healthmyths
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- Sep 19, 2011
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First Obamacare will increase premiums... see below..
The survey, fielded by the American Action Forum and made available to POLITICO, found that if the law’s insurance rules were in force,
the premium for a relatively bare-bones policy for a 27-year-old male nonsmoker on the individual market would be nearly 190 percent higher.
Read more: ACA premium sticker shock could fuel foes - Brett Norman - POLITICO.com
So if we didn't have Obamacare AND instead had REAL Tort reform of the $850 billion a year in "defensive medicine" as the experts declare, i.e. physicians!!!
Premiums could drop by 20 to 30% rather then INCREASE NOW under Obamacare by 190%!!!!
Here is how...
1) Assume Defensive Medicine is at 34% of the $2.5 trillion health care expense or $850 billion a year! See below.
2 Assume this can be reduced to 10% ... this would mean $600 BILLION a year in savings mean reducing CLAIMS to insurance/Medicare.
3) So... IF according to the 10-k financials of health care insurance companies 80% of their premiums are paid out in claims..
This would mean if the insurance companies had no longer $600 billion in additional claims..
So now insurance companies pass 50% of these savings on or $300 billion.
So if the average premium for an employer today to cover a single employee is $8,000.
And 80% is paid out in claims.. that means $6,000 paid in claims..would reduce the premium by almost $2,000 per family health insurance premium.
All by attacking the number one cost driver "DEFENSIVE MEDICINE" out of fear of lawsuits!
In a recent Gallup survey, physicians attributed 34 percent of overall healthcare costs to defensive medicine and 21 percent of their practice to be defensive in nature. Specifically, they estimated that 35 percent of diagnostic tests, 29 percent of lab tests, 19 percent of hospitalizations, 14 percent of prescriptions, and 8 percent of surgeries were performed to avoid lawsuits.
Liability reform has been estimated to result in anywhere from a 5 percent to a 34 percent reduction in medical expenditures by reducing defensive medicine practices, with estimates of savings from $54 billion to $650 billion.
Medical loss -claims 80% of premiums
Source Medical expenditures as % of premiums:
Medical-loss ratios for 2005 (Source: Company 10-K, year-end filings with the Securities and Exchange Commission):
Medical-loss ratios of largest for-profit insurers | Physicians for a National Health Program
MLR company
76.9% - Aetna
82.3% - Cigna
83.9% - Health Net
83.2% - Humana
78.6% - UnitedHealth Group
The Average is 80%..
http://www.newamerica.net/blog/new-health-dialogue/2009/health-reform-medical-loss-ratio-or-just-medical-loss-15773
The survey, fielded by the American Action Forum and made available to POLITICO, found that if the law’s insurance rules were in force,
the premium for a relatively bare-bones policy for a 27-year-old male nonsmoker on the individual market would be nearly 190 percent higher.
Read more: ACA premium sticker shock could fuel foes - Brett Norman - POLITICO.com
So if we didn't have Obamacare AND instead had REAL Tort reform of the $850 billion a year in "defensive medicine" as the experts declare, i.e. physicians!!!
Premiums could drop by 20 to 30% rather then INCREASE NOW under Obamacare by 190%!!!!
Here is how...
1) Assume Defensive Medicine is at 34% of the $2.5 trillion health care expense or $850 billion a year! See below.
2 Assume this can be reduced to 10% ... this would mean $600 BILLION a year in savings mean reducing CLAIMS to insurance/Medicare.
3) So... IF according to the 10-k financials of health care insurance companies 80% of their premiums are paid out in claims..
This would mean if the insurance companies had no longer $600 billion in additional claims..
So now insurance companies pass 50% of these savings on or $300 billion.
So if the average premium for an employer today to cover a single employee is $8,000.
And 80% is paid out in claims.. that means $6,000 paid in claims..would reduce the premium by almost $2,000 per family health insurance premium.
All by attacking the number one cost driver "DEFENSIVE MEDICINE" out of fear of lawsuits!
In a recent Gallup survey, physicians attributed 34 percent of overall healthcare costs to defensive medicine and 21 percent of their practice to be defensive in nature. Specifically, they estimated that 35 percent of diagnostic tests, 29 percent of lab tests, 19 percent of hospitalizations, 14 percent of prescriptions, and 8 percent of surgeries were performed to avoid lawsuits.
Liability reform has been estimated to result in anywhere from a 5 percent to a 34 percent reduction in medical expenditures by reducing defensive medicine practices, with estimates of savings from $54 billion to $650 billion.
Medical loss -claims 80% of premiums
Source Medical expenditures as % of premiums:
Medical-loss ratios for 2005 (Source: Company 10-K, year-end filings with the Securities and Exchange Commission):
Medical-loss ratios of largest for-profit insurers | Physicians for a National Health Program
MLR company
76.9% - Aetna
82.3% - Cigna
83.9% - Health Net
83.2% - Humana
78.6% - UnitedHealth Group
The Average is 80%..
http://www.newamerica.net/blog/new-health-dialogue/2009/health-reform-medical-loss-ratio-or-just-medical-loss-15773
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