This is just nonsense, because it ignores all the ILLEGAL ways insurance companies get away with denying payouts. Look, you seem to not be very educated on the facts around how insurance companies operate, so maybe go look into it a bit before you say they are just playing the game.
I understand how premiums, coverage, and risk calculation works. That's not at all what this is about. You also ignore the massive profits they make. How do they make those? Ya...
They make “Massive profits” by collecting a massive amount of premiums.
If you go to page 28 you can see there operating income
They earn 371 billion per year and have 340 billion in operating expenses and 3 billion interest and have an earnings before tax of 29 billion or an 8% profit margin.
If the problem is rejecting 50% of claims then that suggests there would need to be higher premiums to approve claims at the rate you would find acceptable.
If you go to page 28 you can see there operating income
They earn 371 billion per year and have 340 billion in operating expenses and 3 billion interest and have an earnings before tax of 29 billion or an 8% profit margin.
If the problem is rejecting 50% of claims then that suggests there would need to be higher premiums to approve claims at the rate you would find acceptable.
Do you have other suggestions? The current 8% profit could be eliminated entirely and put toward claims and it would increase spending on claims 12.5%. That doesn’t appear to hit the target you are looking for. Assuming rejected and accepted claims cost the same amounts it would get you to a 56% acceptance rate.
I dunno, maybe a system where all money goes to patient care instead of 80% of it? They are literally flushing 20% of healthcare dollars down the toilet for pointless busywork.
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Does incredibly partisan leadership staff the CBC? This would be the equivalent of staffing high level positions with prominent Liberal party members... in fact I can't even think of someone who would be the Canadian equivalent of Kari Lake.
That being said what the everloving #### is Voice of America? Apparently, it has been around since the 40s.
It was a joke about how Canadian trumpers hate the CBC which runs a relatively non-partisan news cast but now will bend over backwards to defend this appointment.
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I dunno, maybe a system where all money goes to patient care instead of 80% of it? They are literally flushing 20% of healthcare dollars down the toilet for pointless busywork.
So you are agreeing with Gullfloss the problem is the system.
I dunno, maybe a system where all money goes to patient care instead of 80% of it? They are literally flushing 20% of healthcare dollars down the toilet for pointless busywork.
I wouldn't even say pointless, from their end anyway. It is intentional obfuscation of their clients. They get to keep more of their clients' money by making it difficult and confusing.
If you have to hire a lawyer just to navigate a claim, it seems like they're not really interested in serving their own clientele, no? Is there any other industry where you pay a company money for a service, and then they do everything they can to not deliver the service you paid for?
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So you are agreeing with Gullfloss the problem is the system.
Sure, the system that exists is dumb, which is why I'm so against it in Canada, and want universal pharmacare too. The system that allows them to continue to operate while illegally denying care, or immorally denying care and profiting off of it is the really evil bit, though. It's also the bit that is the reason why Brian is dead. Someone had enough abuse, and took action. Would Brian be dead if there were no massive profit and denial of care? Probably not. So there are two issues.
Sure, the system that exists is dumb, which is why I'm so against it in Canada, and want universal pharmacare too. The system that allows them to continue to operate while illegally denying care, or immorally denying care and profiting off of it is the really evil bit, though. It's also the bit that is the reason why Brian is dead. Someone had enough abuse, and took action. Would Brian be dead if there were no massive profit and denial of care? Probably not. So there are two issues.
I wouldn't even say pointless, from their end anyway. It is intentional obfuscation of their clients. They get to keep more of their clients' money by making it difficult and confusing.
If you have to hire a lawyer just to navigate a claim, it seems like they're not really interested in serving their own clientele, no? Is there any other industry where you pay a company money for a service, and then they do everything they can to not deliver the service you paid for?
But this claim denial doesn’t really increase profit on its own, the savings appear to be passed to the customers. it lowers premiums to attract customers to increase revenue to increase profit.
The price sensitive consumer and there being little apparent difference at the time of purchase incentivizes a low premium low service model.
So they do follow the needs of their customer, the lowest possible premium at time of purchase.
Do you have other suggestions? The current 8% profit could be eliminated entirely and put toward claims and it would increase spending on claims 12.5%. That doesn’t appear to hit the target you are looking for. Assuming rejected and accepted claims cost the same amounts it would get you to a 56% acceptance rate.
I too can make bull#### expenses up to make the books look however I want them to appear
I too can make bull#### expenses up to make the books look however I want them to appear
So now the multi-billion dollar, publicly traded company is cooking the books to make it appear like they're making less money than they really are, because... CEO bad?
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