Sunday, February 28, 2010

17.2% insurance rate increase? Thank Paul Ryan

And here I was second guessing myself.... Unless maybe Kevin thinks Paul Ryan is another one of them liberals.

17.2% insurance rate increase? Thank Paul Ryan
How sold out is Paul Ryan?

Since coming to Congress, Ryan has collected $528,751 from insurance industry donors. No industry provides Ryan with more campaign money, according to the Center for Responsive Politics. And his take is going up. Over the past year, he has taken in more than $74,720 in contributions from insurance industry-related political action committees and executives.

As it turns out, Ryan’s a good investment.

Last week, he was one of just 19 members of the House who voted against a proposal to strip antitrust exemptions for insurance companies. According to the American Medical Association, most local markets in the U.S. are dominated by a single insurer. What that means is that there is no real competition, a circumstance that allows big insurers to impose radical rate hikes.

The vast majority of House Republicans got it.

A total of 153 GOP representatives voted with 253 Democrats to create real competition.


And so on.

6 comments:

Anonymous said...

Wow, you found yourself another shiny piece of metal in the dump called the internet.

So, does your intelligent mind think that this rate increase goes straight to profits? Or, can your mind ideate the possibility that the rate increase might be a consequence of increases in the goods they pay for(i.e., medical care), and might not have anything to do with profits?

Do you know how business sectors rank in profitability? I didn't think so, so here you go: Pharms #3 at 19.3% return on revenues; Medical Products & Equipment #4 at 16.3%; Health Care/Pharmacy Other Services #30 @ 2.4%.

Get this, Health Care: Insurance & Managed Care #35 at 2.2%!!! Wow, a whopping 2.2% return - oh, the humanity!

#1 is Network & Communications Equipment at 20.4%: #53 is Airlines at -13.5%

http://money.cnn.com/magazines/fortune/fortune500/2009/performers/industries/profits/

Didn't the Pharms give their big bucks to Pelosi and company?

I blame my 33% auto insurance increase (no claims, no tickets) and 25% household insurance increase (never made a claim there, either) on the Democrats in Wisconsin - they mandated that we pay the same rates statewide.

Kevin Scheuneman said...

Mark,

If you check. Ryan supports legislation to allow companies to compete across state lines. If legislative issue is straightened out, the localized health insurance monopoly would not exist.

Mpeterson said...

The industry, my Anonymous friend, owns both parties. Haven't you worked it out yet?

In fact, the only people who actually should be surprised are Democrats, since Republicans have known they were owned for years and years.

Mpeterson said...

I like the competition across state lines business Kev. Why did they avoid enacting that during all those years when they had a majority in power?

Kevin Scheunemann said...

That's a good question!

Republicans are to blame for not passing legislation to allow health insurance competition across state lines when they were in power.

Free Lunch said...

Kev -

Good question. Republicans love to gut consumer protection laws. The rules currently require insurance companies to follow the rules of the state that the consumer lives in. How totally unfair to insurance companies. Why didn't the GOP allow them to ignore consumer protection laws when it came to insurance?

Maybe they weren't quite as suicidal as they act. The rules are already skewed against consumers, making it worse won't buy the Republicans one more vote. Talking about it is much more useful, particularly when what you say is misleading.