Short YouTube video (Andy Neary) introducing the 'Striking out the Status Quo' series and arguing that insurance companies do not want to help customers save money. Presents the Medical Loss Ratio (MLR) rule from the Affordable Care Act as a reason insurers are incentivized to raise premium dollar values and cites rising insurer stock prices (2010 → 2018) as evidence. Teases the next episode on internal 'risky credit cards' in companies.
Chapters
Welcome to Striking out the Status Quo. I'm Andy Neary and I'm excited to be here. My goal over the next few weeks is to share some short videos with you that I believe can not only help you elevate the quality of your health plan, but reduce your health insurance cost at the same time. But before we go about fixing the health insurance budget, we've got to talk about some of the problems that exist in the world of health insurance today. And number one, it's the myth that your insurance company wants to help you save money. Folks, we need to bust this myth, and there's two very simple reasons why. Number one, we have this rule known as the Medical Loss Ratio rule, which the government enacted with the Affordable Care Act. And the goal was to cap the amount of revenue an insurance company could rake in for every premium dollar they take. Made sense. The problem was they capped it at a percentage, not a dollar amount. So besides selling more product, the only way the insurance companies right now can increase profit is is to allow a dollar to become $1.10 or $1.15. It's that simple. And if you don't believe me, look at the stock prices of the four big insurance companies today. These were the four stock prices back on March 23, 2010, the day the Affordable Care act officially became law. Look how they're doing today. These were the stock prices on May 15, 2018. Folks, the insurance companies are not upset about the Affordable Care act and they're gladly raking in all those additional premium dollars you're giving them. If we're going to fix the health care budget, we have to understand the first problem with our health plans today. Alright? Next week we're going to talk about the riskiest credit cards sitting inside your company today. Well, that's it for now. Have a good day and we'll chat soon.
