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Insurance, Weather, Goldie and the SNB
I Hate United Healthcare
I posted an early version of this letter last year. I’m pissed enough
and I think this is relevant enough from me to put up the latest
version.
This letter and the pricing structure contained in it has been approved
by the NYS Insurance Commissioner. These rates are not inconsistent with
what a different insurance provider would charge. For a family of four
in NY it now costs $67,634 per year to buy health insurance.
If you live in NY you have to pay an extra 8% tax on income. This hit
coupled with the IRS gets one easily over the 40% mark. To make an after
tax income of $67k one has to earn $113K. And that is just to cover an
insurance bill. Forget about what everything else in life costs. For
what it is worth the average income in NYS is $47k
The brave folks in D.C. are working on plans of how to fix this problem.
We have to wait another three years for any benefits from Obamacare,
and in all likelihood that plan is going out the door. I have to wonder
how many people are going to die as a result of this mess.
Question: Have others gotten similar letters to this in the past month or so?
Weather is Changing – Hang on Gulf Coast
The super La Nina we have been struggling through has broken. From NOAA:
La Niña
weakened for the third consecutive month, as reflected by increasing
surface and subsurface ocean temperatures across the equatorial Pacific
Ocean.
What are the computers telling us what will come next?
Nearly
all of the ENSO models predict La Niña to continue weakening in the
coming months, and the majority of models indicate a return to
ENSO-neutral by May-June-July 2011.
Here is the chart of the computer forecasts. The ones that worry me are
those that are projecting an ENSO of +1 by the summer's end. This
condition has brought us active hurricane seasons in the past.
What might the weather patterns be if we do get back to La Nina conditions? History says it will be dry in the West, hot in the South and wet in the North East.
Take a look at the pacific jet stream during La Nina. Does it appear to blow directly from Fukushima to the United States? Looks that way to me.
The Goldie Call
Many observers of the markets have already commented on the Goldman
call(s) this week for a break in commodities pricing trends. (Zero Hedge link) I'll toss in my two cents.
I guess there is a possibility that GS is putting out this word as a public service message. But I highly doubt that. Three times in one week is manipulation in my book.
Buy the dip on this one. Goldman is setting up a bear trap. They should just shut up. They can trade their book all they want. But they are taking their book and that is quite another matter.
Who’s losing in FX?
Did you notice that the USDCHF solidly broke 90 last week? The Swiss can
blame Bernanke for this. The CHF is not so strong against the Euro
these days. This is a dollar move.
The Swiss economy is not very dependent on the dollar exchange rate. The
Euro link is a much bigger headache for them. But the drop in the
dollar is hurting the Swiss people in a different way. The Swiss
National Bank is getting killed (again) on their reserve holdings. This
is a recent breakdown of their portfolio:
How bad are those losses? From the end of 2010 till the close on Friday
it comes to $4 billion. It’s even worse when you go back to June of last
year. In a little over nine months their USD book has cost them a very
lumpy $15 billion. That comes to a tidy $2,000 for every citizen. That
may not seem like a big bundle for all those rich folks in Switzerland.
But consider the magnitude of this error. If each American took an FX hit of $2,000 it would come to $600b. Heads would role if that happened.
The SNB has dug themselves a hole. They can’t get out of it. This hole
will have to get bigger. Keep in mind that every dollar of these losses
is a dollar is spec hands. The SNB is making hedge funds/bankers rich. What a silly system we have.
»
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Sorry, I write as a Canadian......
I'm sure if you promose to pay us, say half of that, we'd give you citizenship pronto.
Been without power for a day and a half here in Fayetteville, NC
Tornado just missed where I live by 2 1/2 miles to the east.
Lots of damage, even my youngest kid's high school got ripped.
Lowe's in Sanford, NC got demolished by a separate Tornado.
There were a ton of touchdowns across the state, some stayed on ground for 150 miles.
It's bad....
Thankful we are okay, and hope everyone else is too!!!!
I worship the sacrifices doctors have to make... lets tie our children to the the worlds 'future entitlements' so when the promices end we can bury them in taxes to remember how glorius it all was
One of you people should read the letter with a little more care. That is an ANNUAL premium figure, not monthly. Quit'rbitchin.
Oh but I wish that you were right. But you're not. I pay these bills, have for for years.
Those are monthly numbers you are looking at.
bk
How much do you weigh, Bruce? Being overweight drives a lot of disease, both physical and emotional. Do a Google search of the term "Fast-5 diet". There is some compelling science backing it up.
What I would advise is to judgment-proof your assets, cancel your health insurance and "face the storm" head-on. You won't have the stamina to do this, though, if you're overweight. Losing weight is easier said than done, of course.
This fast-5 diet is about eating for five hours each day and fasting for 19. During the 5 hours, you can eat how much and whatever you want. Read up on the science behind it.
5'10" 165. I'm 61 and in good health.
I might lose a lb or two, but that is not the issue. I'm just getting stepped on.
That's just silly, Steve.
Try the Fit for Life diet, instead.
The body more or less needs constant nutrition and shouldn't be subjected to periods of starvation. You want to get your insulin out of whack? Eat baked potatoes and ice cream for five hours, then starve yourself.
Sorry.
For each meal, three major and three minor (that's right, six a day...), you should have protein, carbohydrates and vitamins and minerals (preferably in the form of vegetables...). Have a protein shake for the minor meals with a supplement.
For the major meals, your protein should be as big as your palm, your carbohydrates should be as big as your clenched fist and your vegetables should be enough to hold in both open hands.
Balance. Always the Universe comes back to this concept.
:D
Hi, pal. Nice to see you.
Nice to see you, too.
You know, over this ordeal recently, they have ordered all these very expensive tests and come to the conclusion that there is nothing they can do about it.
So, I ended up going back to my roots in oriental medicine (I've studied herbology...) and I feel so much better than I have in months. Western medicine only treats the symptoms of a problem and has no mechanism to attack the underlying cause.
For instance, if I went to my western doctor and said I have a Liver Blood deficiency, which is contributing to a Kidney yin deficiency whereby the yin can't hold the yang; the yang rises and attacks the Heart, creating wind and lodging as wind-stroke, they wouldn't even hear a word I said- wouldn't get it even if I explained it to them.
I, on the other hand, have an herbal formula for that. No, it doesn't taste so wonderful and it brings back the memories of the old saying, "Take your medicine." But, it seems to be working. :D
Western doctors know next to nothing about nutrition, either. It really is a shame. All they can do is prescribe pills that keep the pharmacos rolling and keeps up their monopoly on medical treatments.
I wouldn't worry too much about your liver, either, Bruce. If you don't have liver disease by now, the chances of you getting it are very slim. The chances that you'll need a transplant any time in your lifetime is infinitessimally small.
Anyway, it is nice to be back.
:D
P.S. Buy USDCAD to 1.01! (Can't keep me down, dammit!)
That's exactly what they provided to my small company in the hills of West Virginia. Average income @35,000 per year. Gotta love the spread between now and the "mandate" of 2014.
On the weather thing....we here in the great state of Texas are praying to Gawd Almighty (Bernank) that the La Nina eases, and fast.
A record dry March after a dry 2010 for many of us has already led to many counties being declared disaster areas and Federal funds made available to affected interests.
We are having winds, almost daily, in the western half of the state of 25-35mph, with occassional days of wind speeds hitting 50 or more. Friday was one of those days. Humidities in the low teens and even single digits...and plenty of wildfires.
This may be the new Dust Bowl 2011, with attached Greater Depression for historic authenticity. I blame algore for it all.
You could move to Canada, or the south of France. Stay away from the British Isles. Colombia even has decent healthcare and dentistry.
I have had dreams of a large hurricane hitting Maimi for two years running...perhaps the third year is a charm.
We are presently being irradiated, and have been since nuclear weapon testing began. Those particles of MOX have to go somewhere. Detox now. And imagine that people think that smoking causes lung cancer, when all along it has been automobile pollution, pesticides/chemicals and nuclear particles...
http://www.sott.net/articles/show/139304-Let-s-All-Light-Up-
O.K., now I'm ordering that box of 25 Churchill Maduro's...
Why don't you put a gun to someone's head to make sure you get your health insurance?
That's what your stupid government does.
Statist asshole.
I disagree with Bruce now and then, as I do here. But he works hard, documents his data, and engages in honest discussion about the most controversial subjects. A touch of civility becomes us.
Interesting avatar. Must be a story behind that;)
When I was a trader. 1982?? Citi bank FX trading room at 399 park.
A good year for me....
And here I figured my $37.00 per month for full coverage was a bit high. (includes $150.00 pension at 62 and then no charge for health coverage) Now I dont feel so bad.
Bruce, Bruce, Bruce.
First operative word in the letter = "Oxford"
Change that to "State Community College" and your rate would be $6,000 a year.
Change that to "Illegal Immigrant" and your rate will be free at your nearest clinic/emergency room.
They make you pay what you are willing to pay, and you are paying it, have been paying it. It won't change until you stop paying it and don't have insurance (gasp).
You have to join the dissenters, quit paying, and show up at the hospital - they can't deny you treatment.
Hell, for $64,000 a year you could rent an nice apartment and move whenever the bill collectors tried to track you down.
Have you not figured out that the "own a house, pay the bills, feed the system" game is for chumps yet?
It took me quite a while, but I'm catching on; join me?
You are so wrong about this.
If I were to drop this insurance and I had an accident and broke my leg I would be admitted to the emergency room and taken care of. No problem at all.
But If I get liver disease there is no emergency treatment. If I were to show up and say I need a new liver or dialysis, they would send me away and I would die.
I'm not so sure about that, but at $67,000+ per year invested for the next ten years you would have alot more money to pay for actual care versus "insurance", no?
You are paying almost twice median income simply on premiums; do you not see something wrong with that?
How much could someone making median wage pay?
Do you realize that by paying such a ridiculous amount of money for "insurance" you are feeding a monster that eats people alive?
This corrupt system of insurance and healthcare is fed by your fear, my fear, our fear; tulip mania and South Seas bubbles of fear. It is EVIL.
I said in the piece; "I hate em!"
Another fine example of the state's awesome copragenic power. From sound money to education to medical care, there is no societal institution that it cannot turn to shit. How fitting that Obunghole is leading the charge. But even worse are the people who put him there.
My cousin's health insurance sent him a notice of billing that raised rates to 800 per month. He threatened to cancel the insurance. They caved.
Might have been about 5 years ago.
Meanwhile, in Canada:
"Currently in Ontario, people who earn salaries above $20,000 must pay an annual health care premium ranging from $300–$900. Funding for medicare in Ontario also comes in part from a dedicated Employer Health Tax (EHT) that ranges from 0.98%-1.95% of employer payroll. Eligible employers are exempted from EHT on the first $400,000 of payroll. British Columbia and Quebec charge similar premiums. Alberta charged $44 a month or $88 per family until it abolished premiums in 2009."
Now you must remember there is a problem with delivery and you might die before you get treated, but look at the money you saved for your beneficiaries!
Oddly live in Canada.......Alberta.
My dad had a heart attack 2 years ago. On a Thursday. He went to the ER, was seen immediately (given the heart attack). Was in a Cardiac Care Unit, 5 hours after hitting the hospital. He has a number of tests on the Friday. The following Monday he had 3 stents put in his right side, and on Wednesday 2 on his left side. Discharged by the following Friday. Started Cardiac Care rehab 2 weeks later.
So, near as i can tell there is no problem with delivery.
Is there rationing in the form of waiting times for non emergent care, yes. But the US rations as well, in the form of COSTS . I know which system, i prefer being part of.
Um, it's not United Healthcare that is the problem. NY state has something like 52 mandated coverages--podiatrist, chiropractor, fertility treatment, even hair transplant IIRC, etc. They also have community rating and guaranteed coverage of pre-existing conditions. This is not insurance, but pre-paid healthcare spending--mandated spending. United Healthcare is just the conduit, i.e. part of the system that the politicians, in their infinite wisdom, designed so as to collect as much re-election campaign contributions from captured special interest constiuencies.
And.....conveniently the blame is always placed on the conduit. Pretty good deal for the pols.
I thought the insurance industry, health insurance in particular, was a highly regulated industry for our protection?
What type of policy is this? I have family coverage with BCBS a high deductible MSA plan and it costs me about $7200/yr including the MSA funding. I'm in the Chicago area so I would expects some variance in cost of living to NYC, but not ten-fold.
Bruce, you have to tell us what kind of policy the bill is for to help understand. Our small business had to switch to a high deductible plan but it is very worth it. About $23k for a family. Are they not available in NY?
This is regular health insurance. I have a $20 copay and $500 deductible for medicines.
I am a single person. So I do not pay the family rate. I pay the 1,839 number per month.
I am 61. There are only two companies in NY who would cover me. The both charge about the same on monthly basis. This is no option for me.
I got sick in 1999. Lots of bills then. I have no health problems today. I have not had any serious illness or medical bills in 12 years. But I am still paying the price for what happened in 99'.
No cheaper option is available for me.
I hope you are pissed off, are you?
I am.
It is all OBSCENE.
It is euthenasia, child killing, and gas chambers using a cost basis.
Really, think about it, they are not healing, curing, but NOT doing so based on almighty $$$ - which is little different from killing someone softly, quietly.
Four years untill Medicare eligibility. Of course the US might be on a voucher system by then which would be indexed to income.
Best wishes for your health.
So does the state not allow you to buy a high deductible /HSA plan? That is crazy.
OT - http://sherriequestioningall.blogspot.com/2011/04/morgan-stanley-defaulted-on-loan-and.html
Massive default in tokyo, I can't confirm. Gotta be good for 600 on thte Dow.
Yup. Expecting more of stuff like this to happen.
I don't think any of this is important. What I do think is important is Japan is the most carry traded currency and nation on the planet. The nuke accident is going to cause the entire island to be evacutated. They stood their ground during world war II and came out of it but that was a bomb that blew all the fuel instantly. This a nuke reactor with hundreds of pounds of leaking seeping radioactivity.
What I do think is important is this is going to absolutely nuke the Bank of International Settlements as it nukes its loans to big business who have lost supply chains even temporarily. The entire Japanese comercial reit space is toast because who pays rent on nuclear wasteland real estate.
America owns most of the insurance in japan and the law suits and settlements are a force majeur on it. Christchurch was flattened just a few months ago and now this crap is passing between the southern hemisphere and the northern hemisphere like there's no boundry. Taking responsibility for another peoples fate is all fun and good while your profiting from it but we'll see if state farm has any helping hands or if they run off and buy up underground chinese bomb shelter apartments.
Bruce, you are insured for every hocus pocus treatment available in NY.
Don't blame UHC, blame the the dumb ass Libs that want in vivo fertilization for all.
Have you considered moving?
Sure. But that does not help. I would pay the same in Florida, Texas or Cali.
For $67K, self insure and when something goes wrong, bargain with the hospitals and providers. You'd be shocked on how low they will go for a cash price and no paperwork.
Don't hate the insurance companies. Hate the politicians who give them a monopoly.
When facing tyrannically obscene immorality one must hate and punish all the obscene immoral players.
americans
how can you stand living in that conditions?
government must even know if you take a pill?
this is an amazing society.
you should try living in south america.
our govenment is corrupt,yes.so what?yours is worse.
we can cheat our government easily.they don't have database,they don't have CIA,etc.
the best of you come now or fight for your freedom.
stop complaining.
Empire sucks of late. Where's a body count when you need one? I mean not even K-Daff and Sons? WTF?
Something wacky with that cost of insurance model. I just switched from my COBRA (at 1300 a month) to BC/BS and only pay $800 a month. That's for a family of 4.
My COBRA from my old employer SUCKED and BS/BC is better coverage. So how do you come up with $67,000?
My estimate, at worst, is $13,200. Not oppressive, not cheap, either.
Sometimes I wonder what people in the US are smoking when they talk health care. Really. I've negotiated EVERY bill I've ever paid to a hospital. Every bill. Once I pay my deductible, each hospital has been willing to not only work out a payment plan, but they have worked to reduce the cost.
All you have to do is ask. Problem is, nobody does.
Hmmm, a letter from the future. It's dated May 1st, 2011 at the bottom...
Anyway, the SNB gains on gold will help to offset any dollar losses.
The letter is date 3/28. The reference to May 1 is the dat that the new, higher premiums take effect.
Bwahahaha. The SNB/Hildebrand sold half of Switzerlands gold in 2001 because "they had too much". So now instead of having massive reserves of gold, the Swiss people are looking at massive losses on the $US reserves and are being consoled with stupid statements about "SNB gains on gold".
+10