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1/8/2009
Thursday 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 $15
was accepted as payment in full. As a cash paying customer, in
return for the doctor not having to hassle with an insurance
company, hell charge you list. |
| Insurance - July 14, 2000
Never purchase insurance products as an investment. The only purpose for
insurance is to provide a death benefit - period. So, whats the purpose
of insurance products such as variable life, variable universal life,
whole life and variable annuities? First, sales people are convincing
people that they must carry these products. But there are massive sales
costs, commissions, high ongoing expenses and a big tax bill waiting for
you when it comes time to taking the money out. These products are sold
as a retirement plan, but they are not. Retirement plans are 401ks,
Roth IRAs, SEPs and others. |
| Last july I was involved in an accident where I was hit from behind.
The person who hit me was uninsured, and completely at fault. Well, I
had to pay the 200$ deductible to have my jeep fixed, and it was fixed
very well. My insurace carrier at the time was Allstate, and I had no
problems till last September. The main reason I had d Allstate so
much was that before last june, I had a job which didnt pay too
much, and I was strapped for cash occasionally, so I was a week or so
late on a payment every once in a while; I was always in contact with
my agents, and they were always willing to help me out. I always got
my premiums paid, just sometimes late. Well, I was a few days late on
my payment in August, and in september, I was notified that I owed a
certian amount of money that seemed to be 2 months of premiums. I
called and paid the amount, and was then informed that my policy was
terminated. That was the beggining of a long drawn out insurance
battle that is still haunting me. |
| How do you find a company that sells level term insurance? Consider
companies that are rated A++ by A.M. Best. Dont purchase a plan from a
company rated below A+. Use the Internet as a source of price
comparison. Enter the words - insurance quotes - at your favorite search
engine to receive instant quotes. You must be completely truthful about
your medical history as you go through the medical exam process for
approval. |
| 4. Concerning your right to sue the insurance company if they
dont come thru, in most cases you will collect only the cost of
the service they refused to provide. Consider the statistical
implications of this. Say the company provides to provide 3
treatments you need, because theyre experimental or whatever.
You survive the first two, but lack of the 3rd kills you. If your
heirs sue and win, they will recover only the cost of that 3rd
treatment that should have been performed. This makes it just
good business for the company to pay as little as it can.
Remember that the companys legal duty is to make as much money as
possible for its shareholders. Some are quite successful; one of
the richest men in the US a few decades back got that way by
selling insurance policies to poor people. |
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