Well guys, I'm 54 years old this year. When you get to be my age as you see in my posts you end up having a LOT of things to bitch about.
When it comes to politics I don't think you can bitch too much about the system unless you can come up with something better.
Everybody knows insurance is required by the government and mortage holders but I don't think ANYBODY has looked at it from my perspective.
Insurance companies are UNREGULATED WHERE IT COUNTS! and that is where society as individuals get screwed.
Insurance companies get away with it for when you're 16 they charge you on a projected average claim average.
Sounds fair right? WRONG!
When you're 16 average car insurance can be as much as around $2000 a year or more.
That's fine when working with projected future services to be rendered.
Now zoom ahead 40 years.
The individual is now retirement age. Over the years this individual is one of the lucky Ones and never files an insurance claim.
So Over the course of 40 years he's paid in something like $60,000 in government REQUIRED car insurance and if he had a Mortage he's paid in as much as $50,000 to $100,000 to the insurance companies for insurance coverage.
Here's the kicker..........
end result? Retired, don't drive anymore, house is paid off, so to further insure the house is not required.
THIS MEANS THIS INDIVIDUAL HAS PAID MORE THAN $100,000 FOR NOTHING MORE THAN THE PRIVILIGE OF BEING BILLED THREE TIMES A YEAR.
THIS IS WHERE AND WHEN THINGS NEED TO BE SET STRAIGHT.
The actual cost to the insurance companies to send out bills and book keeping over 40 years I'll be generous and say the costs of paper and mailing is a cost of $1,000 total to the insurance companies.
THIS MEANS THEY MADE A PROFIT OFF OF THIS INDIVIDUAL OF OVER $100,000.
At first billing was done for a projected services rendered.
My Point is at retirement age when insurances are no longer needed the bills SHOULD BE RECALCULATED FOR ACTUAL SERVICES RENDERED!!!!
If the insurance agent had said "Over the next 40 Years I'll insure you with a GREAT DEAL of ONLY $100,000 PLUS for Two Hundred sheets of paper. "
The kid would have laughed and told him to go to hell right?
My Proposal is that Insurance Companies ARE NOT REGULATED WHERE IT MATTERS THE MOST - Their Profits!!!!
IT SHOULD BE REQUIRED THAT ALL INSURANCE PAYMENTS ARE REPORTED TO THE GOVERNMENT LIKE SOCIAL SECURITY AND BE LINKED TO SOCIAL SECURITY NUMBERS.
THE GOVERNMENT SHOULD MANDATE A PROFIT MARGIN FOR THE INSURANCE COMPANIES.
INSURANCE COMPANIES TAKE THE MONEY, BILK OUT THE PROFITS AND WHEN MAJOR DISASTERS HIT THE GOVERNMENT BAILS THEM OUT.
THIS REPORTING TO THE GOVERNMENT - AT THE END OF THE YEAR, IF THERE'S NO CLAIM THE INSURANCE COMPANY GETS A SET PROFIT MARGIN FOR PAPER BILLING AND THE EXCESS PROCEEDS GO TO AN ASSOCIATED SOCIAL SECURITY ACCOUNT.
If the insured files a claim, then money goes back to the insurance company in regular payments until the claim is paid.
Over a Lifetime......the insurance claims debt would end up being paid by the individuals responsible - NOT FELLOW INSURERS....those responsible - they lose their retirement benefits for excessive claims discuraging such claim filing.
So Instead at retirement age the individual would get his money back as social security payments which comes out to REEVALUATING INSURANCE PAYMENTS AND BILLING FOR ACTUAL SERVICES RENDERED.
And the retiree would no longer be sitting there out $100,000 for two hundred sheets of paper to show for it...................
SOCIAL SECURITY WOULD REMAIN SOLVENT, THE INDIVIDUAL WOULD GET HIS MONEY'S WORTH AT RETIREMENT WHEN HE NEEDS IT, AND ALL INSURANCE COMPANIES WOULD BE GUARANTEED THEIR PROFITS OVER THE INDIVIDUALS LIFETIME (Actual payments of the individual's wages for social Security remains untouched....).
INSURANCE COMPANIES SHOULD REMAIN SOLVENT WITH CURRENT INSURERS BUT NOT BY MAKING VICTIMS OF THE ELDERLY....................
$100,000+ for 200 sheets of paper - THIS NEEDS TO CHANGE!!!
Well, that's my fix for social security.....
And I believe it will work..................................EVERYBODY WINS!!!
