Let’s see, the company has $.15 to $.20 of every premium dollar left over to pay overhead and commissions to agents. By all means, let’s not let them make any profit. No wonder agents commissions have all been reduced since this monster was passed. This is just another example of the hundreds of things wrong with Obamacare.
You’ve got that right. I used to be an agent for BC/BS, Aetna, Humana, Assurant & Mutual of Omaha. When Obama shoved his healthcare down our throats, behind closed doors, so they could pass it so we could finally see what wonderful benefits they were bestowing upon us – I saw the writing on the wall. I got out and I got out quickly. My friends who decided to stay in the business are having a devil of a time trying to make a living. They have to sell twice as many applications to make the same wage. Their commissions, in some cases, were cut down to 3%. The Obama ministration single handedly ruined the income of many.
But that’s ok. We are going to insure all the 20 year olds who didn’t think they needed insurance, that should make up for it.
The renewal rates for existing policies have gone up with some carriers 30%, I have been told. So they now could help pay for the 40K that are uninsured. Thank you Mr. Obama for making a colossal mess of our healthcare – as Chris Christy said “What are we paying you for?” Gotta love Christy! I so wish he were running for president. I bet he would win hands down.
I didn’t see a mention of investment income. Anyone know how that figures into the formula? Don’t health insurance companies have a large float? Thanks in advance for any answer.
What do you think they will have left over to invest? Back in the old days when companies were allowed to make a profit, they had substantial income to invest and it helped to offset underwriting losses and strengthen reserves. There isn’t much leeway anymore if they have to dedicate so much of their income to paying losses and keeping reserves to pay obligations.
Investment income is generated from invested policyholder surplus, loss + adjustment expense reserves, and unearned premium reserves. It’s not really an issue of money being “left over to invest.”
It appears that “Many” producers don’t look at Health-Medical insurance as a special category coverage. I feel deeply that in the USA ALL Americans should have access to sound medical care. I also realize that our country spends the largest percentage of GDP on Health care. The spiral of Health care costs needs to be slowed.
Insurance premiums follow this spiral.
I find nothing exciting that 23% of Large Group Carriers ,30% of small group carriers and 57% of individial products FAILED to satisfy the 85% Large Group MLR and 80% Small group & individual MLR.
Most producers agree that Premiums are too high. However, cost savings need to be generated from Carriers,Producers,Hospitals, Drug Companies and Medical providers. Wishing lower premiums does not create lower premiums. Obamacare is far from perfect. However it is an honest approach to control the health care spiral. This is an opportunity for the private carriers & private producers to put American citizens first and profit margins second. If the private sector fails to meet this REAL challenge, the Public Sector will deserve its opportunity.
Think about the driver of costs with insurance. It’s not that insurance companies are out there trying to put the screws to the american public, it’s the fact that health care costs money. Nothing in the PPACA did anything to address the cost of service nor is the current administration doing anything to limit this.
Having a larger base of insureds does nothing to control the cost of health care coverage and in some cases could even contribute to higher costs if the larger base is not paying an adequate premium.
How dare Obama ask health insurance companies spend premium dollars on healthcare. Doesn’t he understand the CEO of Aetna needs a raise!
Check out how little health insurance company CEOs make? How are they supposed to eat and send their kids to school?
Ins. Co. & CEO With 2007 Total CEO Compensation
* Aetna Ronald A. Williams: $23,045,834
* Cigna H. Edward Hanway: $25,839,777
* Coventry Dale B. Wolf : $14,869,823
* Health Net Jay M. Gellert: $3,686,230
* Humana Michael McCallister: $10,312,557
* U.Health Grp Stephen J. Hemsley: $13,164,529
* WellPoint Angela Braly (2007): $9,094,271
L. Glasscock (2006): $23,886,169
Ins. Co. & CEO With 2008 Total CEO Compensation
* Aetna, Ronald A. Williams: $24,300,112
* Cigna, H. Edward Hanway: $12,236,740
* Coventry, Dale Wolf: $9,047,469
* Health Net, Jay Gellert: $4,425,355
* Humana, Michael McCallister: $4,764,309
* U. Health Group, Stephen J. Hemsley: $3,241,042
* Wellpoint, Angela Braly: $9,844,212
I agree with you whole heartedly, Stephen. It’s totally insane what CEOs make in compensation at ANY company. The grunts I was referring to who are out there are now making peanuts trying to make a living while the fat cats on the top of the food chain are making an ungodly amount of money. I’m not worried about them, it’s the others who now are made to suffer for the “change” Obama promised. The poop will always run down hill.
Sounds like you should be in an occupy movement. Sound like you are a “have not” whining about those who “have” While it may seem exeberant amount of money, these people weren’t hired off the streets as Zucotti Park. I’m sure they are workaholics…..when they are on their death beds….I’m sure they won’t be saying –“I wish I spent more time at the office…”
You could not be more way off… Were are you even coming up this? I think OWS is a waste of time and that these people have cost the tax payers way to much money. And, I support the Tea Party. I think your crystal ball has failed you. Maybe you should try cleaning it once in a while…
I don’t care if the CEOS never go home to spend time with their families. If making $$$$$$$ is what turns these guys on, that’s fine with me.
I DO resent the attitude exhibited by “Many” haves who could care less that “Many” Americans have NO health insurance or second rate Health coverage. Going to a “emergency room” to me is not what Health coverage should be in the USA for “Anyone”.
I would love to have the $$$$$$$$ spent to kill change in our Health Care system.
I am trying to find out what my insurer is using to calculate the MLR for medical costs. Can anyone point me to the place where this information was supposed to be made available in 2011? My insurer claims they spend 88.5 cents of every dollar on members’ medical care. I don’t believe it. I think they are putting a lot of other things under medical care that should be in the administrative category (claims processing is not patient care).Thanks.
Let’s see, the company has $.15 to $.20 of every premium dollar left over to pay overhead and commissions to agents. By all means, let’s not let them make any profit. No wonder agents commissions have all been reduced since this monster was passed. This is just another example of the hundreds of things wrong with Obamacare.
You’ve got that right. I used to be an agent for BC/BS, Aetna, Humana, Assurant & Mutual of Omaha. When Obama shoved his healthcare down our throats, behind closed doors, so they could pass it so we could finally see what wonderful benefits they were bestowing upon us – I saw the writing on the wall. I got out and I got out quickly. My friends who decided to stay in the business are having a devil of a time trying to make a living. They have to sell twice as many applications to make the same wage. Their commissions, in some cases, were cut down to 3%. The Obama ministration single handedly ruined the income of many.
But that’s ok. We are going to insure all the 20 year olds who didn’t think they needed insurance, that should make up for it.
The renewal rates for existing policies have gone up with some carriers 30%, I have been told. So they now could help pay for the 40K that are uninsured. Thank you Mr. Obama for making a colossal mess of our healthcare – as Chris Christy said “What are we paying you for?” Gotta love Christy! I so wish he were running for president. I bet he would win hands down.
I didn’t see a mention of investment income. Anyone know how that figures into the formula? Don’t health insurance companies have a large float? Thanks in advance for any answer.
What do you think they will have left over to invest? Back in the old days when companies were allowed to make a profit, they had substantial income to invest and it helped to offset underwriting losses and strengthen reserves. There isn’t much leeway anymore if they have to dedicate so much of their income to paying losses and keeping reserves to pay obligations.
Investment income is generated from invested policyholder surplus, loss + adjustment expense reserves, and unearned premium reserves. It’s not really an issue of money being “left over to invest.”
It appears that “Many” producers don’t look at Health-Medical insurance as a special category coverage. I feel deeply that in the USA ALL Americans should have access to sound medical care. I also realize that our country spends the largest percentage of GDP on Health care. The spiral of Health care costs needs to be slowed.
Insurance premiums follow this spiral.
I find nothing exciting that 23% of Large Group Carriers ,30% of small group carriers and 57% of individial products FAILED to satisfy the 85% Large Group MLR and 80% Small group & individual MLR.
Most producers agree that Premiums are too high. However, cost savings need to be generated from Carriers,Producers,Hospitals, Drug Companies and Medical providers. Wishing lower premiums does not create lower premiums. Obamacare is far from perfect. However it is an honest approach to control the health care spiral. This is an opportunity for the private carriers & private producers to put American citizens first and profit margins second. If the private sector fails to meet this REAL challenge, the Public Sector will deserve its opportunity.
Think about the driver of costs with insurance. It’s not that insurance companies are out there trying to put the screws to the american public, it’s the fact that health care costs money. Nothing in the PPACA did anything to address the cost of service nor is the current administration doing anything to limit this.
Having a larger base of insureds does nothing to control the cost of health care coverage and in some cases could even contribute to higher costs if the larger base is not paying an adequate premium.
How dare Obama ask health insurance companies spend premium dollars on healthcare. Doesn’t he understand the CEO of Aetna needs a raise!
Check out how little health insurance company CEOs make? How are they supposed to eat and send their kids to school?
Ins. Co. & CEO With 2007 Total CEO Compensation
* Aetna Ronald A. Williams: $23,045,834
* Cigna H. Edward Hanway: $25,839,777
* Coventry Dale B. Wolf : $14,869,823
* Health Net Jay M. Gellert: $3,686,230
* Humana Michael McCallister: $10,312,557
* U.Health Grp Stephen J. Hemsley: $13,164,529
* WellPoint Angela Braly (2007): $9,094,271
L. Glasscock (2006): $23,886,169
Ins. Co. & CEO With 2008 Total CEO Compensation
* Aetna, Ronald A. Williams: $24,300,112
* Cigna, H. Edward Hanway: $12,236,740
* Coventry, Dale Wolf: $9,047,469
* Health Net, Jay Gellert: $4,425,355
* Humana, Michael McCallister: $4,764,309
* U. Health Group, Stephen J. Hemsley: $3,241,042
* Wellpoint, Angela Braly: $9,844,212
I agree with you whole heartedly, Stephen. It’s totally insane what CEOs make in compensation at ANY company. The grunts I was referring to who are out there are now making peanuts trying to make a living while the fat cats on the top of the food chain are making an ungodly amount of money. I’m not worried about them, it’s the others who now are made to suffer for the “change” Obama promised. The poop will always run down hill.
Sounds like you should be in an occupy movement. Sound like you are a “have not” whining about those who “have” While it may seem exeberant amount of money, these people weren’t hired off the streets as Zucotti Park. I’m sure they are workaholics…..when they are on their death beds….I’m sure they won’t be saying –“I wish I spent more time at the office…”
You could not be more way off… Were are you even coming up this? I think OWS is a waste of time and that these people have cost the tax payers way to much money. And, I support the Tea Party. I think your crystal ball has failed you. Maybe you should try cleaning it once in a while…
I don’t care if the CEOS never go home to spend time with their families. If making $$$$$$$ is what turns these guys on, that’s fine with me.
I DO resent the attitude exhibited by “Many” haves who could care less that “Many” Americans have NO health insurance or second rate Health coverage. Going to a “emergency room” to me is not what Health coverage should be in the USA for “Anyone”.
I would love to have the $$$$$$$$ spent to kill change in our Health Care system.
Insurance agents will be like travel agents shortly. Deservedly obsolete. GetReal.
I am trying to find out what my insurer is using to calculate the MLR for medical costs. Can anyone point me to the place where this information was supposed to be made available in 2011? My insurer claims they spend 88.5 cents of every dollar on members’ medical care. I don’t believe it. I think they are putting a lot of other things under medical care that should be in the administrative category (claims processing is not patient care).Thanks.