jsonline: The state's insurance regulator wants to exempt health insurance companies from the new federal requirement that they spend 80% of premiums on medical care. In his request, Commissioner Ted Nickel contends that requiring health insurers to spend 80 cents of every dollar on medical care could force some companies to exit the market, potentially harming consumers.
Wipe the tear from your eye’s now. My god, is he kidding? Insurers are that close to insolvency? You know what, let them leave the market, that’s what it’s all about. Someone would love to take their place. And it only effects 6 of 24 companies. What a hardship.
Health insurers that don't meet the threshold would have to pay rebates to their customers.
I don't know why voters don’t see who’s working on their behalf, like Democratic Rep. Jon Richards:
Rep. Richards (D-Milwaukee) was quick to criticize Nickel and Gov. Scott Walker's administration for putting insurance companies' interests ahead of consumers. "During these times when we are trying to reduce health care costs, we should be siding with consumers," Richards said.In fact that 80 percent number no big deal to the other insurers. But profiting from the sick and healthy is really what health care is all about, isn't it?:
Nickel, the insurance commissioner, has a different outlook. "It is clear that health insurers participating in the Wisconsin market face numerous obstacles in meeting the required 80% (medical-loss ratio)." In his letter, Nickel also cited the potential effect on insurance agent commissions.
Really? Nickel is worried about the insurance agent’s commission. Shame?
But Robert Kraig, executive director of Citizen Action of Wisconsin, said "They are just obsessed with the idea that these insurance companies are somehow on fragile ground."
I’m surprised Nichol's didn’t use the “certainty” excuse, something you’ll never find in a real free market.