Romney to Debate Coach “Your Fired”

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Just days after receiving an endorsement from Donald Trump, Presidential GOP hopeful Mitt Romney borrowed Mr. Trump’s well Known phrase “Your Fired”  and canned his then new debate coach,  Brett O’Donnell.

Mr. Romney has already informed the electorate that he likes to be able to fire people who provide poor service, apparently he also likes to fire those who provide excellent service. Mr. Romney’s debate performances prior to the hiring of Mr. O’Donnell were, to put it politely, bloody awful. However, prior to the two Florida debates Mr. Romney’s campaign hired Mr. O’Donnell, and Mr. Romney actually won both those debates handily. So how does Mr. O’Donnell get rewarded? With two words “Your Fired”. Why? Not for poor performance but , according to the Romney campaign, because he was taking to much credit for Romney’s success in those two debates.

The Hoss is of the opinion that Mr. Romney, being the vulture capitalist that he is, just likes to be able to fire people as he previously has stated.

Let's take a look at his record while working with Bain Capital. He loved to go in to struggling companies, have them take on lots of debt, eliminate the employees’ pension plans, close the business down, have the companies file for bankruptcy protection, pay Bain millions of dollars for their services, take a huge salary for himself.Not unlike what Bain Capital is currently doing to American Airlines. Check this article about  Georgetown Steel.

Mr. Romney is also known to hide money off shore,  give millions of dollars to his sons and use a tax loop hole in order to pay a minimum tax. If elected President Mr. Romney has not offered to close the tax loop holes that benefit only the rich.

Mr. Romney's slogan is Believe in America. If he believes in America why is he stashing money offshore and not in America? Why did he, while with Bain Capital ruin numerous companies and close down factories instead of rebuilding as President Obama rebuilt the auto industry? Can you imagine how many autoworkers and related industry workers would be unemployed if America would have listened to Mr. Romney and closed down Detroit.


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Boehner’s biggest boner

Image by Getty Images via @daylifeSpeaker of the house John Boehner may have just made the biggest political boner of all times. He and his tea party counterparts have seriously underestimate the disdain the American people have for congress. Does he not recognize the approval rating for congress is 11%.

He and his party voting to increase taxes on a 160,000,000 Americans is just political suicide.  Their refusal to pass the payroll tax cut citing they want a year’s extension not the two months contained in the Senate bill is plain and simple B.S. That spin will not be bought by the independent voters, which both parties desperately need to win the November elections.

The evidence is clear. The congress sent a payroll extension bill up to the senate, which contained nine poison pills designed specifically to make the senate reject it.  Here is a partial list of these poison pills:

If passed the State Department would have been prevented  from finishing its review of the Canada-to-Texas Keystone pipeline, and mandate its construction.

If passed the bill would let individual states bar people from collecting unemployment benefits unless they submit to drug testing.

The bill would strip the EPA of authority to regulate incinerators and boilers.

The bill removes $8 billion from the health care act.

89 Senators(including 80 % of the Republican senators) rejected the House plan and sent back a two months extension which Mr. Boehner’s tea party (read Eric Cantor) promptly rejected. In fact would not even let the Senate bill come to a vote. So Mr Boehner, or should I make this statement to Mr. Cantor as he seems to be the one in charge, we the people are not buying what you are selling.

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Michele Bachmann and God

Image via WikipediaMichele Bachmann is reversing direction faster than a yo-yo on a string. Last week Michele Bachmann implied that the recent natural disasters on the east coast (hurricane Irene and the earthquake) were a message to Washington Politicians. Following is her statement:

 "I don't know how much God has to do to get the attention of the politicians. We've had an earthquake; we've had a hurricane. He said, 'Are you going to start listening to me here?'"
"Listen to the American people, because the American people are roaring right now. They know government is on a morbid obesity diet and we've got to rein in the spending."

Well, naturally these statements received much negative attention and first she said she was only joking and now she claims it was just a metaphor.

So let’s say she gets elected President of the United States (Heaven Forbid) how will the citizens know when she is joking, or speaking metaphorically?  Will she advise the populace of all messages she receives directly from God?  Like her message from God to marry her husband.

How can the Republican Party possibly put forth this kind of candidate as one of the best available?
The Hoss's only comment is God help us all if she were ever elected president of the United States.

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U.S. loses AAA credit rating

U.S. loses AAA credit rating. Standard & Poor’s was severely critical of the American political process in its press release announcing the lowering the US credit rating to AA+. Further, Standard and Poor’s put the U.S. on notice that the long term rating could be lowered to AA within two years if spending reductions are less than the agreed to amount, or new financial pressures result in higher general government debt.

Standard and Poor’s but the blame squarely on the dysfunctional American political system.
Here is part of their announcement:

“We lowered our long-term rating on the U.S. because we believe that the prolonged controversy over raising the statutory debt ceiling and the related Fiscal policy debate indicate that further near-term progress containing the growth in public spending, especially on entitlements, or on reaching an agreement on raising revenues is less likely than we previously assumed and will remain a contentious and fitful process. We also believe that the fiscal consolidation plan that Congress and the Administration agreed to this week
falls short of the amount that we believe is necessary to stabilize the general government debt burden by the middle of the decade. Our lowering of the rating was prompted by our view on the rising public debt burden and our perception of greater policy making uncertainty, consistent with our criteria…”

They also said, “The political brinksmanship of recent months highlights what we see as America's governance and policy making becoming less stable, less effective, and less predictable than what we previously believed. The statutory debt ceiling and the threat of default have become political bargaining chips in
the debate over fiscal policy. Despite this year's wide-ranging debate, in our view, the differences between political parties have proven to be extraordinarily difficult to bridge, and, as we see it, the resulting agreement fell well short of the comprehensive fiscal consolidation program
that some proponents had envisaged until quite recently. Republicans and Democrats have only been able to agree to relatively modest savings on discretionary spending while delegating to the Select Committee decisions on more comprehensive measures…”

In other words its time for the Democrats and Republicans to act like adults and not children and produce a workable solution to the American debt problem. Here is the complete Standard and Poor's report.

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The Debt Ceiling Deal

Image via WikipediaThe American political system was put to the test during the recent debt ceiling crisis. This crisis exposed to the entire world the willingness of some American Republicans (Tea Party) to bring the world to the brink of financial disaster by defaulting on government bonds and other government commitments in order to avoid eliminating the Bush tax cuts or any form of increased taxation for the rich which would have provided a balanced approach to deficit-reduction.

The Deal,in summary form , over the next decade increases the debt ceiling by $900 billion along with spending cuts of $917 billion for a net $17 million. $1.5 trillion in further deficit reductions must be approved by Congress before December 23rd. These reductions are to come from a 12-member congressional committee, equally composed of Republicans and Democrats. However, there will be a similar-sized increase in the debt ceiling. If the committee fails to reach agreement or its proposal is rejected, $1.2 trillion in spending cuts will be triggered.

Let’s look at the reality, the likelihood of the committee of 12 Republicans and Democrats coming up with a deal that will be supported by both parties is almost nonexistent. The Republicans will remain adamant against any tax increases and the Democrats will protect their social programs such as Medicare and Medicaid. All that has really happened is a possible two year delay before the debt ceiling war is renewed. The American political system remains as partisan and dysfunctional as before this crisis began
.
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Speaker Boehner Won't Play Ball

The Hoss has been in the stable since Sept. 2010 due to heart problems. This is why there have been no postings to Hoss Cents Free Financial Money Magazine. The good news is the two stents placed in the old ticker seem to have resolved the Issue
.
Can anyone out there believe the nonsense going on in Washington D.C.? What is with these politicians? They seem more interested in running for re-election rather than running the country. The GOP lead by House Speaker Boehner decided to walk out on negotiations designed at cutting the US federal deficit. This reminds me of the little boy who comes to play a game, brings his own baseball and when things are not going the way he wants them to, he takes his ball and goes home. Childish is the word that best describes Speaker Boehner. Does he not realize the serious financial implications that could befall the American people if some sort of agreement is not reached?  At least President Obama is willing to negotiate and offer real comprises towards a solution to the US Financial problem.

Let’s hope that this financial mess is straightened out before America is trust into a default position. The ramifications of a US default will be felt world wide and could precipitate a world wide recession or even depression. Why? Because speaker Boehner took his ball and went home. Time for the GOP to grow up.


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Obama to Stimulate Economy

Image via WikipediaThe United States job data report showed that private sector employers increased new jobs by 67000 during the past month. In addition the figures for July and August were revised in an upwards direction, however the overall unemployment continues to rise and now sits at 9.6 percent.

Next week President Barack Obama will announce his administrations plans to stimulate the economy. He made the announcement in the White House Rose Garden and stated the report was “positive news, and it reflects the steps we've already taken to break the back of this recession. But it's not nearly good enough.”

“That's why we need to take further steps to create jobs and keep the economy growing including extending tax cuts for the middle class and investing in the areas of our economy where the potential for job growth is greatest,”

President Obama continues his quest to have the Senate support and pass his bill that contains tax breaks for small business in the amount of about twelve billion dollars and the creation of a thirty billion dollar fund to finance lending. The Republicans as is the nature (the party of no) is opposed to the bill on the grounds it is similar to the bailout of the financial industry.
Lawmakers are not scheduled to return to work until mid September therefore do not expect much to happen before the November elections.

Stay on Track,Money Magazine Hoss

European Financial Crisis Deepens

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Money Magazine Hoss is alarmed by the deepening financial crisis in Europe. The Euro is under serious attack and slummed to a 14 month low last week following its biggest weekly decline since Oct. 2008 (4.3%).

On a positive note European finance ministers are meeting in Brussels today to tackle this problem head on. Among those attending are Belgium finance minister Ddier Reynders, Luxembourg finance minister Luc Frieden,Austrian finance minister Josef Proell,French economy minister Christine Lagar ,Swedish finance minister Anders Borg, Dutch Finance minister Jan Kees de Jager, British finance minister Alistair Darling,Finnish finance minister Jyrki Katainen and Spanish economy minister Elena Salgado.

It is clear that this European financial crisis has had negative impacts on the world wide financial markets. Even the Group of Seven finance ministers (Canada, France, Germany, Italy, Japan, United Kingdom, and United States) held an emergency conference call following which they urged their European counterparts to adopt a clear, timely and strong response.

The bond markets in Greece, Portugal and Spain are under serious pressure as interest rates continue to rise.The problem here of course is that unlike North American countries which have individual currencies the Euro is spread over many countries and therefore Countries like Spain, Portugal and Greece cannot devalue their currency to stabilize their economy. They must rely on aid from their Euro counterparts. For example, to date nine countries have signed off on a 110 billion-euro aid package for Greece. But what happens in Greece if this aid package falls apart. Germany (the largest contributor to the aid package) had to overcome a court challenge, which fortunately, was rejected by Germany's highest court.

Money Magazine Hoss hopes today's conference in Brussels will have the desired effect and calm the financial markets, last weeks huge swings are not easy on one's blood pressure.

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Health Care Reform 2014 and Beyond

The Hoss apologizes for the delay in his final posting on Health Care Reform.

Mrs. Hoss's business required that we convert one of the stalls in the family barn (our house) into an office. Although Mrs. Hoss does the vast majority of the work the Hoss must be around to run for supplies, prepare the occasional meal and once in a while provide some actual labour.



Now, back to the health care reform timeline and the changes to take place in 2014 and beyond.

• If you do not have acceptable coverage in 2014 you will pay a fine of $95.00. This will increase to $325 in 2015, $695 in 2016 or a maximum of 2.5% of family income). Penalties will be indexed to the Consumer Price Index after 2016. Note: There will be a cap of $2,250 per family and the charge per child is half the required amount.

• Workers who don’t qualify for tax credits and who are exempt from individual responsibility can join an exchange plan by using their employer contribution.

• A fine of $2000 per employee will be imposed on companies with 50 or more employees who do not offer coverage to employees, if at least one of their employees receives a tax credit. The is per employee after the first 30. The maximum waiting period before insurance takes effect is to 90 days. Employers with employees receiving a tax credit will pay $3,000 for each worker receiving a tax credit.

• Health insurers are prohibited from charging higher premiums due to health status, gender or other reasons. They cannot refuse coverage due to a pre existing condition or current health status. They cannot impose an annual limit on coverage.

• Small employers and individuals will be able to shop around for standardized health plans through health exchanges.

• People not eligible for or who cannot obtain acceptable coverage and whose income is above Medicaid eligibility and below 400% of the poverty level will receive credits through health exchanges.

• New funding will be provided to the States so that all nonelderly individuals Medicaid eligibility can be increased to 133 of poverty level.

• Health insurance companies whose total premiums are greater than $25 million will have to pay an annual health insurance provider fee based on the insurers' market share.

• In 2018 so called "Cadillac Plans" will pay an excise tax.

This concludes The Hoss's summary of the upcoming changes to health care. I hope you have found the information useful.

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Health Care Reform 2013

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Hoss Cents Free Financial Magazine continues its series on Health Care Reform in the United States. Here are the changes you can expect in 2013.

In order to reduce paperwork and costs of administration health plans will be required to put into practice uniform standards for electronic transfer or exchange of information.

A limit of $2,500 per year will be imposed on contributions to flexible savings accounts. In subsequent years this limit will be indexed by the Consumer Price Index.

Health care reform will eliminate The Employer Medicare Part D subsidy deduction. In addition employers will lose the tax deduction for subsidizing prescription drug plans for Medicare Part D-eligible retirees.

The income threshold will increase from 7.5 % to 10% (an increase 0f 2.5%) of adjusted gross income. However, anyone older than 65 may claim the 7.5% deduction until the end of 2016.

Singles earning more than $200,000 will have their hospital insurance tax increase .9%. Married couples filing jointly and earning more than $250,000 will incur the same increase. This includes net investment income.

An excise tax on the initial sale of medical devices will be imposed. The amount will be 2.9%. There are some exceptions such as eyeglasses, contact lenses, hearing aids or other items for individual use.

Please leave a comment if you find this summary of the health care plan informative and helpful.

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Money Magazine Hoss

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Health Care Reform Year Two 2011

In the last edition of Hoss Cents Free Financial Magazine we took a look at changes to health care that are scheduled to take place in 2010. Today we review changes to take place in 2011.

Free annual wellness visits will be provided by Medicare along with personalized prevention programs. There will no co-pay required for preventive services under any new plan.

Beginning October 1, home and community based services for the disabled can be offered by the States through Medicaid as an option to institutionalized care.

Prescription Drug Plan or Medicare Advantage enrollees will receive a 50% discount on brand-name drugs. There will be phased in discounts on generic and brand name drugs to completely close the "doughnut hole" by 2020.

Withdrawals from health savings accounts before age 65 for non qualified medical expenses will increase to 20% from the current 10%. Archer medical savings accounts will also have a tax increase for withdrawals not used for qualified medical expenses, that increase will be from the current 15% to 20% a 5% increase.

In order to ease the administrative burden of sponsoring a cafeteria plan (small businesses, a plan will be created to enable small business to offer tax-free benefits.

There will be an increase in the Medicare payroll tax for individuals earning more than $200,000 and married couples filing jointly above $250,00. The tax increase will be 0.9%. (1.45% to 2.35%).

The Hoss hopes his ongoing summary of the health care plan helps you understand how the bill affects you in this and upcoming years..

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Health Care Reform Year One

Health Care Reform Year One

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Health Care Reform is now law. So what does this mean to you? How will you benefit? Will your taxes increase/decrease? The list of health care questions seems endless to many but fear not. The Hoss has done considerable research and over the next few post will help you determine how the Health care reform package will affect you.

We will start with the changes scheduled to take place in the current year.

Early retirees 55 to 64 will benefit from a temporary reinsurance program provided to companies with early retiree health benefits.

Both lifetime and restrictive annual limits on benefits are eliminated.

The infamous "doughnut hole" in Medicare prescription drug coverage for seniors will be softened with a $250 rebate.

Young adults up until their 26th birthday will be able remain on their parents' insurance. This will be beneficial to college students and others unable to find employment.

If you become ill the insurance company cannot rescind your policy, after all that is why you have insurance.

Insurance companies are now banned from imposing exclusions on children with pre-existing conditions. Pools will be established to cover those with pre-existing health conditions until such time as the health care coverage exchanges are operational.

Coverage for Preventive services without co-pays is mandatory for new plans and all plans by 2018.

An appeals process for coverage determinations and claims will be implemented by new plans.

There will be a $1,000 increase in the adoption tax credit and assistance exclusion. The credit is refundable and extends through 2011.Indoor tanning facilities will have a 10 percent tax imposed on amounts paid for services on or after July 1.

Small businesses having less than 50 employees will get tax credits covering 35 percent of their health care premiums, increasing to 50 percent by 2014.

The Hoss hopes this summary of the benefits to take place this year as a result of health care reform helps you understand how the bill affects you in 2010.

Next Hoss Cents Free Financial Money Magazine Post: Health Care Reform Year 2, 2011
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Home Sales Decline

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Sales of existing homes and condominium sales continue to decline In the United States. The restoration of the tax credit for first time home buyers and the expansion of this program to include repeat buyers have not had the desired effect of increasing home sales.

According to the National Association of Realtors (NAR) resales of US homes and condos dropped .6% in February accounting for the lowest seasonally adjusted annual rate in the past eight months.

However all is not doom and gloom, according to the NAR sales are up 7% compared with a year ago.

Regarding home prices, the Federal Housing Finance Agency reported that its national home price index for January fell 0.6% from its December level. They also reported a drop in prices of 3.3% compared with the previous year. This is a total drop of 13.2% from the peak in 2007.

What all these numbers mean is not yet clear. It could mean the previous surge in home sales is over and another recession is around the corner or it could just be a pause well buyer's are being very careful in their selection. Time will tell.

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Job Creation Number One Focus in 2010 Obama

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In his weekly address to the nation President Obama promised that job creation will be his administrations number one focus in 2010. He stated that even though during the last quarter the economy grew more than at any time in the previous six years, one in ten Americans is unemployed. Therefore, more must be done to provide jobs for …"folks who want them". To this end President Obama has proposed the following incentives:

• Tax credits for business who hire new workers, raise wages, and invest in new plants and equipment

• Eliminate capital gains on small business investment

• Assist small business in obtaining loans

In addition President Obama pointed out that "it is critical that we rein in the budget deficits we’ve been accumulating for far too long". Therefore he has proposed a spending freeze that will cut spending on programs that are redundant, obsolete or ineffective. He also indicated his pleasure that the Senate has restored the pay-as-you-go law.

Last but not least he has called for a bi-partisan Fiscal Commission – a panel of Democrats and Republicans who would sit down and hammer out concrete deficit-reduction proposals by a certain deadline. He pointed out 53 Democrats and Republicans voted for this commission in the Senate. But it failed when seven Republicans who had co-sponsored this idea in the first place suddenly decided to vote against it.

The Hoss believes this move by the Republicans was strictly political and is a clear indication of their unwillingness to work together with the Democrats for the benefit of all Americans. They would rather do what ever it takes to score political points than be creative and work as a team for the benefit of all.

They are indeed the party of no "no cooperation".

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Obama Criticizes Supreme Court Ruling

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In a 5-to-4 decision The United States Supreme Court ended a 20-year ban on businesses using money from their own funds to pay for campaign ads.

President Obama, in his weekly address said,

"This ruling opens the floodgates for an unlimited amount of special interest money into our democracy. It gives the special interest lobbyists new leverage to spend millions on advertising to persuade elected officials to vote their way – or to punish those who don’t. That means that any public servant who has the courage to stand up to the special interests and stand up for the American people can find himself or herself under assault come election time. Even foreign corporations may now get into the act.

I can’t think of anything more devastating to the public interest. The last thing we need to do is hand more influence to the lobbyists in Washington, or more power to the special interests to tip the outcome of elections."

President Obama reminded the electorate that one of the reasons in ran for office was to reduce or eliminate the influence of special interests and lobbyists in Washington. He vowed to keep fighting to ensure the voices of ordinary American people will be heard over these special interests and lobbyists.

To this end he stated that following this ruling "I instructed my administration to get to work immediately with Members of Congress willing to fight for the American people to develop a forceful, bipartisan response to this decision. We have begun that work, and it will be a priority for us until we repair the damage that has been done."

The Supreme Court decision, according to the Conservative majority, was a vindication, of the First Amendment’s most basic free speech principle — that the government has no business regulating political speech.

The dissenters disagreed. They believe allowing corporate money to flood the political marketplace would corrupt democracy.

The Hoss finds this ruling particularly upsetting.

For example a special interest group, such as health insurance industry, will have even more leverage to fend off reforms that would protect patients.

The Hoss encourages all Americans to support President Obama in his efforts to make sure that the most powerful voice in Washington belongs to the average American and not special interest groups.

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Excel Funds Launches BRIC Fund

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On Nov. 3, 2009 Excel Funds, a Mississauga Ontario-based fund company that focuses on investment opportunities in emerging markets launched a new fund named Excel BRIC Fund. The new fund is made up from four existing Excel funds: Excel Latin America, Excel China, Excel India and Excel Emerging Europe.

The four Excel Funds are sub-advised by: Baring Asset Management (Asia) Ltd. in Hong Kong, China managing the Excel China Fund; Birla Sun Life AMC Ltd. in Mumbai, India managing the Excel India Fund; Banco Itau – Unibanco in Sao Paulo, Brazil managing the Excel Latin America Fund; and Baring International Investment Ltd in London, England managing the Excel Emerging Europe Fund.

This combining of four existing funds with proven track records provides investors the opportunity to purchase one fund instead of four.

"The BRIC nations represent more than 40% of the world's population and are among the fastest growing economies," says company President and CEO, Bhim D. Asdhir. "Yet, on the whole, Canadian investors have less than 1% of their investment portfolios invested in these economies. These markets are too big to ignore, as the combined GDP of the BRIC nations now exceed the GDP of the United States of America."

The management fee is scheduled to be 2.5% which is the same as each of the four current funds.

The fund may be purchased with a $500 minimum investment and has both-front end and deferred sales charge options. Speak to your financial advisor if you are interested in making an investment in this fund.

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We have stopped our economic freefall - President Obama

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In his weekly address to the nation, President Obama gave credit to all nations for taking measures which he believes have stopped the economic free-fall. However, there is still much work to be done and he believes the G20- Summit in Pittsburgh September 24-25 will provide an opportunity for "a five-month checkup to review the steps each nation has taken – separately and together – to break the back of this economic crisis."

President Obama pointed to the Recovery Act, which was enacted in February, as an example of action his administration has undertaken to spur economic growth. He also stated that they have worked hard to free up the credit market to put more money into the hands of the consumer.

At the G20 conference the United States is going to "discuss some of the steps that are required to safeguard our global financial system and close gaps in regulation around the world – gaps that permitted the kinds of reckless risk-taking and irresponsibility that led to the crisis".

To this end President Obama is pushing his Consumer Financial Protection Agency proposal (currently before Congress). This agency will have clearly defined rules aimed at preventing shady lending practices such as:

• Loan contracts written to confuse

• Hidden fees

• Financial penalties issued without warning

President Obama gives his assurance that this agency will both establish clear rules and enforce those rules.

He recognizes that Wall Street banks would rather maintain the status quo and have hired lobbyist to work at stopping the bill currently before Congress, but this does not deter his determination to stop the business as usual mentality which this time could result in total financial collapse.

We have all seen how quickly many financial institutions have decided to pay back the government loans rather than abide by the strict rules applied to those loans.

Money Magazine Hoss agrees with the President's philosophy and sincerely hopes that he sticks to his guns and does not succumb to the pressure that will undoubtedly be put on him and his administration to withdraw their proposal for a new Consumer Financial Protection Agency.

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Half of Americans under 65 to lose their health care?

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A brand new report from the Treasury Department indicates that at some point over the next ten years approximately half of Americans under age 65 will lose their health care coverage.

In his weekly White House address, President Obama assured the American people that he would not let this happen. "In the United States of America, no one should have to worry that they’ll go without health insurance – not for one year, not for one month, not for one day. And once I sign my health reform plan into law – they won’t."

President Obama took this opportunity to tell those Americans already with health insurance that nothing in his plan would require them to change their doctor or the coverage they have. Rather, his plan would make sure their insurance would be improved. "We’ll make it illegal for insurance companies to deny you coverage because of a pre-existing condition, drop your coverage when you get sick, or water it down when you need it most. They’ll no longer be able to place some arbitrary cap on the amount of coverage you can receive in a given year or over a lifetime, and we will place a limit on how much you can be charged for out-of-pocket expenses – because no one should go broke just because they get sick."

In addition, those currently without coverage will be able (under his plan) to get quality plans at affordable prices.

He reaffirmed his commitment that any plan he signs will not to add one dime to the United States deficits. He actually predicted a deficit reduction of $4 trillion over the long term. How? By successfully slowing the growth of health care cost by a mere one-tenth of one percent.

President Obama stated the time for action is now.

Money Magazine Hoss agrees with the President. Enough debating. What is currently in place is not working. It's time to try something new. In a country as abundant as America, it is a travesty, an international embarrassment, that so many are without the means to get health care.

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Health Care Public Vs Private

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From the Hoss's Mouth

Why does health care cost so much? Forget all you hear about the high cost of developing new equipment and drugs, over-utilization, increased salaries for health care professionals, and an aging population. Money Magazine Hoss can give you the answer for the high cost of health care in one word: GREED.

Greed by health insurance companies who are in the business for the sole purpose of generating a profit. They could care less about providing affordable health care insurance for companies and individuals.

How does Money Magazine Hoss come to this conclusion? He does so by reading private for profit insurance horror stories posted all over the Internet and by reading private insurance whistle blower testimony given before Congress.

Health insurance companies are notorious for denying valid claims, using excuses such as claimant had a pre-existing condition, claimant provided false information on their application form (even if it was an honest mistake). Testimony before Congress indicated for-profit insurance companies employ the following strategies:

• Regular meetings to identify high cost areas and how to redesign benefits to control them.

• Multiple exclusion clauses which are unknown to doctor or patient until used by the insurance company to deny a claim.

• Pre-existing condition exclusions which enable the plan to take steps to link a patient’s current diagnosis with some prior diagnosis and thus deny the claim

• Misleading advertising which only highlights the benefits of the plan with no mention of the plans restrictions.

• Denials on the grounds the treatment is not medically necessary--this is the insurance companies' ultimate cost control tool.

The above examples are by no means a complete list of all the methods used by insurance companies to reduce their costs.

For more info, see the testimony of LINDA PEENO, M.D.

Perhaps the most disturbing tactic Money Magazine Hoss has come across is when a terminally ill patient’s health care claim is denied. The health insurance company knows full well that the claimant will die before s/he can process an appeal, and thus they avoid paying for any treatment prior to death. Of course they always claim they had legitimate reasons for denying the claim.

Money Magazine Hoss resides in Canada, and we have a public health care system which, although not perfect, does take the profit incentive out of health care. The premiums are minimal and provisions are made for those with no or very little income. We do experience some delays but emergency cases are given priority.

Money Magazine Hoss supports President Obama’s public health care option, in fact he would like to see health care totally removed from for-profit companies.

Stay on Track,

Money Magazine Hoss

Next Hoss Cents Free Financial Money Magazine Post: September 06, 2009
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