I truly believe there is a special place in Hell for insurance executives who profit at the expense (and misery) of those they "insure."
First off, understand that the whole insurance industry is based on extortion and gambling. If you want to borrow money to buy a house, you have to pay "protection money" to the insurance company, or else the bank calls the mortgage & you lose the house. Gambling I've already written about in the post called "Insurance - Bet You Won't!"
Today I read that State Farm and Alfa are dropping wind coverage along the Gulf Coast. (Can't you hear them? "We only want your lucrative car insurance, not anything that might actually cost us a claim!") I wish I could start a business and tell the state regulators what income I demand to make. Those Skyboxes at the Sugar Bowl cost a pretty penny, I bet.
One mom shared with me her insurance woes. This one is about dental insurance. Her family has federal dental benefits. Her family has dental insurance. Premiums are deducted every payday. She had a toothache. She went to the dentist. He had her in the chair for less than 5 minutes, took an X ray, and sent her to an endodontist. Then he sent her a bill for $82. After insurance.
The endodontist had her in a chair for 5 minutes, took an X ray, said the tooth was abcessed and should be pulled. He gave her a prescription for antibiotics and a bill for $40.
Now she's out $122 plus the cost of antibiotics, the tooth has not yet been pulled, but last I heard, she was asking Santa for a pair of pliers for Christmas.
What good is insurance if you still have to serve your family Ramen noodles for 3 weeks, just to save up for advice, let alone treatment??? She can't afford to have the tooth pulled by a dentist, because it just isn't in the budget. The family budget is so tight, her daughter is getting underwear for Christmas. Actually "fixing" the tooth is beyond the realm of financial possibility. Even with insurance.
You have to wonder what the insurance executive, with his $24 million pay, will get his children for Christmas? I'm betting it's not pliers and underwear.
Next time you see someone missing a tooth, don't judge. They probably have the same insurance this mom has.