years ago.

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Health insurance is like car insurance in a way. Your rates go up if your situation changes. Tickets, accidents that are your fault, excessive claims, buying a car with a V8 engine, etc all raise your rates. If you drive bad enough, you get dropped.

And before you say this is not a good analogy, remember the Democrats pushing these healthcare bills have themselves compared mandatory health insurance to mandatory vehicle insurance.

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What about when getting sick is NOT your fault?

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[QUOTE=SanHeChuan;996754]What about when getting sick is NOT your fault?[/QUOTE]

It is a problem. I cannot deny that.

But what about when it is your fault?

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[QUOTE=1bad65;996753]Health insurance is like car insurance in a way. Your rates go up if your situation changes. Tickets, accidents that are your fault, excessive claims, buying a car with a V8 engine, etc all raise your rates. If you drive bad enough, you get dropped.

And before you say this is not a good analogy, remember the Democrats pushing these healthcare bills have themselves compared mandatory health insurance to mandatory vehicle insurance.[/QUOTE]

The problem with that analogy is that car insurance does not pay for maintenance, health insurance does. In this case, maintenance is way more expensive, to the point of being unpayable for the vast majority of Americans without having a policy.

Additionally, car insurance premiums do not generally go up except for things that are your fault, but health insurance premiums go up with one condition or another that all Americans will face, especially with age. The car insurance company can claim that they didn’t know, in setting your premium, that you were a speeder, so, upon discovery, the rate changes, while the health insurance provider is well aware that you are a human and will someday require thousands of dollars of healthcare, without exception, but backs out as if it were a surprise at the first sign of having to provide substantial service.

additionally, in the case of major problems, the car insurance provider will have to pay for the totalled car and medical bills in the case of some policies, while the health insurance provider will have the capacity to slowly weasel out by raising rates, leaving only those with a lot of expendible income to hope to hold them to their agreement.

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A reasonable Point system. Doc says your cholesterol is too high or youre too obese. You get points based on severity. More points you pay more. You bring down your cholesterol or weight you get your points back your payment goes down.

Like getting a ticket and taking defensive driving.

With limits to how much it can fluctuate stated up front.

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What about congenital defects?
They would be an example of something that is neither the individual’s fault, or the insurance company’s. So who should pay, if not the state as a fulfillment of it’s part of the social contract?

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Why do you always have to take shots at Christianity? You are not a Believer, and you laugh at those of us who are. We get it.

FYI, if you actually read the Bible, you would see it said He healed the sick and fed the hungry and never asked for a dime. Of course He never called for the Government to give out ‘free’ healthcare though.

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[QUOTE=1bad65;997418]FYI, if you actually read the Bible, you would see it said He healed the sick and fed the hungry and never asked for a dime. Of course He never called for the Government to give out ‘free’ healthcare though[/QUOTE]
Render unto Caser the things which are Caser’s.

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Dont agree with insurance companies raising rates, however since they are being attacked by the Obama admin they have to do something to protect thier interests.
2. the middle men, the “health maintenance companies” , of the world which were created by edict by Teddy Kennedy in the 70s are the real root of the problem. Doctors negotiating directly with the insurance companies were not an issue nor did we have cost escalating at the rate we have today until these parasitic middle men were created.
3. insurance companies must be allowed to compete over state lines. Everyone understands that each state has its own rules and regulations which by fiat keep some companies out but what would you expect to happen to the price of a good if they dont have to compete with anyone, it rises.
4. Cap malpractice insurance and limit the legal issues by mandating malpractice tort reform and do it in such a way as loser pays and limit awards to legal firms who represent the claims. Lawyers involved in the medical field have all but destroyed the profession.
5. My doctor knows whats best for me, he may not be perfect and they are human so mistakes can and will be made but if my doctor wont advise me in such a way as it threatens my health and his ability to do his job it must be changed.
My internist spent 20 years getting thru school to do his job, he is very well paid and when im injured he is worth every dime, on the other hand the lawyers have 1/3 of the education and create 95% of the problems.

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[QUOTE=1bad65;997418]Why do you always have to take shots at Christianity? You are not a Believer, and you laugh at those of us who are. We get it.

FYI, if you actually read the Bible, you would see it said He healed the sick and fed the hungry and never asked for a dime. Of course He never called for the Government to give out ‘free’ healthcare though.[/QUOTE]

No, but as he was King of the Jews and he gave free health care to whoever did ask, what is the model there?

Is your government imperial roman occupation? :slight_smile:

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[QUOTE=David Jamieson;997440]No, but as he was King of the Jews and he gave free health care to whoever did ask, what is the model there?[/QUOTE]

He gave the free healthcare himself. He didn’t take other people’s taxes and then hand it out and then talk about how much of a giving, caring person He was.

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Rush made an excellent point today.

Obama is slamming the private insurance companies for denying people care, procedures, tests, etc. Of course alot more people are denied those same things by Medicare and the VA, but Obama never mentions that. And Obama runs those programs.

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We spend the most, because we have the best system.

Which country has the most patents for new drugs?

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[QUOTE=1bad65;997510]We spend the most, because we have the best system.

Which country has the most patents for new drugs?[/QUOTE]

You spend the most because you have the most graft in your system. Not because it’s the best.

patents can be purchased whether you came up with the idea or not.

money does not make mind.