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Sunday, July 29, 2007
For-profit health care: how it hurts you
By nyceve: The for-profit insurance industry serves investors--not you and not me. That's why it's called for-profit. Investors pay money to buy their stock. Investors invest to make money. Last time I checked, the way a company makes investors happy is to increase earnings and control costs. Think of our monthly premiums as earnings or revenue. Our bodies are costs. When our bodies get sick they become big costs.
Costs are bad. Costs must be crushed and defeated.
Here's the ugly story. The financial success of the for-profit insurance industry is due to their business model that must limit their medical losses. We, that means you and I, are medical losses.
My children, this is called the medical loss ratio. You and I (and our health needs) are known in insurance lingo as "losses".
Every dollar they spend our our healthcare needs goes against the bottom line.
That said, these are good day$ for the in$urance indu$try. The market is performing, profits are up. Champagne is flowing. The Street is pleased.
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