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Health Care Rationing and Death Derivatives

We need a Public Health Care Plan. Available to all, Covers everything. Full Stop.
The folks who want to scream Socialism only need to read this sentence, “Public Schooling gave you the ability to read this.” Available to all, covers everybody.
That private for profit Insurance Companies are offering to take anyone regardless of condition is bullshit. Let me count the ways they will slide. Claim Denials, Rescission, Cost. There has never been an insurance scheme that has resulted in lower costs. No Fault Insurance states are the poster child of this. Every time private insurance companies get to sell policies under mandates, the price goes up.

Health Care Rationing
According to the California Nurses Association/National Nurses Organizing Committee
California’s Real Death Panels: Insurers Deny 21% of Claims PacifiCare’s Denials 40%, Cigna’s 33% in First Half of 2009

Death Derivatives
The NYT has a story on the latest wrinkle on investing.

Wall Street Pursues Profit in Bundles of Life Insurance
“After the mortgage business imploded last year, Wall Street investment banks began searching for another big idea to make money. They think they may have found one.”

“The bankers plan to buy “life settlements,” life insurance policies that ill and elderly people sell for cash — $400,000 for a $1 million policy, say, depending on the life expectancy of the insured person. Then they plan to “securitize” these policies, in Wall Street jargon, by packaging hundreds or thousands together into bonds. They will then resell those bonds to investors, like big pension funds, who will receive the payouts when people with the insurance die.”

“The earlier the policyholder dies, the bigger the return — though if people live longer than expected, investors could get poor returns or even lose money.”
Link

This is the next credit-default swap, and or collateralized debt obligation, backed by your illness. You know how well those worked out.