Posted on 11/19/2014 4:12:59 AM PST by IBD editorial writer
Crony Capitalism: The New York Times this week reports that ObamaCare has made strange bedfellows between the insurance industry and the federal government. Who could have imagined that?
(Excerpt) Read more at news.investors.com ...
Bush gave away the farm to drug companies and Obama gave everything else we own to the insurance companies.
GE after Welch?
Well whatever. What they need to realize is that the END GAME is the destruction of insurance companies....
Even if they don’t realize it, the government ought to be promoting free market solutions...competition, consumer- driven ideas.
Repeal Obamacare. Yesterday.
Thanks Obama
Of course the insurance companies are loving it.... they’re essentially getting free money... gov’t paying subsidies to them for people who will most likely not be able to afford the deductibles and won’t be able to “use” the insurance....
It’s an age-old formula. Buy enough politicians to get laws passed forcing people to buy your product, then watch the money roll in.
you can’t compare Bush and big Pharma to this boondoggle.....just not an analogy.
Except that I don’t think the insurance industry initiated this cancer - they accepted it foolishly and selfishly - but it was government that busted down the door.
They do not care. The insurance CEO’s and boards will walk away with their millions and live happily ever after.
How 0’care made GREEDY we don’t give a flip about you Seniors we were supposedly organized to represent, aarp even richer is another good title.
This is an older article, does not reflect the new premium increases.
Their perspective is that in the end game, we're all dead. If they can maximize profits this quarter and collect big bonuses now, those who play the crony capitalist game don't have to care what happens to the company or even to the country next year.
On October 20, Blue Cross Blue Shield of Michigan lost in the U.S. Supreme Court. The justices dismissed their case without review. The charges of fraud, as well as the court-ordered $6 million penalty, are now a matter of record.
Blue Cross is guilty of “self-dealing,” or looking after its own self-interests.
Blue Cross stole money for years. Since 1993, it inflated hospital bills and charged hidden administrative fees to Michigan-based Hi-Lex Controls Inc. Hi-Lex is not the only one. At least 50 other lawsuits have been filed.
Hi-Lex Controls is a self-insured auto parts dealer. Thus, it uses its cash to pay medical bills of 1,300 employees. It signed a third-party administrative services contract (ASC) with Blue Cross, which gave Hi-Lex employees access to the Blue Cross network of doctors and hospitals and required Blue Cross to process employee medical claims with Hi-Lex dollars. For these services, Blue Cross received a per employee/per month “administrative fee.”
http://healthenews.cchfreedom.org/newsletter.php/179
“Blame Congress for HMOs” regarding the HMO Act of 1973.
http://www.cchfreedom.org/cchf.php/171#.VGpbcEtGrRo
Obamacare further empowers health plans to control dollars and limit care by outlawing traditional indemnity insurance and sending 98% of all new spending into health plan coffers through the government exchanges.
Yesterday, The New York Times finally reported on the cozy Government-HealthPlan partnership.
http://mobile.nytimes.com/2014/11/18/us/politics/health-law-turns-obama-and-insurers-into-allies.html?referrer=&_r=0
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