Today I was watching one of my favorite shows, Hardball with Chris Matthews, and he was reporting on several insurance companies refusing to offer insurance coverage for children. He was asking what congress could do to combat this heartless business decision. I think I have an answer. Whistleblower Wendell Potter said that the insurance industry is motivated by Wall Street and some in the insurance industry may believe that by looking past children and concentrating only on those who are healthy to increase their bottom line. While much of what Mr. Potter has been saying has turned out to be close if not directly on the truth, I still think that they are missing one important factor. That factor is GREED.
Imagine an insurance company who take to doing children’s policies being the only one available and the enormously large group of premiums that they will be able to collect. Imagine this insurance company being able to support doctors who negotiate for their patients for lower costs which in return will help to increase their bottom line. Imagine this same insurance company growing leaps and bounds and each day it exists, becoming a household name and expanding into several different states. What if this insurance company were the only one for children that would be allowed to receive clients in the exchange which will be set up later this year and become a “gazelle”? Imagine the number of employees this organization would need.
How long do you think it will take for those not providing children policies to see the numbers from this single insurance company and realize the amount of money that they are missing out on? Greed will kick in and these companies will slink back like the snake that they are. They will try and make it sound like they have a heart and are coming back but not because of the money. They say no children’s insurance policies now but as soon as the cash registers begin to ring, that will all change. Does anyone actually believe Wall Street will keep their hands off of this money?