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Originally Posted by mtnhopper1
True true. Blame juries who grant $20 mil awards to sympathetic victims. Blame the media for not telling potential plaintiffs looking to hit paydirt that most of those ridiculous awards get reduced to a fraction on appeal. Blame litigous patients who sue evertime the get sick. All these things are problems with the system. My biggest beef, though, is with the insurance companies that make it their business practice to spend every dime that YOU PAY THEM in litigation costs to disclaim coverage of the very things that they are paid to cover.
The bottom line is this: People pay for insurance to protect their own assets. Insurance companies, though, are in the banking business. INSURANCE COMPANIES DON'T CARE IF YOU ARE INJURED! You need them and they know it. You will pay for coverage and they know it.
Basically, insurance is like the lottery. You buy a ticket every time you send in your premium. If you get "lucky," you'll be injured and will get back more than you paid. If you are not, at least you had the peace of mind of knowing you were covered. The what burns my balls is that the deck is stacked. In order to get them to pay out, you need to fight them for it. Litigation costs money. They have money. You do not (you sent it to them to use against you).
I'm just getting started. I won't bore you with more, but I'm sure you get the idea.
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and insurance companies wont pay doctors, hospitals, and private practices the cost for procedures. My ex ran one of the departments at St. Barnabas and she said the insurance companies would pay maybe 20-30% of the cost of ALL claims. So if you got in a car accident and needed $10,000 in medical treatment, the insurance company would only pay the hospital $2000-$3000. They know the hospital doesnt have the time or legal resources to sue them for thousands of claims per week, so they keep doing it. Then, in turn, the hospital doesnt want to go out of business, so they raise the cost on all procedures 70% to cover their losses, which in turn screws the patients. And since the insurance companies are large political lobbiests, they are protected . Its not just medical insurance either. A friend of mine bought a house three years ago. About eight months after he moved in, the house burnt down. It was because the smoke alarms were installed improperly by the company that built the house for him, but thats a whole other rant. Anyway, he filed it with his homeowners insurance, and they dropped him and told him they werent paying a dime. Luckily he had money and a great lawyer, but it took two years and $60,000 in legal fees to get his insurance money. Meanwhile, he had to rent a house, buy a new car, and replace his belongings out of pocket. The insurance companies know that you are in a bad situation when you submit a claim, so they know they can take advantage of you. Its a huge scam.