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Buffet, Bezos, and Dimon announce health insurance business

ImTheCaptain said:
GEICO: shit customer service, shitty sales techniques that promote bad decisions, cheap claims department, massive marketing to make up for awful retention

i'm sure buffett's health insurance plan will be great
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Cheapest premiums by far and when I had a claim it worked flawlessly and was over in a minute and I was happy.
 
ImTheCaptain said:
anecdotes !
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how about the top google search, which takes you to nerdwallet's

Allstate, Geico, Progressive or State Farm: Which One Is Best for You?

https://www.nerdwallet.com/blog/insurance/allstate-geico-progressive-state-farm-comparison/

Best for customer satisfaction: Geico

Geico’s customers may be the happiest among these four insurers, followed so closely by Allstate it was nearly a tie. Both companies receive relatively few customer complaints to state insurance departments compared with the industry median, according to data from the National Association of Insurance Commissioners.

A compilation of several customer satisfaction scores from J.D. Power shows that Geico’s scores also edge out Allstate, Progressive and State Farm.
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ITC: The King Kong of Wrong
 
palmab03 said:
How much of healthcare costs are administrative bloat? I mean the last time I went to a hospital they had to employ 6-8 people whose sole job seemed to be to move me from one waiting room to another and facilitate me filling out forms.
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Here's the salary of a hospital admin in Dallas.

GetFileAttachment
 
eliminate jobs, consolidate power, lobby against medicare for all, use all our healthcare data to make profits in all other industries...

Why would anyone believe in the good intentions of these people?
 
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palmab03 said:
Well in the age of Trump, facts don't matter.
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that article is some content junk a 22 yr old made up after googling around for 15 min. I know because i hire them do make that kind of content. For example, idea that Progressive has the most coverage options available for auto insurance is ridiculous.
 
ImTheCaptain said:
that article is some content junk a 22 yr old made up after googling around for 15 min. I know because i hire them do make that kind of content. For example, idea that Progressive has the most coverage options available for auto insurance is ridiculous.
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Junk recognize junk for reals
 
ConnorEl said:
Can’t say I’ve studied the details. But it should be doable (technically). Politically??

Here’s Sanders’ outline for financing: OPTIONS TO FINANCE MEDICARE FOR ALL

Here’s a NYT piece outlining likely effects for various groups: How Medicare for All Would Affect You [clear your cache if you’re over the limit to read without subscription]
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The ultimate challenge is that provider likely cant make a living at Medicare rates. We seem to gloss over that little detail. While it varies by market, its safe to say private insurance pays 150% to 200% of Medicare. So the efficiency of single payer would have to make up for this. Medicare is also largely a FFS model. Lower rates = more services. This is evolving but a long way to go.

This program is also just silly. No cost share for any medical service? Really? Think that might impact usage a little bit? This is exactly the wrong way to go to control spend.

This is a great bumper sticker but ignores how the real world operates. The smart $ remains on expanding private/public partnerships. Managed medicaid. Managed Medicare. A fixed ACA. The harsh reality is we cant get more health care at no cost in today's society. The math just doesn't add up.
 
Deacon923 said:
Supposedly will be "free from profit-making incentives and constraints" and will be for employees and their families, at least at first. http://money.cnn.com/2018/01/30/news/companies/amazon-berkshire-jpmorgan-health-insurance/index.html Combined Amazon, Berkshire, and JPMorgan have 840,000 employees and over $1.5 trillion in market cap. Figure an average family size of 3 for each employee and you have over 2.5 million potentially insured lives. That's more than 1/2 the population of Ireland and more than several small Euro countries. Should be interesting to observe how it plays out.
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Def interesting to watch. FWIW, most employee to member ratios are around 1.5 so looking at a 1.2M account, which isnt all that big relative to insurance pools and some large buyers (State Govt's....NC is a 650,000 life group). The idea they will get better rates isn't all that different than insurers negotiating with larger pools. Time will tell.

I hope they crack the nut but I'm pretty skeptical in the short run.
 
Oh, I’ve argued for a long time for that. Just fatigued at the politically poisoned process.

I’m not arguing for Sanders’ plan per se. Just saying it almost seems easier at this point to phase everyone into a common plan that can be administered variably over time to be better. IMO, we need everyone covered (decently and reasonably), paying into it in some sensible (progressive and subsidized manner) and that bends the expenditure curve down over time.

Most everyone is already paying into Medicare (sort of). So that mechanism exists and can be tweaked.

Overall I think it would be a boon to workers if we could decouple health insurance from employment.

Yes, more than one way to get it done.
 
DistrictDeacon said:
FIFY
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All kidding aside, the math just doesn't add up. How do we move to a system that is cross subsidized by private pay? Im also no sure Id build a system designed for seniors and the disabled for all Americans.
 
The reason that the math doesn't add up is because Big Pharma, Big Hospital, and Big Medical Device make too much damn money on the backs of every other industry that has to pay for healthcare plus the US taxpayer. There is no solution other than seriously reducing the profit margins of these industries. That is what works in every other civilized country, because the government takes over healthcare and uses its monopsony pricing power to get value for the taxpayer's money.
 
palmab03 said:
How much of healthcare costs are administrative bloat? I mean the last time I went to a hospital they had to employ 6-8 people whose sole job seemed to be to move me from one waiting room to another and facilitate me filling out forms.
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admin-jobs.jpg
 
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