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Life and Times of an itinerant slacker in Sacramento. Thrills, Spills Galore coming soon. Not to mention lots of opinions.

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Saturday, June 26, 2010

Actuaries Propose Unsupportable High Health Insurance Rates. . . Again

Newsflash

After an independent examination of its recently proposed fat rate increase for individual health insurance policies in California, AETNA has admitted the facts do not justify its rate increase. In other words, we are asked to believe that AETNA's hundreds of credentialed actuaries committed an honest oversight that, if not found out, would have added millions in undeserved profits to to AETNA's treasury.

This is a repeat performance of what happened at Anthem/Wellpoint.

Now with two similar cases, I must stop beating a round the bush. The question must be asked out loud:

Are these hundreds of health insurance companies' actuaries compulsive liars, or are they consistently incompetent. Or, has the actuarial profession been reduced to something like a dead horse, filthy with the stench of corruption, surrounded by a cloud of buzzing liability lawyers. I can't rationalize how what we are seeing might be the result of acceptable behavior on the part of these companies' actuaries. I am not happy.

Professional ethics (yes, some people still have them) require me to step back and let you decide. Look at the facts and decide for yourself. Expect the results from similar reviews to emerge in the near future. You'll be able to read about them here.

For the record , "I have no opinion,and anyone who says otherwise is itching for a fight.".

That's my story and I'm sticking to it.

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I must enjoy shouting into a vacuum, but I think about getting my act together one of these days. My mom says I am very handsome and intelligent.

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