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Tuesday, June 21, 2011

The Insurance Racket

Insurance is a racket in the US. What else can you call a scheme where you pay a lot of money for "protection", and the racketeers decide what, how much and if they'll pay you for what you've already paid to get?

Back in the day, insurance corporations' deals were fairly straightforward. Your contract insured what you paid to be insured over. Then deregulation came along and insurance corps. could put all sorts of limits, denials and percentages in place. And away they went, inventing all sorts of extenuating circumstances and hurdles to deny payouts. Sound like a scam? It sounds just like racketeering to me.

This is why millions of American families go bankrupt, lose their homes, end up financially wiped out after a serious illness in this country. Medical bills are enormous- a recent 4 day hospital stay of a family member who had no surgery, no high-tech testing nor had anything more than blood tests done and an IV, with a bed and meals included, cost $30,000. And the insurance company they've paid into for nearly 40 years is refusing payment.

Insurance corporations need to be reined in and strictly regulated, or done away with altogether. They are bleeding us to death.

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