Also in this playlist...
This transcript is automatically generated
The new health care law it came with several promises attached -- costs better access on the ability to keep your regular plan if you like it.
A closer look however at the health care law shows most of that may not be true let's bring in Mike -- is the executive vice president was.
For more on this and hit -- -- lobbying group for private health insurance Mike good to see -- thanks for being with us.
Thanks there first of all let's look at some the rising costs in health and that the cost of health.
The insurance premiums that we have to pay.
You'll critics say that you're gouging people that you profiteering.
-- executives make a ton of money you've got a huge profit margin is -- for etc.
Why is it that we have premium costs.
Well it's not what those critics are alleging Stewart I mean the track record shows this is an efficient.
Low margin industry with profits of three or 4%.
Cost -- for several reasons.
We have an unchecked medical liability crisis.
In which we -- doctors and nurses falling victims to trial lawyers that drives up costs we have a system that doesn't really -- -- -- quality care.
In terms of how.
Providers are compensated we.
-- providers are generally compensated based on the amount of care they provide rather -- the quality of care they provide.
Why has this happened Mike and -- gift it's a very complicated thing but why is this happening -- we will promised you pass Health Care Reform.
And you be able to keep the policy if you like it -- not happen because the price is going way I'll.
And it will cost less for insurance but that's not happening the cost is going well.
What is this something in -- -- -- reform which is change the equation.
Well look two things the next and there are very important our employer customers across the country are very concerned about what's called -- the grandfathered provision.
Keep your plan if you like it.
The problem is under the proposed rules if employers make even minor changes to their plan.
Perhaps adjusting and deductible or co payment they're not gonna -- to keep their plan.
If they like it they're not melt shop for a better plan under the same guidelines that they currently follow and that's something -- -- be worked out.
Before final rule -- pass or we may see significant disruption for.
People who have employer provided coverage across the country and in terms of the costs I mean it's it's simple math if you add new mandates if you add new benefits.
There's of course gonna be an impact on the cost side.
Well some people also saying look you'll maximizing your profit you putting your prices way up in advance.
Of when it healthcare have reform bites you you making the money now while you can.
What is -- -- -- most of us but it did that there's been no data to support that store we're working as hard as we can to keep these products as affordable as possible.
For small businesses in particular.
In an economic slowdown.
-- small businesses are struggling to keep their doors open.
Let along provide coverage to their workers were trying to keep these products as affordable as possible and that's why ultimately.
What this country really needs to do is take a whack.
And health care costs but -- coverage won't be affordable.
For anyone unless we do that I thought we've got Health Care Reform to take a whack at health care cost and that's simply hasn't happened but we've got lots of people emailing us they're running a small business and that -- limit limit.
Our costs are rising rapidly -- being priced out of offering our employees health -- and that blaming you.
Well well there they're blaming us they're frustrated were the ones who who who send -- the bill every every month for their premiums their their right to be frustrated.
And the reform bill that passed is gonna expand coverage a lot of people and that's a very important milestone.
But it didn't bring down -- and its people are looking at it now we're we're kind of half the legislative process passed a lot of the politics of this.
People are acknowledging the bill doesn't bring down costs and that's the work that still remains to be done to would you say.
That this Health Care Reform bill is a plus or minus.
Well it we don't know yet -- because it's it's in the process of being implemented it's definitely going to be a plus on the access side it's going to expand.
Coverage for people who didn't have it.
But on the cost side it looks like it's going to be a minus unless we have big changes it might -- thanks for joining us from a hit we appreciate you being with -- -- -- -- -- -- -- A new way to.
Filter by section