This is a good article and while renewals are meant to be something to make life easier, you can’t say that anymore as what you think you are renewing may cause some financial surprises and here once again the convenience is there, but consumers have to look at the consequences as we are still looking at “Modeling for Inequality with Segmentation”…good video to watch below and it is how it works.
Modeling for Inequality With Segmentation, Insurance Industry Uses Backwards Segmentation As Some Models Stand to Threaten Overall Democracy
Automatic renewals used to be a good thing and in some areas it still could be but not with health insurance as the business model created by insurers is really not user friendly and pretty much for the most part the government got soaked here as they didn’t have the talent at the time the law was created to see beyond this. It’s sad and what we got stuck with today and we all suffer now. Sure more people are insured and of course that’s good thing, but what are they insured with and what are the trap doors we have to work with to be insured is more of the question today. Complexities mean profits for insurers and they know it, so don’t look for any relief there as it’s only going to get worse as new algorithmic business models figure out how to keep big corporate profits rolling.
We still have this complex system of subsidies working out there and again it too is an algorithmic formula that changes so big deal on automatic renewals as you may once again get screwed and and not even realize what happened here, thinking that a renewal would be good thing. Again the government I don’t think didn’t anticipate all of this when writing the ACA and of course as I have said so many times we have that “Sebelius Syndrome” that continues to haunt. I did say in 2009 that she would no match at all to work with insurers as she would be duped and duped again. Pretty much anymore when it comes to the US healthcare model too, not much difference between what United Healthcare puts out in their annual reports and what we see rolling out of CMS to include Andy Slavitt from United Healthcare as the #2 person at CMS, so the duping continues with a White House that is lost living in “The Grays” to where they can’t tell the difference anymore between virtual and real world values.
If you want to learn more about the impact and power of algorithmic formulas like this and in the financial world, visit the Killer Algorithm page and take in some videos that explain how math models work and how all of this is planned out and keep inequality going as accelerated speeds today via “The Scoring of America”. Secret scoring and algorithmic formulas keep big corporations in the money while our side keeps dwindling. BD
For the 8 million people who persevered through all the software trapdoors in the new health insurance exchanges and managed to sign up for coverage in 2014, their policies will probably automatically renew come November when open enrollment begins.
Seems like good news after all the headaches consumers endured after the program’s launch last year. Except that renewing the same policy may not be the best choice. Many may end up paying far more than they need to and with policies that don’t best fit their individual circumstances.