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  • Building Trades vs. Medical Industry

    I'm curious as to why there isn't insurance for home owners when a plumbing, electrical, HVAC or other type of problem arises.

    For an example, if you have good medical insurance and you get hurt, you usually pay only a small percentage of the bill or a copay and no one (rarely) ever questions it. "Why is a doctor visit $150+?" or even "Why does taking 4 wisdom teeth out cost $2,000?" is rarely heard. The insurance usually covers quite a bit of it and no one complains.

    Now, I'm not talking about home owners insurance because rates usually go up if you make a few claims within a few years. With medical insurance, your rates don't go up if you end up going to the doctor once a week for months on end.

    Thoughts?
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  • #2
    Re: Building Trades vs. Medical Industry

    Probably because the insurance companies have done a pretty thourough risk analysis and decided they couldn't make any money.
    sigpic

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    • #3
      Re: Building Trades vs. Medical Industry

      They do have this type of insurance. American Home shield is one company in this area. Bad deal for for the customer and the plumber. They essentially pay you the plumber what they want and it's difficult to get your money once the job is done. The only way it works out for the company is when you're in an isolated area and you can tell the insurance company what you want to get paid.
      Buy cheap, buy twice.

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      • #4
        Re: Building Trades vs. Medical Industry

        I think I heard about American Home Shield before and that situation seems like it kind of sucks.

        As for not making any money because of risk, I don't see how it could be any different when, say, pregnancies cost thousands upon thousands in medical bills per child conceived. My friend had a one hour surgery on his hand and now has well over $10k in doctor bills. One day in a hospital is really expensive. I think its into the thousands now if one doesn't have insurance.

        How do medical insurance companies make money? It seems that if they make money, a company that would do insurance for homes and do it the same way would have to make money, also.
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        • #5
          Re: Building Trades vs. Medical Industry

          Originally posted by HouseOfAtlas View Post
          How do medical insurance companies make money? It seems that if they make money, a company that would do insurance for homes and do it the same way would have to make money, also.
          The medical insurance companies negotiate huge (<50%) discounts with the providers. Also you need to add up the cost of the premiums that you pay, plus the premiums your employeer pays (I understand that a lot of you guys do both). Most of us would probably not want to pay that much for a home warranty.

          Also, I think that people are more uniform than houses, so operation X on one person and operation X on another are likely to cost the same amount; so it is easier for the medical insurance companies to decide what is reasonable than with a problem with a house.

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          • #6
            Re: Building Trades vs. Medical Industry

            Originally posted by HouseOfAtlas View Post

            How do medical insurance companies make money? It seems that if they make money, a company that would do insurance for homes and do it the same way would have to make money, also.
            Insurance companies are the biggest group of legal crooks in this country. How do they make money? They invest the premiums you are paying into the markets, they are rumored to be a big player in oil speculation right now. They use the shear number of those they insure to dictate medical rates to hospitals, and the companies are free to collude on this with other insurance companies because the industry is unregulated. They also welcome being sued, the larger the suit the better for them, because when you sue an insurance company for ten million dollars, they deduct that sum from their working assets, they are still investing that money, but it is on their books as a liability against the lawsuit, and not an asset, so they pay no taxes on that ten million.

            Trust me, they won't be having tag days for insurance companies anytime soon.

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            • #7
              Re: Building Trades vs. Medical Industry

              believe me, if the leaching B#@$%^DS thought they could make a buck off it the would.

              There should be an open season on Insurance agents, Lawyers, Real estate brokers, Mortgage originators, IRS agents, and all the other blood sucking leaches who's sole purpose in life is to take your money and give you back as little as possible.
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              • #8
                Re: Building Trades vs. Medical Industry

                Wow! I didn't know I'd get such a wealth of info from you guys. Thanks a bunch!

                As for insurance companies being leeches, what about clinics and hospitals? Remember the movie John Q? Supposedly insurance companies gave bonuses to clinics and/or hospitals to NOT do further testing on patients. I see it happen today. My ex girlfriend ripped her ACL in half and was obviously in extreme pain. Her doctor wanted to just give her some pain medication and send her home but we demanded she get an MRI done.
                YourHomeContractor.com - The Trusted Online Community For Homeowners and Contractors.

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                • #9
                  Re: Building Trades vs. Medical Industry

                  You guys must have horrible insurance plans. I never have any problems. So what if they invest? Arent they in business to make money just like everyone here?

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                  • #10
                    Re: Building Trades vs. Medical Industry

                    Originally posted by HouseOfAtlas View Post
                    Wow! I didn't know I'd get such a wealth of info from you guys. Thanks a bunch!

                    As for insurance companies being leeches, what about clinics and hospitals? Remember the movie John Q? Supposedly insurance companies gave bonuses to clinics and/or hospitals to NOT do further testing on patients. I see it happen today. My ex girlfriend ripped her ACL in half and was obviously in extreme pain. Her doctor wanted to just give her some pain medication and send her home but we demanded she get an MRI done.
                    The clinics and the hospitals are protecting themselves against the fight with the insurance companies to get their money, which is not unusual to take 120 days to arrive, but an insurance company will cancel you if you are ten days late, and charge you a fee to reinstate your coverage.

                    The entire industry is little more than legally protected theft.

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                    • #11
                      Re: Building Trades vs. Medical Industry

                      Originally posted by Masterplumb View Post
                      You guys must have horrible insurance plans. I never have any problems. So what if they invest? Arent they in business to make money just like everyone here?
                      So you think that they should be able to make whatever margins they want, and legally deny claims that should be paid because they know the person they are denying will only seek legal action 25% of the time? As long as people share your opinion the insurance industry will continue to print money in this country, and most of the major companies are majority held by out of country corporations.

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                      • #12
                        Re: Building Trades vs. Medical Industry

                        Originally posted by Killertoiletspider View Post
                        So you think that they should be able to make whatever margins they want, and legally deny claims that should be paid because they know the person they are denying will only seek legal action 25% of the time? As long as people share your opinion the insurance industry will continue to print money in this country, and most of the major companies are majority held by out of country corporations.
                        I guess your point has some validity to it. Each case is different. My point was you criticizing them for investing premiums in big oil and the like. What do you think banks do with your money? What is your profit margin for YOUR company or do you not own a company?

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                        • #13
                          Re: Building Trades vs. Medical Industry

                          Originally posted by Masterplumb View Post
                          I guess your point has some validity to it. Each case is different. My point was you criticizing them for investing premiums in big oil and the like. What do you think banks do with your money? What is your profit margin for YOUR company or do you not own a company?
                          I work for someone else.

                          Banks are regulated, there are limits on what they can charge as interest, and what they can charge in fees, there are no such limits on insurance companies, a bad quarter of investing for them means they raise their rates to cover their loss, and there is nothing anyone can do about it. They do the same thing when the tort lawyers nail them for a big verdict, or they seek bankruptcy protection to reduce their losses, the smaller companies just dissolve and their foreign based owners restart the company under a new name, because insurance in this country is a goldmine of profit.

                          But hey, keep defending them, they love it.

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                          • #14
                            Re: Building Trades vs. Medical Industry

                            Originally posted by Killertoiletspider View Post
                            I work for someone else.

                            Banks are regulated, there are limits on what they can charge as interest, and what they can charge in fees, there are no such limits on insurance companies, a bad quarter of investing for them means they raise their rates to cover their loss, and there is nothing anyone can do about it. They do the same thing when the tort lawyers nail them for a big verdict, or they seek bankruptcy protection to reduce their losses, the smaller companies just dissolve and their foreign based owners restart the company under a new name, because insurance in this country is a goldmine of profit.

                            But hey, keep defending them, they love it.
                            Not defending it. Just trying to understand your logic. You originally criticized them on investing in big oil, why is that a bad thing. I though the idea of being in business is to make money? If they are so horrible and overcharge why have it? Wouldnt it be cheaper and better to go at it alone?

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                            • #15
                              Re: Building Trades vs. Medical Industry

                              Originally posted by Masterplumb View Post
                              Not defending it. Just trying to understand your logic. You originally criticized them on investing in big oil, why is that a bad thing. I though the idea of being in business is to make money? If they are so horrible and overcharge why have it? Wouldnt it be cheaper and better to go at it alone?
                              Does your state require auto insurance?

                              Does your lender require homeowners insurance?

                              Do you think these types of insurance are a different industry as health insurance?

                              Their lobbyists have done a fine job of ramming required insurance through the legal system while being able to fight off every attempt to regulate their industry.

                              And I did not criticize them for investing in big oil, I am accusing them of being a major player for the inflation of oil prices. But perhaps you like paying over four dollars a gallon for gas.

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