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(BusinessWeek)   News: Health insurance companies are starting to revise their profit forecasts because of Obamacare. FARK: Upwards   (businessweek.com ) divider line
    More: Obvious, WellPoint Inc., obamacare  
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3059 clicks; posted to Main » on 21 Mar 2014 at 2:28 PM (2 years ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2014-03-21 01:51:03 PM  
Anyone with any touch of intelligence knew that this was a windfall to the insurance industry from the start. Which is one of the reasons I never understood why the gop wasn't behind it.  I wonder what other factor turned them against it.
 
2014-03-21 02:18:30 PM  
It'll collapse any day now, you just watch.
 
2014-03-21 02:27:54 PM  

oldernell: Anyone with any touch of intelligence knew that this was a windfall to the insurance industry from the start. Which is one of the reasons I never understood why the gop wasn't behind it.  I wonder what other factor turned them against it.


Seriously wondering or sarcasm?  Because the answer is Obama.  Whatever he's for, they're against. I swear, he just needs to have a press conference where he talks about the importance of breathing.

/what happens when orange turns blue?
 
2014-03-21 02:28:16 PM  
Duh. Insurance companies made out like thieves on this one. I wish we could do away with them entirely.
 
2014-03-21 02:29:21 PM  

oldernell: Anyone with any touch of intelligence knew that this was a windfall to the insurance industry from the start. Which is one of the reasons I never understood why the gop wasn't behind it.  I wonder what other factor turned them against it.


They're pissed because they actually thought of it first, but rejected the idea knowing that it would kill them with their base, which they need to make it past the primaries.

It's kind of like how only Nixon could go to China.
 
2014-03-21 02:30:44 PM  

oldernell: Anyone with any touch of intelligence knew that this was a windfall to the insurance industry from the start. Which is one of the reasons I never understood why the gop wasn't behind it.  I wonder what other factor turned them against it.


Presiding while being blah.
 
2014-03-21 02:32:56 PM  
This job-killing, economy-destroying, ABOMINATION must be stopped! (disclaimer: this conclusion may not bear any relationship to reality)

I can't see any business or actual healthcare reason for the GOP to oppose it the way they do. It seems to be solely because they chose it as a rallying cry to get the Base afraid of something the Dems did.
 
2014-03-21 02:33:13 PM  

Nadie_AZ: Duh. Insurance companies made out like thieves on this one. I wish we could do away with them entirely.


^^ So much THIS ^^
 
2014-03-21 02:33:39 PM  
Why fark tag on that? Its a massive hand out to the insurance industry. That's what you get when you get your policy from the heritage foundation.
 
2014-03-21 02:34:34 PM  
And this is a surprise because?

This right here is the only reason the bill passed.  It's the only reason Republicans created the concept in the first place.
 
2014-03-21 02:35:04 PM  
The good thing is...with all these huge profits, the insurance companies are going to hire all the poor people from McDonalds and Walmart and pay them living wages.  That's how Job Creators do, yo!
 
2014-03-21 02:35:05 PM  
This honestly isn't surprising.

Even with laws and regulations stating that they have to spend a certain percentage on patient care, more people in the system just means more profit.


Anyone who didn't think this would be the case probably failed basic math.
 
2014-03-21 02:35:15 PM  
Millions of new customers.

They still have to use 80% of premiums for care or issue refunds.
 
2014-03-21 02:35:30 PM  

oldernell: Anyone with any touch of intelligence knew that this was a windfall to the insurance industry from the start. Which is one of the reasons I never understood why the gop wasn't behind it.  I wonder what other factor turned them against it.


The fact that it is a bad idea to begin with???? A total DemoScam from the word go created to further decimate our country? Because they actually want what is best for the country as opposed to what isn't?
 
2014-03-21 02:36:25 PM  
All those government subsidies right in their pocket... who would have thunk it?
 
2014-03-21 02:36:29 PM  
Banking, auto companies, oil and gas, and now health care.

What industry will socialist Obama destroy next?
 
2014-03-21 02:36:55 PM  
Good, now those profits can trickle down, right? Right?? Right into tope executives pockets.
 
2014-03-21 02:37:11 PM  
Worst socialist ever
 
2014-03-21 02:38:05 PM  

dittybopper: oldernell: Anyone with any touch of intelligence knew that this was a windfall to the insurance industry from the start. Which is one of the reasons I never understood why the gop wasn't behind it.  I wonder what other factor turned them against it.

They're pissed because they actually thought of it first, but rejected the idea knowing that it would kill them with their base, which they need to make it past the primaries.

It's kind of like how only Nixon could go to China.


In 5 years when it's running smooth, we all know that they are going to claim it was their idea all along and revise history (again) to forget everything they have opposed this entire administration. shiat that they were for before the were against it for some mysterious reason... hummm wonder why that could be? We'll probably never know {eye roll}
 
2014-03-21 02:38:41 PM  

happydude45: oldernell: Anyone with any touch of intelligence knew that this was a windfall to the insurance industry from the start. Which is one of the reasons I never understood why the gop wasn't behind it.  I wonder what other factor turned them against it.

The fact that it is a bad idea to begin with???? A total DemoScam from the word go created to further decimate our country? Because they actually want what is best for the country as opposed to what isn't?


It much simpler than that.

Once the Democrats got behind a plan proposed by a conservative think tank, it was a imperative for them to stand against it.

It's really interesting to watch the Democrats shift right and take planks from the GOP platform, while the Republicans shift even further right, rather than claim victory.  It's almost as if they define themselves as whatever is "Not Democrat", rather than actually cogent policy positions.
 
2014-03-21 02:38:47 PM  

Peter von Nostrand: Worst socialist ever


Best Republican President ever though!
 
2014-03-21 02:39:10 PM  
stickerish.com
 
2014-03-21 02:39:33 PM  
So, people lost their insurance, and the insurance companies made MORE money? Some of this spin is not adding up.
 
2014-03-21 02:39:41 PM  

happydude45: oldernell: Anyone with any touch of intelligence knew that this was a windfall to the insurance industry from the start. Which is one of the reasons I never understood why the gop wasn't behind it.  I wonder what other factor turned them against it.

The fact that it is a bad idea to begin with???? A total DemoScam from the word go created to further decimate our country? Because they actually want what is best for the country as opposed to what isn't?


Ahhh how cute.
 
2014-03-21 02:39:45 PM  

oldernell: Anyone with any touch of intelligence knew that this was a windfall to the insurance industry from the start. Which is one of the reasons I never understood why the gop wasn't behind it.  I wonder what other factor turned them against it.


Black guy signed off on it.
 
2014-03-21 02:40:32 PM  

purple kool-aid and a jigger of formaldehyde: dittybopper: oldernell: Anyone with any touch of intelligence knew that this was a windfall to the insurance industry from the start. Which is one of the reasons I never understood why the gop wasn't behind it.  I wonder what other factor turned them against it.

They're pissed because they actually thought of it first, but rejected the idea knowing that it would kill them with their base, which they need to make it past the primaries.

It's kind of like how only Nixon could go to China.

In 5 years when it's running smooth, we all know that they are going to claim it was their idea all along and revise history (again) to forget everything they have opposed this entire administration. shiat that they were for before the were against it for some mysterious reason... hummm wonder why that could be? We'll probably never know {eye roll}


They're gonna pray they get something, anything passed that they can claim "fixed" Obamacare so they can claim credit.

Could be as simple as a Medicaid payment patch.
 
2014-03-21 02:41:05 PM  
Wait, I thought the ACA included a provision about how much profit the insurance companies were allowed? Something about a certain percentage of premiums had to go directly back in to health care expenses? Maybe I'm not thinking about this correctly. I'm serious, no trolling or sarcasm intended. Does anybody here know?
 
2014-03-21 02:41:12 PM  
As long as they can keep selling 1-800-contacts every year there'll be sunshine and candy apples for everyone forever!
 
2014-03-21 02:42:31 PM  
The fact that it is a big fat giveaway to the poor, besotten, downtrodden insurance industry and has been from day one was one of the main reasons I opposed it. Not only are insurance companies swimming in money because of it, they're gouging premiums to non-Obamacare policy holders and jacking up deductibles besides.

Single payer, like Medicare and the rest of the farking civilized world, please.
 
2014-03-21 02:42:46 PM  

oldernell: Anyone with any touch of intelligence knew that this was a windfall to the insurance industry from the start. Which is one of the reasons I never understood why the gop wasn't behind it.  I wonder what other factor turned them against it.


Calling it  Obamacare, mostly.
 
2014-03-21 02:43:41 PM  

oldernell: Anyone with any touch of intelligence knew that this was a windfall to the insurance industry from the start. Which is one of the reasons I never understood why the gop wasn't behind it.  I wonder what other factor turned them against it.


Of course, it was a originally a republican idea, most people just seem to forget that.
 
2014-03-21 02:43:42 PM  

DamnYankees: It'll collapse any day now, you just watch.



If there were a way to figure how this might happen, I think it's something like this...
Many people who could not afford insurance before, are buying it.
So, insurance companies didn't have to pay out for all those people for one thing.
And the other side of that is, presumably, one of the reasons people who coulnd't afford insurance is that, they never really cared to try because they are so healthy.

So.  What will happen now is that a boatload of people will be paying premiums.  That's good for now.
But sooner or later, all those people will cash in.  That's when the whole thing will collapse for the insurance comapnies.
 
2014-03-21 02:45:07 PM  

Tricky Chicken: So, people lost their insurance, and the insurance companies made MORE money? Some of this spin is not adding up.


Who lost their insurance? Yes some people had their policies changed that didn't meet the requirements anymore. But were those people dropped from the insurance company completely or did the insurance company discontinue that product and if you still wanted a policy you would have to buy their new one? It adds up very well how they are making more money.
 
2014-03-21 02:45:18 PM  

that one guy from that one place: Wait, I thought the ACA included a provision about how much profit the insurance companies were allowed? Something about a certain percentage of premiums had to go directly back in to health care expenses? Maybe I'm not thinking about this correctly. I'm serious, no trolling or sarcasm intended. Does anybody here know?


Let me explain; I'll use small numbers.  (Not out of an assumption on your intelligence, it's just easier.)


Insurance companies are required to spend 80% (I think; we'll use that for this example) on patient care.

Say they were taking in $1000 in premiums before.  That would be $800 on patient care, $200 on overhead (etc) and profit.

Now they've got a bunch more sign ups.  So they're taking in $2000 in premiums.  80% is $1600 on patient care, leaving $400 for overhead (etc) and profit.

Because some or all of the overhead won't be a linear scaling, more is available for profit.


Makes sense?
 
2014-03-21 02:45:52 PM  
I seriously need to learn how to post pics on Fark. No outrage pics yet. So disappointing.
 
2014-03-21 02:47:14 PM  

Telos: oldernell: Anyone with any touch of intelligence knew that this was a windfall to the insurance industry from the start. Which is one of the reasons I never understood why the gop wasn't behind it.  I wonder what other factor turned them against it.

Calling it  Obamacare, mostly.


The term "Obamacare" was originally coined by opponents of the Affordable Care Act as a pejorative term for the law.
Come on, it's right there in Wikipedia.
 
2014-03-21 02:49:03 PM  

Tricky Chicken: So, people lost their insurance, and the insurance companies made MORE money? Some of this spin is not adding up.


The part that doesn't add up is the first part - "people lost their insurance".
When you start with a faulty premise you reach a faulty conclusion.
 
2014-03-21 02:51:25 PM  

Begoggle: The part that doesn't add up is the first part - "people lost their insurance".
When you start with a faulty premise you reach a faulty conclusion.


In that comment, "people lost their insurance" was followed by "Some of this spin is not adding up."
 
2014-03-21 02:52:21 PM  

purple kool-aid and a jigger of formaldehyde: Tricky Chicken: So, people lost their insurance, and the insurance companies made MORE money? Some of this spin is not adding up.

Who lost their insurance? Yes some people had their policies changed that didn't meet the requirements anymore. But were those people dropped from the insurance company completely or did the insurance company discontinue that product and if you still wanted a policy you would have to buy their new one? It adds up very well how they are making more money.


Sorry, I was not clear.  Spin from one side is that everybody is losing insurance, getting less coverage, and losing their doctors etc.

Spin from the other side is that everything is rainbowy and fairy farts, and insurance companies are doing great.

The spins are what don't add up.

Sorry about that.
 
2014-03-21 02:53:00 PM  

Begoggle: Telos: oldernell: Anyone with any touch of intelligence knew that this was a windfall to the insurance industry from the start. Which is one of the reasons I never understood why the gop wasn't behind it.  I wonder what other factor turned them against it.

Calling it  Obamacare, mostly.

The term "Obamacare" was originally coined by opponents of the Affordable Care Act as a pejorative term for the law.
Come on, it's right there in Wikipedia.


It blows my mind that Rs think Ds came up with Obamacare.  Teaparty and Rs started saying it to make sure Obamas name was all over it because it was going to fail and tank his chance of getting a 2nd term.  Hell look at the debate between Obama and Romney where Obama said to the effect "I'm starting to like that term".
 
2014-03-21 02:53:17 PM  

timujin: oldernell: Anyone with any touch of intelligence knew that this was a windfall to the insurance industry from the start. Which is one of the reasons I never understood why the gop wasn't behind it.  I wonder what other factor turned them against it.

Seriously wondering or sarcasm?  Because the answer is Obama.  Whatever he's for, they're against. I swear, he just needs to have a press conference where he talks about the importance of breathing.

/what happens when orange turns blue?




Chromatic grey.
 
2014-03-21 02:54:36 PM  
Also, because coverage doesn't equal care. Here's a big time lib who was all for it, signed up, pays his $700 monthly premiums, and finds that his wife is denied her multiple sclerosis medication

http://m.newsbusters.org/blogs/pj-gladnick/2014/03/19/notorious-duer -w ill-pitt-turns-angrily-against-obamacare


Also, the deductibles alone are unaffordable to the very people this was supposed to help. It is nothing but a scam.
 
2014-03-21 02:54:51 PM  

Nadie_AZ: Duh. Insurance companies made out like thieves on this one. I wish we could do away with them entirely.


Not exactly, with the 80% money spent on care requirement it limits them so that they can only profit by obtaining more customers. Previously insurance companies were happy with profiting as much per customer as possible. Which is why this company raised its forecast because it gained more customers.
 
2014-03-21 02:55:44 PM  
Ah insurance, the busines whose business is to give you the business.
 
2014-03-21 02:57:12 PM  
Insurance company:  We have to raise your rates.

Insured:  But, but, why?

Insurance company:  Well, Obamacare prevents us from dropping someones coverage simply because they have serious health issues that are costing us more than we want to spend.  We have to adjust rates accordingly...and then add a little extra on the top to cover "unforeseen costs"

Insured [who stopped listening after "Obamacare"]:  Damn you Obama!
 
2014-03-21 02:57:49 PM  

Nadie_AZ: Duh. Insurance companies made out like thieves on this one. I wish we could do away with them entirely.


I think eventually Big-Insurance's "devils' bargain" with Mr. Obama will come back to bite them in the ar$e. The present scheme will be both cumbersome and expensive and is perhaps designed to be so. Single payer will look soooo much better to many citizens (at least the ones who are not being subsidized or on Medicaid) about a year after Obamacare is completely implemented. I hope the Insurance executives wind up choking on a big bowl of dicks when a system similar to the UK's very flawed National Health Service kicks them directly in their sporrans.
 
2014-03-21 02:58:16 PM  
MrBallou: "It seems to be solely because they chose it as a rallying cry to get the Base afraid of something the Dems did."

Not solely.
They initially raged against "socialism" so the sensible centrists and chattering classes would make their usual assumption -- absent any familiarity with fact or objective reality -- that "the truth must be in the middle". Political force then built for "compromise", which killed the public option (the only threat to profit in the entire law).

It was only afterwards that the Republicans picked it up as their banner issue. Because 1. it was more effective than they'd thought and 2. they have absolutely nothing else that's remotely effective.

Beyond "repeal obamacare"/"we hate obama", the party can't even agree on anything, much less present a policy that doesn't horrify everyone outside the rabid base.
 
2014-03-21 03:00:18 PM  
Well, you see that's what happens when you make it illegal to not give them money. And then give them taxpayer subsidies too.
 
2014-03-21 03:01:09 PM  

durbnpoisn: DamnYankees: It'll collapse any day now, you just watch.


If there were a way to figure how this might happen, I think it's something like this...
Many people who could not afford insurance before, are buying it.
So, insurance companies didn't have to pay out for all those people for one thing.
And the other side of that is, presumably, one of the reasons people who coulnd't afford insurance is that, they never really cared to try because they are so healthy.

So.  What will happen now is that a boatload of people will be paying premiums.  That's good for now.
But sooner or later, all those people will cash in.  That's when the whole thing will collapse for the insurance comapnies.


This is also why companies like Geico are constantly filing for bankruptcy.
 
2014-03-21 03:02:02 PM  

happydude45: Also, because coverage doesn't equal care. Here's a big time lib who was all for it, signed up, pays his $700 monthly premiums, and finds that his wife is denied her multiple sclerosis medication

http://m.newsbusters.org/blogs/pj-gladnick/2014/03/19/notorious-duer -w ill-pitt-turns-angrily-against-obamacare


Also, the deductibles alone are unaffordable to the very people this was supposed to help. It is nothing but a scam.


Lies!  All lies!

Just like my premiums actually doubling couldn't possibly be true.  Look, yes it's great that people who need healthcare coverage can now get it.  If people don't realize that we are all going to be soaked by this though, they're just delusional.

At least have the common courtesy to tell me you're going to fark me.  Don't jam it in and say you slipped and fell.
 
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