Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (24) | Ignore Thread Prev | Next
Author: telegraph Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 19352  
Subject: Re: Wharton Biz School looks at Medicare Date: 5/26/2009 7:57 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
"I happen to have the annual report from State Farm that came with the bill for my auto insurance premium. In 2008 they collected $31.6 billion in auto premiums and paid out $22.4 billion in claims. That $9.2 billion in overhead and profit amounted to a 41% markup."

While you are at it, why don't you tell us how much overhead there was in your MSFT annual report, where you buy the software to run your computer. I assume you use some MSFT software?

So?

You forgot to mention the monitoring of fraud....you forgot to mention the actual sales of policies, and the cost in making the payments.

Unlike the gov't which sends out hundreds of billions , mostly unverfied, for Medicare, and then claims it is so efficient, when most folks admit there is 20% fraud going on, the insurance companies spend a lot to actually inspect your vehicle when damaged, then pay to get it fixed.

Yes, I'd bet there is a lot of overhead in the auto insurance business. First, collecting the money. Unlike Medicare, where they take it out of your paycheck or SS check or bank account, by force if necessary, the insurance companies don't have that power.

Come on, intercst, tell us about the 60 trillion (that's 60 with 12 zeros after it) unfunded liabilities.

IF SS was analyzed in reality, it would be a Ponzi scheme so big that Madoff would look like a dimple on the earth compared to the Medicare and SS Ponzi schemes in place right now. Everyone associated with them would be serving life in jail.



ANd you want us to add another 100 trillion for 'universal health care' to the Ponzi scheme?

t.
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (24) | Ignore Thread Prev | Next

Announcements

Pencils of Promise - Back to School Drive
"Pencils of Promise works with communities across the globe to build schools and create programs that provide education opportunities for children."
Managing Your Wealth
Our own TMFHockeypop from Rule Your Retirement fame on the TV show Managing Your Wealth.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Post of the Day:
Macro Economics

Smuggling Rice and Garlic
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement