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March 24, 2010

Chris Garlasco, Owner & Managing Partner - Founders Insurance Group

Over the coming months and years there are going to be statements about the health insurance industry that you are going to be hearing. It is my hope that when that time comes you will dust off this blog entry and reread my predictions.

 As a direct result of the Health Insurance bill that the Obama administration has just passed you will soon see insurance premiums climb at an unprecedented rate. They will climb because the bill does next to nothing to lower out of control health care costs while at the same time wildly increases unfunded mandates and taxes.

 The president will tell you that insurance company greed is the driving force behind these increases. The Speaker will tell you that insurance companies are evil in raising rates after they have just passed the most comprehensive reform measure in American history.

 Comments like these will set the tone for the next phase of decreasing the quality of care for the vast majority of Americans. There will be an even greater need for government run care as rates and greed spin out of control. The administration knows this fact very well. Their only solution will be a broken and bankrupt system that resembles Medicare. The very principles that have run Medicare toward bankruptcy will now be running the nation’s health care system. It is a system without checks and balances that has never had to adhere to the danger of nonexistence due to unlimited sources of funding in the form of tax dollars and coverage cuts.

 The administration is counting on your lack of understanding of insurance principles to make those deceptions appear real. It has never been more important for the average American to be informed about the admittedly boring topic of insurance if the average American wishes to be protected from the mess that is about to ensue. I strongly encourage you to take a moment and read my blog entitled “Insurance Company Abuses” for a simple but effective thumbnail on how insurance works. Knowledge is power and propaganda shouldn’t be mistaken for knowledge. 

I know that you may be thinking that I am just another propagandist. I am no such thing. My partners and I own an organization in the Founders Insurance Group that represents clients just like you. We do not work for any insurance company. Our interest is what is in our client’s best interest. In the same fashion that your accountant understands tax law on your behalf or your attorney understands the legal system on your behalf, it is our job to understand, advise and protect our clients. We have a deep understanding of how insurance works and we cannot state strongly enough how bad this legislation is for the bulk of American citizens.

 It is not a surprise that much of this disaster doesn’t become effective until several years down the road when the administration has already fought its last election battle. It’s no surprise that the very lawmakers that have passed this terrible bill have exempted themselves from its coverage. Here at Founders, every owner is covered by the very same companies that we recommend for our clients. That should send up a bright red flag to you, the consumer.

 So when you see your insurance premiums skyrocket over the next several months and years remember, this is part of the plan. Everyone in the know knows that it’s just part of the process. If you are uncertain of my predictions, ask yourself this question, “what would be the logic behind raising rates to the utter destruction of the insurance company?” It doesn’t make a lot of sense does it? Companies will have no choice as they will be fighting to survive in a game with a stacked deck. Some Americans have been led to believe that this is progress. A look back in the mirror in 2020 will sadly tell a different story if this is allowed to continue. The math never lies.

 Bad legislation, no matter how good the intention, is still bad legislation.

 Chris Garlasco

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