Health Insurance

[Woogieman]

Originally Posted by BigRedChief

This isnt a health insurance thing only. My wife got rear ended sitting still at a stop light. Totaled the car. Paid the money to us. Except.....Now we have to pay $400 more over 6 months because she had a wreck that no one thinks was her fault.

Florida is a no fault state. Two cars have a wreck. Police say and give a ticket to one driver of the car that caused the wreck. But, Both cars are flagged as if they were both at fault because there is this no fault insurance law.

They raised my house insurance rates in Lees Summit in the mid 90's because a hurricane happened in Florida.

I had not idea...that needs to be fixed asap. People think about food, gas, utilities, and property taxes going through the roof over the past three years, but insurance costs are sneaky and just as bad. There are no "no-wait" medical sharing orgs out there that may be the best deal on health for the self-employed

[KCUnited]

SOCIAL INFLATION

Issue: Social inflation is a term that describes how insurers’ claims costs are increasing above general economic inflation. This is generally thought to be due to a trend in increasing litigation costs brought by plaintiffs seeking large monetary relief for their injuries.

[Chief Roundup]

Originally Posted by KCUnited

SOCIAL INFLATION

What about just regular ole inflation? You know the price of goods to everyone. When inflation hits several levels that all pertain to one entity it makes that one entity struggle due to being hit with several price increases to complete one task because of inflation.

Try to build something now. The electrician is more expensive, the plumber, the HVAC, the carpenter, etc. The one entity, owner/builder, in this scenario, is getting hammered.
It is no different in most everyday situations including medical insurance or the costs of operating a hospital, rural health clinic, nursing home, procedure space, doctor's office, etc.
All those price increases must be spread out to all parties and individuals or they could not be absorbed and survived.

[Chief Roundup]

Originally Posted by Woogieman

I had not idea...that needs to be fixed asap. People think about food, gas, utilities, and property taxes going through the roof over the past three years, but insurance costs are sneaky and just as bad. There are no "no-wait" medical sharing orgs out there that may be the best deal on health for the self-employed

Dude, how old are you?
This will never be changed. Insurance companies have been doing this forever. It is an agreement that they all made with each other to save themselves money. Also to get coverage for all vehicles in a large accident situation, otherwise drivers and others would not have been covered.