Posted on 02/11/2010 8:56:54 PM PST by Nachum
INDIANAPOLIS – Health insurer WellPoint blames the Great Recession and rising medical costs for its planned 39 percent rate increase for some California customers. To President Barack Obama, however, it's Exhibit A in his campaign to revive the health care overhaul.
Health and Human Services Secretary Kathleen Sebelius, who received the company's explanation in a letter Thursday, said "it remains difficult to understand" how premium increases of that size by can be justified when WellPoint Inc. reported a $2.7 billion profit in the last quarter of 2009.
(Excerpt) Read more at news.yahoo.com ...
The list, ping
Since they can’t do business across state lines, I’m wondering how President Manchild thinks it’s his business and not California’s.
Sounds more like SickPoint.
Ask Kathleen Selebius how Obama justifies stealing from taxpayers for the profit of various congress-critters?
For all the fooferaw over Bummercare, the Rat Congress doesn’t think of obvious things like that. Stoke up the competition and watch the exorbitantly priced folks either go out of business or moderate their rates.
Wonder when he’ll run out of targets?
WellPoint exists to make money and if you do not like their slight rate increases you can go without insurance or find another product in the marketplace.
Wonder how Evan Bayh likes the Obama attack on Wellpoint?
Evan Bayh - hypocrisy on the public option
Snips: Evan Bayh, the junior senator from Indiana, is in the middle of a heated debate in the Senate on whether a public option should be included as part of President Obama's health care reforms. ......His wife, Susan Bayh, sits on the board of WellPoint(WLP Quote) in her hometown of Indianapolis. Over the last six years, Susan Bayh has received at least $2 million in compensation from WellPoint alone for serving on its board.
Answer: because it isn't easy money.
Whatever Wellpoint is doing to provide insurance, it's hard enough that people with money to invest are staying out of it.
Of course it is difficult for you to understand. Basic Economics is apparently outside the grasp of everyone in your administration.
Shall we just say thugs and crooks in office? Or rattlesnakes eating their own?
I can say that.
Thanks for the info. My thought on hearing about the premium hike and Obama’s response was that it seemed too well-timed for Obama-dems healthcare schemes. A perfect example for them to use. I have not taken the time yet, but I wonder how many other top Wellpoint executives are democrats, contributed to Obama, etc. IOW, what if Wellpoint made some deal with the Admin in exchange for helping Obama make his case for hcare reform.
It would be a good idea to have health insurance companies subject to antitrust laws.
Could be the Wellpoint CEO is a socialist giving Obomber some ammo.
0bama Zombie says; “must ... attack ... free ... market”
What has happened to the illegals burden since last year?
Why is the problem specifically in California? Does California require insurers to lose money?
A lot of these people should be doing jail time for their treason.
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