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  #11  
Old 12-20-2016, 03:30 PM
YetAnotherCareerChanger YetAnotherCareerChanger is offline
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Originally Posted by Big ole nasty fish View Post
Does this matter if you are paying cash? Often providers will give discounts for cash, right?
If everyone pays cash and there are no insurers... what would the "cash discount" be discounted against?
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  #12  
Old 12-20-2016, 03:30 PM
Big ole nasty fish Big ole nasty fish is offline
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Google Lemonaid. Also there's a thread here somewhere, "Why will this fail?"

It's P&C, not health, but the issues apply to health as well.

I had Lemonade in mind when I posted. I was wondering if the ACA is repealed if there couldn't be a health-insurance version of Lemonade. Thanks for pointing to the post. I know the idea can sound nice in theory but I was interested to get the opinion of skeptical actuaries.
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  #13  
Old 12-20-2016, 03:32 PM
Big ole nasty fish Big ole nasty fish is offline
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If everyone pays cash and there are no insurers... what would the "cash discount" be discounted against?
I'm not talking about a theoretical world where there are no insurers-- I'm talking about right now if I went to the doctor they would charge me less if I paid all cash versus having my insurer, UHC, pay.
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  #14  
Old 12-20-2016, 03:33 PM
YetAnotherCareerChanger YetAnotherCareerChanger is offline
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I'm saying that the large carriers will be put out of business because their business model cannot compete with the low cost business model of a small technology company
Have you read about Oscar? They took a tech approach and had a lot of tech funding...
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  #15  
Old 12-20-2016, 03:35 PM
Big ole nasty fish Big ole nasty fish is offline
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I don't believe that. If they deny claims, their loss ratio will be too low and they will have to reduce premiums. Since profits are typically a percent of premiums, they will make LESS money, not more.
I don't know that much about health insurance. Why would they have to decrease their premiums if they receive less claims? Is this part of the annual premium rate filing process?

Would an accurate summary be that insurers are agnostic to the amount of claims they are paying? Do they have any incentives to pay more/less claims?
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  #16  
Old 12-20-2016, 03:38 PM
Big ole nasty fish Big ole nasty fish is offline
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Have you read about Oscar? They took a tech approach and had a lot of tech funding...
I just looked up Oscar and it looks like it is along the lines of what I had in mind. I'll have to look more into it. Thanks.
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  #17  
Old 12-20-2016, 03:39 PM
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I just looked up Oscar and it looks like it is along the lines of what I had in mind. I'll have to look more into it. Thanks.
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  #18  
Old 12-20-2016, 03:50 PM
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I don't believe that. If they deny claims, their loss ratio will be too low and they will have to reduce premiums. Since profits are typically a percent of premiums, they will make LESS money, not more.


Regulations require rate reductions in most states if claims are low. ACA's MLR forces refunds for low loss ratios.
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  #19  
Old 12-20-2016, 04:00 PM
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I don't know that much about health insurance.
Your words.
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  #20  
Old 12-20-2016, 04:02 PM
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Does this matter if you are paying cash? Often providers will give discounts for cash, right?
How much discount do you think you can get for paying cash? (and versus the discount you get from insurance company).
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