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11/18/2008
Tuesday morning
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| 1. The health care industry is like the auto and private higher
education industries, but worse. They set ridiculous list prices,
which only unlucky or uninsured people pay. The major medical
plans negotiate discounts, often more than 50%. My basis for
claiming this is that Ive seen a number of medical bills for
other people, from lab tests to operations. Ive seen an eye
operation billed at $1K, for which the doctor accepted $400 from
the insuror. Ive seen lab tests billed at $100, for which $15
was accepted as payment in full. As a cash paying customer, in
return for the doctor not having to hassle with an insurance
company, hell charge you list. |
| Kentucky
The Kentucky Legislature approved creation
of a risk pool that is to begin offering
coverage in January, 2001. Contact the
Kentucky Department of Insurance
for more information at (502) 564-3630 |
| 3. Concerning the comment about reading the contract, that would
be nice if the insurance company would let you. Unfortunately,
all the important parts are confidential. Im talking about what
theyll actually pay for a specific service. That is, suppose
youre unconscious and go to the doctor. You wake up long enough
to ask his fee, say $200, and remember to ask whats not covered,
say ambulance, emergency room, who knows what. Ok, are these
amount within your policys guidelines? Ask your company, if you
can. Remember that many hospitals ban cell phones. The company
wont tell you. You wont find out until you submit the claim. |
| Insurance - July 14, 2000
Never purchase insurance products as an investment. The only purpose for
insurance is to provide a death benefit - period. So, whats the purpose
of insurance products such as variable life, variable universal life,
whole life and variable annuities? First, sales people are convincing
people that they must carry these products. But there are massive sales
costs, commissions, high ongoing expenses and a big tax bill waiting for
you when it comes time to taking the money out. These products are sold
as a retirement plan, but they are not. Retirement plans are 401ks,
Roth IRAs, SEPs and others. |
| They just dont want to do the work. And, they may be afraid that such a
letter might be inadvertently worded so as to assume more liability on
their part. Insurance companies are ultra paranoid about liability. It
is the nature of what they do. Some will do some seemingly ridiculous
things because of this. |
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