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California's Insurance Crisis

The Honest Broker Newsletter • 3533 implied HN points • 20 Jan 25
🇺🇸 U.S. Politics Insurance Policy Public Policy Climate Policy Economic Impact
  1. California's insurance crisis isn't mainly caused by climate change, but by how insurance rates are set. Policies like Proposition 103 prevent companies from charging enough to cover risks.
  2. Insurance rates are usually suppressed to keep costs low for consumers, which means insurance companies can struggle to stay in business. This leads to fewer companies wanting to offer home insurance in California.
  3. To fix the insurance crisis, California needs to adjust its laws to better reflect the real risks and costs of coverage. This will likely mean higher insurance rates for homeowners.

BIG INSURANCE 2023: Revenues reached $1.39 trillion thanks to taxpayer-funded Medicaid and Medicare Advantage businesses

HEALTH CARE un-covered • 779 implied HN points • 02 Apr 24
🏥 Health Politics Insurance Policy Medicaid Medicare Healthcare Reform Corporate Influence
  1. Health insurance companies in the U.S. made $1.39 trillion in revenue last year. A lot of this money came from government programs like Medicaid and Medicare Advantage.
  2. The Affordable Care Act (ACA) helped many people get insurance but also allowed insurers to profit tremendously. This has led to higher out-of-pocket costs for consumers and medical debts for many families.
  3. Big insurance companies have grown a lot over the last decade, and their executives are making huge salaries. Reform is needed to control these companies and make healthcare more affordable for everyday people.

Dr. Daniel Hurley, advocate for health insurance reform, dies at 50

HEALTH CARE un-covered • 759 implied HN points • 16 Aug 23
🏥 Health Politics Healthcare Reform Medical Ethics Insurance Policy Patient Advocacy Chronic Illness
  1. Dr. Daniel Hurley was a strong advocate for health insurance reform. He wanted to bring more transparency to the insurance industry.
  2. Even while battling cancer, he worked hard to fight against insurance companies that denied necessary medical treatments. He was determined to make changes that would help patients.
  3. His passing at 50 is a big loss, but his family and friends plan to continue his mission for better healthcare practices.

I just caused a long line at the pharmacy counter. And still paid $141 for an inhaler.

HEALTH CARE un-covered • 399 implied HN points • 18 May 22
🏥 Health Politics Healthcare access Insurance Policy
  1. Healthcare costs in the U.S. can be confusing and expensive, even for generics that are supposed to be cheaper. Sometimes, you end up paying more for generics than for brand-name drugs.
  2. Many people don’t realize they might get cheaper medication prices through services like GoodRx instead of their insurance. This can lead to significant savings on prescriptions.
  3. The Medicare Modernization Act has complicated Medicare drug coverage and prevents Medicare from negotiating drug prices, leading to greater financial burdens for many Americans.

California's insurance crisis: the cash cow slowing climate adaptation

Greg’s Sometimes Newsletter • 0 implied HN points • 14 Jun 24
🇺🇸 U.S. Politics Insurance Policy Climate change Consumer Advocacy Regulatory issues
  1. California has a serious homeowners insurance crisis because many companies aren't selling new policies. This makes it difficult for people to protect their homes.
  2. The problem is linked to climate change and old rules from 1988 that limit how insurance companies can calculate rates. These rules block new methods like predictive modeling that could help assess risks better.
  3. There's a push for change, but some groups are fighting it because they benefit from the old system. This means homeowners may face higher insurance costs, but having insurance is still better than having none.
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