By Marc Silverman
I was impressed last week when the Senate agreed to open Medicare for those over 55. Well, that didn’t work out too well. I hear people saying the current proposed bill is a “step in the right direction,” and that “it’s better than nothing.” I’ve been listening and reading the opinions, and I’m not really sure. I want to believe that this legislation is well intended, but I’m not sure how it helps us get where we need to go, or whether it’s just a massive give-away to insurance companies. People between 55 and 65 could be charged exorbitant premiums to participate. Here’s the rub – the government will mandate that you participate, but they’ll only subsidize those earning the lowest amount. I’m afraid that middle class people between 55 and 65 will not be able to afford insurance.
As the proposed bill stands today, a couple between 55 and 65 earning $58,000 per year could see insurance premiums of $25,000 with no subsidy! And, the government can penalize them for not buying insurance! Also, as it stands today, the insurance companies will be able to charge whopping premiums for pre-existing conditions, effectively excluding those with pre-existing conditions. As Dr. Richard Reece, the author of “Innovation-Driven Healthcare: 34 Key Concepts for Innovation” says, “perhaps, a public backlash will occur when the public learns their premiums are going up, they are forced to buy insurance whether they want it or not, taxes begin immediately, benefits will be delayed until 2014, and savings aren’t realized until 2016 or later.”
Here’s an interesting view of Health Insurance company stock prices over the last few months. Clearly something pretty good is going on for them.
Coventry, up 31.6%
CIGNA, up 29.1%
Aetna, up 27.1%
Wellpoint, up 26.6%
United Health Group, up 20.5%
Humana, up 13.6%
Let’s hope for the best, and keep plugging. And, stay healthy!!
0 Responses to “Harry, you shoulda done better”