Laying Down The Law

claims

Insurance companies will have to pay out an average of 32 percent more for medical claims on individual health policies under President Barack Obama’s overhaul, the nation’s leading group of financial risk analysts has estimated.

That’s likely to increase premiums for at least some Americans buying individual plans.

The report by the Society of Actuaries could turn into a big headache for the Obama administration at a time when many parts of the country remain skeptical about the Affordable Care Act.

While some states will see medical claims costs per person decline, the report concluded the overwhelming majority will see double-digit increases in their individual health insurance markets, where people purchase coverage directly from insurers.

The disparities are striking. By 2017, the estimated increase would be 62 percent for California, about 80 percent for Ohio, more than 20 percent for Florida and 67 percent for Maryland. Much of the reason for the higher claims costs is that sicker people are expected to join the pool, the report said.

The report did not make similar estimates for employer plans, the mainstay for workers and their families. That’s because the primary impact of Obama’s law is on people who don’t have coverage through their jobs.

Like many poor people and the unemployed. The targets of ObamaCare. 🙂

And if you think, well I’m not one of those people so it won’t effect me…

WRONG!!

Insurance is a shared pool of risk. Everyone is in the pool and if Barack and Nancy are peeing in the pool you’ll get splashed with it.

Insurance companies uses the “Law of Large Numbers” and probability to determine the chance of an event occurring.  If the chance of someone having a car accident is one in one hundred, then insurance companies collect premiums from 100 people to pay the claim that one driver will incur. This is called “spreading the risk”. It is important for insurance companies to adequately gauge the hazards (items that increase the chance of loss) of a risk before insuring it.  If they don’t research and know a business or the habits of an individual and they guess wrong in predicting the chance of something happen the insurance company could lose money.  If they do this often enough then the company suffers.

Of course it is still up to chance but past experience is a good indicator of the future.

http://www.learninsurance.org/Content/LEARNING-INSURANCE/What-is-Insurance/Law-of-Large-Numbers.aspx

What you don’t understand will hurt you.

The purpose of insurance is to protect against loss. If there is no potential for a loss to occur or if there is potential for the person to profit or gain, insurance usually cannot be purchased.

It is not your personal bank and it is not a stock market and definitely NOT FREE MONEY!!! with no consequences.

While loss of property is certainly serious, an even greater potential for loss
exists when a person or family becomes legally obligated to someone else. The main difference between liability and property loss exposures, is that while the amount of a potential loss to property can rather easily be estimated prior to the loss, the amount of a claim for liability is not determined until after something has happened. Even then, it is difficult to predict what a judge or jury might determine a person must pay to another as compensation for damage or injuries.

Many people fail to recognize one of the most significant loss exposures they face—risk of losing their health and being unable to earn income. One of the biggest assets any person has is their potential earning capacity. If that potential is interrupted by ill health, disability, or death, there is a significant loss, not only to that person, but to others who are dependent upon them.

Property, liability, and human losses can be expensive. In addition to the financial impact, or direct loss, there may also be other costs that are not as obvious.

So now do you want the government bureaucrats involved in your Insurance? 🙂

At a White House briefing on Tuesday, Health and Human Services Secretary Kathleen Sebelius said some of what passes for health insurance today is so skimpy it can’t be compared to the comprehensive coverage available under the law. “Some of these folks have very high catastrophic plans that don’t pay for anything unless you get hit by a bus,” she said. “They’re really mortgage protection, not health insurance.”

See above. Do you think they understand? Do they understand risk management??

A prominent national expert, recently retired Medicare chief actuary Rick Foster, said the report does “a credible job” of estimating potential enrollment and costs under the law, “without trying to tilt the answers in any particular direction.”

Unlike 1-directional Liberals and progressives. 🙂

Kristi Bohn, an actuary who worked on the study, acknowledged it did not attempt to estimate the effect of subsidies, insurer competition and other factors that could mitigate cost increases. She said the goal was to look at the underlying cost of medical care.

“Claims cost is the most important driver of health care premiums,” she said.

The more claims, the more risk, the higher the premium. That’s NOT rocket science.

Oh, and those “subsidies” from government are what? SPENDING. So if the subsidies have to increase to hide the cost then the SPENDING will have to increase. And where does the spending come from?

Tax Payers! 🙂

Congratulations. You get to fun yet another self-bloating bureaucratic nightmare!

Aren’t you happy!!!!

Bohn said the study overall presents a mixed picture.

Millions of now-uninsured people will be covered as the market for directly purchased insurance more than doubles with the help of government subsidies. The study found that market will grow to more than 25 million people. But costs will rise because spending on sicker people and other high-cost groups will overwhelm an influx of younger, healthier people into the program.

Especially, when you are not allowed to manage your risks by Adverse Selection.

Some of the higher-cost cases will come from existing state high-risk insurance pools. Those people will now be able to get coverage in the individual insurance market, since insurance companies will no longer be able to turn them down. Other people will end up buying their own plans because their employers cancel coverage. While some of these individuals might save money for themselves, they will end up raising costs for others. (Yahoo)

But in a Me-Centered Universe isn’t that a win? 🙂

Go Me! It’s all about ME! ME ME! 🙂

Political Cartoons by Lisa Benson

Political Cartoons by Glenn Foden

Political Cartoons by Ken Catalino
Political Cartoons by Gary Varvel

Freeloading America

This was just marvelous watching some elitist get skewered by Sen. Ran Paul over low-flow toilets, mercury-filled light bulbs and free choice: http://www.youtube.com/watch?v=FAn1FWInBi0&feature=player_embedded

John Stossel: Some Americans actually make a living … begging for money. Professional panhandlers, they’re called, sometimes making more than $100 in a day. I tried it in Manhattan, and made over $11 in one hour—that would be $23,000 a year—tax free!

It’s a small example of why some said that  the USA is turning into a nation of freeloaders. The Manhattan Institute’s Heather MacDonald says that beggars she’s encountered “have the most deep-seated sense of entitlement that I’ve ever come across.”

From those defaulting on their home mortgages, to those who see lawsuits as a lottery ticket, many Americans live off the hard work of others.

Which is why I am a “heartless” right-winger when I ignore them on the streets.

Then there are Million and Billion Dollar Liberals or Government Apparatchiks. Like “Job Creation Czar” Jeffrey Immelt.

General Electric CEO Jeffrey R. Immelt is super-close to President Obama. The president named Immelt chairman of his Council on Jobs and Competitiveness. Before that, Immelt was on Obama’s Economic Recovery Advisory Board. He’s a regular companion when Obama travels abroad to hawk American exports.

GE, run by Immelt, just made Billion Dollars in the US, tax free. Why?

They paid no taxes at all!

2010 was the second year in a row that GE recorded billions in profits and paid no taxes.

The company, led by Immelt, earned $14.2 billion in profits in 2010, but it paid not a penny in taxes because the bulk of those profits, some $9 billion, were offshore. In fact, GE got a $3.2 billion tax benefits.

In a statement, General Electric said that it “pays what it owes under the law and is scrupulous about its compliance with tax obligations in all jurisdictions.” The company claims that its zero-dollar tax bill is largely a result of losses at its financial arm, GE Capital, due to the Wall Street meltdown. (ABCNews)

“So for GE, in many ways the environmental movement has turned out to be profitable for our investors,” Immelt said Thursday night at a fundraiser at the College of Charleston. (P&C)

But I guarantee very little ire towards an ally from the Press and the Class Warfare Liberals.

They gamed the system and freeloaded. Just like the begger on the corner.

After all, they are “entitled”.

But the class warfare liberal will rail against “corporate” america and CEO’s and  how evil “rich” people are.

They’ll rail endlessly about Exxon, but not GE.

Exxon is EVIL! 😡

Today, White House spokesman Jay Carney said that the president is “bothered” by the idea that a U.S. company could pay no taxes, but he wouldn’t talk about GE specifically. Carney was also quick to say that Immelt’s council advises the president on job growth and not on tax policy.

“It is part of the problem of the corporate tax structure that companies hire, you know, armies of tax lawyers to understand how it works and to take advantage of the various loopholes that exist, that are legal in order to reduce their tax burden,” Carney said.

When President Obama announced his decision to appoint Immelt to the unpaid advisory role on job creation in January, some critics wondered whether the move was appropriate. Under his leadership, GE laid off 21,000 American workers and closed 20 factories between 2007 and 2009. More than half of GE’s workforce is now outside the United States. (ABC News)

Overall, the Times notes, the share of U.S. taxes paid by corporations has fallen from 30 percent of federal revenue in the 1950s to 6.6 percent in 2009. (CBS)

And guess who has to make up for it? 🙂

But he’s a Buds with the Prez ( Lobbyist!), and they will cover for him.

“Over the years, a parade of lobbyists has rigged the tax code to benefit particular companies and industries,” he said. “Those with accountants or lawyers to work the system can end up paying no taxes at all. But all the rest are hit with one of the highest corporate tax rates in the world. It makes no sense. It has to change.”–President Obama in yet another I said it but I sure as hell never actually meant it or believed it, but damn it sounded good moment last January.

Carney was asked why, if the president wants corporate tax reform, he appointed “to the head of the Competitiveness and Jobs Council a person who is now the poster child for abusing the system to get out of paying taxes.”

“The jobs and competitiveness council is designed for just that,” Carney responded. “And he has brought together a lot of voices on that. And he wants to hear the opinions of every member of that council. And we have said, with regard to questions about other members who have been appointed, that the president obviously doesn’t want a council of people who agree with him on every issue; he wants to hear diversity of opinion.” (CBSNews)

Blah, blah,blah,blah,blah…zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz

Face it. He’s buds with the Prez. They both have a “Green” agenda. Immelt’s is just greenbacks!

The Prez gives Billions for Brazil to drill for oil to benefit Billionaire Socialist George Soros but has a virtual moratorium in this country.

George Soros is likely the #1 Democrat $$$ contributor.

Money Leads to Power and more Power leads to More Money.

Just look at the Public Sector Unions!

Illegal Immigrants!

But don’t worry, THEY ARE ENTITLED. 🙂

Everyone is entitled (except “racist” white male Europeans that is).

It’s just matter of much entitlement you feel and how much you can grab. 🙂

Political Cartoons by Chip Bok

Political Cartoons by Nate Beeler

Political Cartoons by Nate Beeler

Proudly in Decline

“For most of my lifetime … the U.S. was such an enormously dominant economic power … that we always met the rest of the world economically on our terms,” he lamented.

But Not anymore! Aren’t I great! Look Ma, what I did!

Now we’re all equal. No one is better than anyone else.

Aren’t I great!

“The fact of the matter is that for most of my lifetime and I’ll turn 50 next year – the US was such an enormously dominant economic power, we were such a large market, our industry, our technology, our manufacturing was so significant that we always met the rest of the world economically on our terms.

But not anymore!

And apparently according to the Messiah himself, it’s Ghandi’s fault:
“Throughout my life, including my work as a young man on behalf of the urban poor, I have always found inspiration in the life of Gandhiji and in his simple and profound lesson to be the change we seek in the world. . . . .I am mindful that I might not be standing before you today as president of the United States had it not been for Gandhi and the message he shared with America and the world.”
Really? Ghandi…boy Narcissism is your constant companion isn’t it.
But this did show itself during the campaign, most people and certainly the Mainstream media missed it.

“We can’t drive our SUVs and eat as much as we want and keep our homes on 72 degrees at all times … and then just expect that other countries are going to say OK.” Why does Mr. Obama think other countries should have a say in these matters at all?

But then again, neither does Soon-To-Be Ex Speaker Pelosi. She is probably the most delusional of them all.

“We didn’t lose the election because of me,” Ms. Pelosi told National Public Radio in an interview that aired Friday morning. “Our members do not accept that.” (The narcissistic “we”)

Instead, the California Democrat attributes the loss of at least 60 seats to high unemployment and “$100 million of outside, unidentified funding.”

Yeah, the funding from George Soros didn’t work either dear.

“The reason they had to take me down is because I’ve been effective in fighting special interests in Washington, D.C.,”

Queen Pelosi, your Mirror on the Wall is calling!

Pelosi: “I’m sorry my ego has overwhelmed me. I have been consumed by the Dark Side. Leave a Message.” 🙂

UK telegraph 8/7/10: What the great French historian Alexis de Tocqueville would make of today’s Obama administration were he alive today is anyone’s guess. But I would wager that the author of L’Ancien Régime and Democracy in America would be less than impressed with the extravagance and arrogance on display among the White House elites that rule America as though they had been handed some divine right to govern with impunity.

Sound familiar? Sound likely. Sound like a Democrat?

Mr. Obama was the first president to place the United States under the scrutiny of the United Nations Human Rights Council, which last week condemned America for, among other things, police brutality, discrimination against Muslims and illegally holding political prisoners (known to most of us as terrorist detainees). The council includes such dubious human rights torchbearers as China, Cuba, Libya and Saudi Arabia; allowing these dark places to preach to the United States is fully acceptable in Mr. Obama’s world.

Because it’s fair and equal. 🙂  What could be wrong with that 🙂

According to a recent Washington Post/ABC News poll, “nearly six in ten voters say they lack faith in the president to make the right decisions for the country”, and two thirds “say they are disillusioned with or angry about the way the federal government is working.” The poll showed that a staggering 58 per cent of Americans say they do not have confidence in the president’s decision-making.”

The Congressional Budget Office Long-Term Budget Outlook offers a frightening picture of the scale of America’s national debt. Under its alternative fiscal scenario, the CBO projects that US debt could rise to 87 percent of GDP by 2020, 109 percent by 2025, and 185 percent in 2035. While much of Europe, led by Britain and Germany, are aggressively cutting their deficits, the Obama administration is actively growing America’s debt, and has no plan in place to avert a looming Greek-style financial crisis.

So what do the Democrats want to do now?

More  Liberal “fairness” on the horizon so look out!

The Social Justice Train has pulled into D.C. yet again!

The Sh*t is going to hit the Lame Duck Fan!

“Whether you are a small business owner or a corporation with an entire human resources department, the business uses their professional judgment in the marketplace to make salary offers and pay decisions,” Layman told The Daily Caller. “There is no ‘correct wage’ for any given employee, so the Paycheck Fairness Act touches on the subjective nature of salary to make the employer easier to sue than they are under the existing two federal gender pay discrimination laws.”
It would try to ensure pay equity by restricting employers salary decisions, making it easier to file suit against employers believed to be engaged in sex-based pay discrimination and requiring businesses to disclose detailed salary information to the government.
Sound “fair” doesn;t it? 😦
And it will encourage businesses to hire more people if they have to have Big Brother and Eric “The Fairest Man in the Land” Holder looking over their shoulders! 🙂
“This would be the first law in the EEOC’s (Equal Employment Opportunity Commission) jurisdiction that would have unlimited punitive damages at their disposal,” he said. “And they are notorious for engaging in bad faith and using heavy handed tactics to get employers to cave in. If now there is no limit on the punitive damages, you can imagine the threat to business.”
No, they don’t see the harm they doing. As a matter of fact, quite the opposite, they believe they are doing good.
Pointing out the decline and then creating more of it is just “fair” because we have been “unfair” in the past.
Much like the the white male has been.
So this is just Social Justice rectified.
It’s a good thing to have Mama Government looking out for you! 😦
So decline is a good thing. We deserve it.
Enjoy.