Eye-Opening Perspectives for Heroic Hearts

Eye-Opening Perspectives for Heroic Hearts

Saturday, November 27, 2010

Wayne Rogers and Fox News Reports That Insurance Companies Set Their Own Rules and Regulations

Obama's 80-85% Requirement for Health Care Spending Mashed
by Winsip Custer CPW News Service

A panel of four experts on insurance and health care were interviewed on Fox News this morning. Three of the four pummeled the lone argument that Obama's insurance regulation was needed. "Good insurance companies are already doing this," said a member of the panel led by former Mash star Wayne Rogers . "The free market regulates itself. Bad insurance companies will disappear of their own accord," said another.

Actor Wayne Rogers (arms crossed) to open
imaginary health-care clinic in St. Louis
to cover recently uninsured
I asked Freeman B. Arkmulsher, of the Center for Insurance Self-regulators, to respond, from his office in Horsefly, Nevada. "That is entirely true," said Arkmulsher. "The invisible hand of the free market acts like a governor on an engine and when the whole system begins to overheat from deregulation, it automatically slows the system down by allowing disreputable companies to spin off like carbon deposits before a gasket blows or a rod is thrown. Meanwhile, it's every man for himself and the individual ambitions of the unregulated companies helps to keep the good parts functioning and the bad ones, ah, well.....let me change the analogy a bit by sticking to insurance. If an insurance company is paying out only ten or twelve percent in health-care coverage and pocketing ninety percent, they simply will go out of business."

I asked if a person who took out insurance with a company that then goes belly up, who would guaranteed the insured could find coverage elsewhere? And just what other insurance company would issue coverage on what is now a preexisting condition? And how long could an individual be expected to fight a legal battle against a large insurance company that uses it 90% retained earnings to fight a lengthy court case with angry clients and the bankruptcy court? And what prevents the CEO and CFO from putting the money in a secret bank account in the Cayman Islands or Switzerland? And is there a statute of fraud in such a case? Did Sarbanes-Oxley cover that possibility. Would the wronged client get a nice Federal bailout if no insurance company stepped in to replace the one that took his or her premiums before folding?

Mr. Arkmulsher said that he didn't know all the answers to the questions, but that he would get back with us later.

Meanwhile, Wayne Rogers said that the MASH medical team would be opening a free clinic in the center of the country, St. Louis, Missouri, the "Show Me State", where they would show people free imaginary health care for all those who could not qualify for a new  policy having lost the imaginary policy they had previously enjoyed.  Alan Alda was unavailable for comment.

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