Health Insurance: Two Percent Profit

Sunday Paper - November 1st, 2009

Now the figures are in.  The evil greedy immoral health insurance industry has the audacity to post an average profit of 2 percent!  And according to ObamaCare proponents, that two percent can cover everybody for everything while all are paying lower premiums.  This from the economic geniuses in congress claiming they will solve all of our health care problems without restricting coverage.

Remember that government bureaucrats are the same wizards who had to outsource the Senate Dining Room operations.  They are the bureaucrats who could not handle the paperwork for Cash for Clunkers.  So what could possibly go wrong with bureaucrats running 17 per cent of the entire economy?

(continues below)


For starters, let’s simply do the math of that 60 billion dollar Medicare scam exposed by “60 Minutes” Sunday.  That single South Florida scandal would wipe out the entire 2% profit for an industry of 3 trillion — yes 3 trillion — dollars.  Interestingly, 3 trillion is approximately the size of the health care system in the country.

(For Obama voters, that is 60 billion X 50 = 3 trillion. Note: 2% is the same as 1/50^th, thus the multiple of 50 in the equation.)

Let me translate: just the losses of this one scam shows that a government run health program could not possibly be as efficient as the private health insurance industry. Private enterprise would never let that happen because they could not afford to.  In this one scam, the government was losing about 10% of the Medicare gross.  Oops. There goes that 2 per cent profit model — and then some.

“Insurance” may be most used — yet least understood — word in our political parlance today. 

Consider:

Without insurance, the entire concept of private property rights is not sustainable. The industry does a poor job of making this point, because you never hear it, but it is true.  If you can lose any property with one strike of a match, one cutting of a bolt or one turn of the wheel — then you effectively have no real property ownership. 

Further, without insurance, the concept of ever getting a loan for a car, boat, a Harley or a home is out the window.  Even if you obtain these things by writing a check for the full price, the concept of a good night’s sleep is out the window without the financial protection of insurance…

by C. Edmund Wright

Health Insurance is too cheap and covers too much.  Really.

Read more at American Thinker - October 30th, 2009

http://www.americanthinker.com/2009/10/health_insurance_is_too_cheap_1.html

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