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Tag: Wealth Transfer

Tuesday Divertere - You Picked A Fine Time To Leave Me Blue Shield

By JGillman, Section News
Posted on Tue Dec 03, 2013 at 10:34:52 AM EST
Tags: Michigan, Health Care, Insurer of Last Resort, BCBS, Obamacare, Wealth Transfer, Power, Money, Legislature, Suckers, Theft. (all tags)

Just kicking back and appreciating the theft unanimously approved early this year in the state senate, and nearly as much in the state house.

Once upon a time, the insurer of last resort (yeah Michiganians have had a cant-deny-preexisting insurer for several decades already)was owned by you and I. (since 1939) As recently as a few years ago, it even carried a balance sheet of about $6,000,000,000.00 including over $3,000,000,000.00 cash reserves. The BCBS board tried to use those reserves in for-profit ventures, (a great way to pass off cash to private partners) and were stopped by then attorney general Mike Cox. In 2008, Cox kept BCBS of MI in check.

But things are different now. This time no one stepped in to stop the transference of a GREAT BIG PILE OF MONEY away from Michigan citizens. And the great big Obamacare boondoggle helped them do it. Now that they aren't owned by you and I, its time to make some real cash!

"Blue Cross Blue Shield of Michigan shows a projected savings of tens of millions of dollars next year by terminating 25 individual health plans that were noncompliant with the Affordable Care Act.
Over the past decade, Blue Cross has lost hundreds of millions of dollars in the individual market as Michigan's designated insurer of last resort, a moniker it no longer has under health care reform with all insurers now required to cover people with pre-existing conditions and its conversion earlier this year into a mutual health insurer. "

Note that a loss means a growth in cash reserves over the same period.

How clever.

Enjoy the song.