Monday, 10 August 2009

Insurance REforms are urgently needed

I am supposed to sell insurance but based on the hidden terms and
conditions, I am afraid it is not always good for any insurance

The premium is too high just to cover commissions, as high as 50% for
the first few years. The low return investment part is also too high.
The purely insurance riders are filled with conditions so as to make
them virtually useless.

For the sake of the long term interests of the nation as well as the
insurance companies themselves, the long-term interest of the
customers must be respected more than conning them.

The high rate of lapsed insurance is proof of this. Many just cannot
afford to pay insurance premiums when it mattered. What made it worse
is that, once you require the insurance, i.e. when you're sick, you'll
be denied the insurance. At least the second time.

We need legistations to control the powerful insurance companies. We
all just feel burdened to just sign away our rights because there is
little choice. All insurance companies and banks offer basically the
same terms of conditions.

The solution is just simple. Introduce a competitor. The alternative
proposed by Republicans and insurance companies of making it
compulsory to buy insurance will not work because they will just raise
prices without increasing benefits. After all, we all have to buy
insurance anyway.

By introducing a competitor, all insurance companies have to improve
themselves. Now customers have a choice.

It is not enough to just introduce a competitor. It needs to be
legislated to the point that the insurance covers what it is supposed
to cover. Not filled with pre conditions that make claims so difficult
that you have to go to court to make every claim.

The terms and conditions for Malaysian insurance has improved a lot
but still not enough. We still have the right of insurance companies
to reject claims of those that need it the most, those with existing

US under Bush and the Republican had advocated no regulation. As a
result, their healthcare statistics is as posted by the commenter. The
highest speniding and yet the lowest service.

"Insurance companies will no longer be able to deny coverage because
of a previous illness or injury. And insurance companies will no
longer be allowed to drop or water down coverage for someone who has
become seriously ill. Your health insurance ought to be there for you
when it counts -- and reform will make sure it is," Obama

Do we need health care reform?

This is a comment that is filled with facts of the case:
During the 2000 election Bush and Cheney told us repeatedly that the
the U.S. has the best health care in the world. So why do we need
reform? Hmmm... Well according to World Health Organization Data
(somewhat dated, but the best we have) among the world's nations the
U.S. ranks 1st in per capita health spending, 2nd in spending as a
percentage of GDP, 37th in overall quality of delivered health care
(what people, on average, actually get rather than what the wealthiest
or best insured have access to), and 72nd(!) in national level of
health. By comparison those failing socialist systems in Britain and
Canada spend less money, deliver better care, and their citizens are
healthier. Who has the best health care in the world? According to WHO
it's despicable, surrender-monkey France with their comprehensive,
Social Security funded health system. Hey, if you don't mind that the
people of Algeria, Armenia and Azerbaijan (plus 68 other countries)
are healthier than we are, then we certainly have no need for health
care reform.
posted by leftwingloon on Aug. 9, 09 at 2:24 AM |

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