Well the final Senate bill for health care reform should warm the hearts of the health insurance business. Buy shares in Humana as fast as you can.
We started out by seeking to control runaway increases in health care that made it so expensive, the only way to pay was to have insurance. And many did not have insurance. I said that the Obama team made a mistake when it sought to control costs by putting pressure on the payer, the health insurance companies, instead of those who issue the bill, the medical practioners, principally the doctors.
So what do we have, believe it or not, a bill that makes all Americans buy their own health insurance from the much hated insurance companies. Obviously most of those who do not have insurance until now, do not have it, because they cannot afford it. But under the new bill they must buy, even though they still cannot afford it. Absurd, but there it is.
To handle this the Senate bill envisions the Feds subsidizing payment for mandatory insurance for those who cannot afford it. Talk about opening “Pandora’s Box,” the Senate has no idea how much this will cost, much less how the Feds will pay for this.
The bill is so bad that Howard Dean, himself a medical doctor, has called for rejecting it. If a major voice in the Democratic Party says junk the bill, one should take a second look at it. And for once I agree with Dean.
Meanwhile the health insurance companies are thanking their gods for this windfall. Now everyone will have to buy their products. And if the insurance crowd is happy, the doctors are estatic, since once more they have avoided having any checks on their outrageous fees.