Statewide News
Harkin launches investigation into insurance pricing
Posted on Nov 09, 2009 by Admin.
Sen. Tom Harkin
Senator Tom Harkin, D-Iowa, said the Health, Education, Labor and Pension Committee that he chairs will conduct an investigation into the pricing practices of health insurance companies that sell to small businesses.
Harkin said he would have liked to question health insurance companies about these trends and practices, but the companies are not interested in discussing them.
He sent letters to Humana, United Health Group, WellPoint and Aetna asking them to provide the committee with information regarding methods used to set rates and premiums, and on executive compensation that exceeds $5 million annually.
lvtycoon
09. Nov, 2009
Get ready for the goverment to control every aspect of your life ….BIGGER goverment isnt the answer ..
jsdratm
09. Nov, 2009
It is the answer when the private industry exploits consumers. If the private healthcare insurance industry wasn't so corrupt and greedy we wouldn't be at this point.
lvtycoon
09. Nov, 2009
The problem is the cockroach Lobbyists for these insurance companies that line the pockets with open arms for decades and now the rats in washington are getting caught so there going to throw there paymasters under the bus …. who is really to blame for this corrupt way of life .
Carl_Spackler
09. Nov, 2009
This is odd when you consider premium determination must be filed, approved and regulated by the Iowa Insurance Division within the Iowa Department of Treasury.
Can't one arm of government share with the other? (No. That'd be too easy…)
96Hawk
09. Nov, 2009
It also wouldn't be a dramatic. You can't get re-elected that many times without some drama.
Iowarch
09. Nov, 2009
Iowa is but one state, and we are talking Federal here. Harkin wants to know what drives the costs of insurance for all small business, not just Iowa. He is looking at the biggest and the ones with the most compensation for the operating officer, can't imagine that can somehow be wrong.
PTBarnum
09. Nov, 2009
Well that's easy to answer. Companies can't compete across state lines, so there's no competition.
OwenHarper
09. Nov, 2009
I'm not sure that state laws explain it all and state's rights is an important Constitutional concept.
Iowarch
09. Nov, 2009
Hello! these insurance companies are in all 50 states that he is talking about, not ma and Pa insurance companies, we are talking about the biggest of the biggest who gouge the most and the deepest. It isn't about individual states. Humana is everywhere as is United, Well point and Aetna, so I have no idea what you are talking about, or what completion across state lines has to do with anything.
Carl_Spackler
09. Nov, 2009
No– it's missing the point.
Since premium rates and claims practices are already filed and regulated by the states, then Harkin is just covering territory that has been hashed and re-hashed. Harkin is wasting time and money, but making headlines my clenching his fist and stomping his feet.
What really needs to be examined is the *relationships* between insurance companies, providers (doctors and hospitals), and pharmaceutical companies. It's a three legged chair that acts like a big game of "Rock, Paper, Scissors." Scissors cuts Paper, Paper lays on Rock, and Rock smashes Scissors. Just like UI Hospitals fight with Wellmark over the schedule of procedures, pharmaceutical companies fight with hospitals and insurance….
Carl_Spackler
09. Nov, 2009
Exactly. Why do CAR insurance companies compete across state lines?
CAR insurance companies still adhere to state mandated regulation.
Hello– here's my horse, can you put a cart in front of it?
lobosolo
09. Nov, 2009
ding ! we have a winner.
my car insurance is dirt cheap because i can buy it from any company in the country.
NomerBull
09. Nov, 2009
Who do you think serves on regulatory boards like Iowa Insurance Division? They are people who work in the insurance industry, not carpenters or mechanics.
Carl_Spackler
09. Nov, 2009
That's a great idea.
Meanwhile, I'm going to call insurance people to repair my roof and fix my car.
tle1952
09. Nov, 2009
insurance pricing is important, but why not check into why a gallon of gas can go up 17 cents over night but can only fall 2 cents in a week.
sincerelady
09. Nov, 2009
Your post is exactly what I was thinking. …. How come we don't check into the reasons for gas price hikes? OHHHH I know that is because government pockets are lined well with the money… oh my bad … contributions by big oil companies.
Government crooks,,,,
ctiger
09. Nov, 2009
Because, when your up to your behind in alligators, you don't sweat the small stuff.
OwenHarper
09. Nov, 2009
As a commodity sold on the open market, the pricing of oil is well understood.
PTBarnum
09. Nov, 2009
The price for a barrel of oil is only one component. The rest of the costs go to the refineries. Liberals haven't allowed a new one to be built for 30 years so they're running at capacity. So, when there's a fire or other downtime less gas is produced.
See what fun South Dakota is having trying to build one. Yeah, 10K jobs to do the construction and Liberals still have a problem with it.
http://www.prairiefirenewspaper.com/2009/06/going...
OwenHarper
09. Nov, 2009
I don't see where liberals have anything to do with this. According to the article, there is push back from the local community. Which is well within their rights
PTBarnum
09. Nov, 2009
If the local groups are aligned with the Sierra Club, then what political leaning would they have?
Dudie
09. Nov, 2009
Seemingly yes.
Grampy
09. Nov, 2009
This year more than any other we the people will know which political representatives work for the people and which ones have been bought and paid for by big business.
Harkin by opening this investigation is showing us that he works for the people.
Grassley by taking over 3 million in donations from health companies has shown to me that he is bought and paid for……..
Dudie
09. Nov, 2009
Very correct.
lobosolo
09. Nov, 2009
consider that the majority of people do not want government health care, i would say Grassly is working towards the will of the people while harkin is not.
ctiger
09. Nov, 2009
Here is Gras-sleys tactics.
http://www.npr.org/templates/story/story.php?stor...
Grampy
09. Nov, 2009
Believe me Grassley couldn't care less about our wants or yours…… he's only concerned about filling his pockets with cash.