Pros And Cons Of Health Care Reform - Obamacare Gets Something Right, roughly
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Obamacare Gets Something Right, roughly
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Pros And Cons Of Health Care Reform.
Pros And Cons Of Health Care Reform
An lively incident occurred while a college orientation I attended with my son. When the college insurance representative pitched the University sponsored health care plan, I swiftly noticed that the lifetime limits on the procedure were too low. Although I tried to explain the problem to the group of parents, neither the crowd nor the representative seemed to get the point. I decided to keep my son on the family insurance. The problems of low lifetime procedure limits is discussed in the two articles, and it is addressed in the new health care legislation.
I have been an unrelenting critic of Obamacare, but they did come very close to getting something right. Unrealistically low lifetime procedure limits mislead the insured public, and often lead to financial ruin and government assistance. Low limits render insurance practically worthless for anything other than minor medical issues. Slickly marketed as affordable health insurance, the impact of such low limit policies are poorly understood by consumers. Low lifetime limits don't guard against catastrophic loss, the basic function of insurance. One of changes required under Obamacare is the removal of such lifetime limits for all policies. Although I agree with this concept, the manner in which it is implemented betrays yet other sellout to the large insurance companies.
Colleges are notorious for selling such low lifetime limit policies (with gargantuan sales commissions from the insurance companies) but the low caps leave serious illnesses essentially uncovered. A 0-200,000 limit procedure would barely cover a major surgery, much less cancer treatment. The McDonalds' corporation gives some of their employees what is essentially non-insurance insurance, exterior tiny more than disposition examinations.
Eliminating such low limit insurance is good communal procedure [Lipka, 2010]. However, just when Obamacare got something right, the large insurance companies once again used their lobby to successfully manipulate the legislation to line their pockets.
Virtually all of the advantage of increased lifetime limits could be obtained using a relatively high value (such as million dollars are so). However, Obamacare removed limits altogether, in order to specifically favor large insurance companies.
Unlimited procedure limits make actuarial risk impossible to quantify. Large insurance companies can self- insure against the unlikely possibility of a huge lifetime payout. Smaller and newly started companies, cannot self-insure, and need to buy added reinsurance against such eventualities, raising their relative costs. Thus under the guise of buyer advocacy, the large insurance companies added cementing their financial positions, by managing to levy an added expense on smaller companies. Like the 80% rule I previously discussed, [Healthamburglar, 2010] Obamacare's main impact may be to restrict competition in the insurance industry.
The large insurance companies have again used their favored access, campaign donations, and Congressional ignorance to manipulate a well intentioned reform into a contentious advantage., Obamacare is riddled with such stealthy giveaways to the large insurance companies. By limiting debate, ramming straight through the legislation, and not insight the unintended consequences in a complicated system, Pelosi, Reid and Obama have once again enabled the fleecing of the American people.
References:
Healthamburglar, "McDonald's meets ObamaCare," Wall road Journal, October 2, 2010
Sara Lipka, "Federal Health-Care Law Will Ban tiny trainee insurance Plans but Threaten unabridged Ones," The impart of Higher Education, December 9, 2010.
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