Open Letter to “Occupy Wall Street” Protesters

Dear “Occupy Wall Street” protestor,

I am Wall Street.

No, I am not one of the top 1% who controls 40% of the wealth in the US, but I hope to be someday.  I also like investing in big companies and need them to be profitable for my savings.

You speak of greedy big companies not sharing their profits, but you forget that these companies were only created for profit.  It’s the reason people start companies.  Without a profit motive, there would be few big companies to employ people or create wealth for investors on Wall Street.

I understand you are frustrated right now with high unemployment, but it’s not the fault of Wall Street or big companies.  If you’ve been unemployed for a long time, it’s your fault.

Yep, your fault.

I’m not trying to be mean, but I think our grandparents who made it through the Great Depression would be rolling over in their graves if they saw you protesting “Wall Street”.  You should be out looking for a job, training for a job, or creating a job. Maybe it’s not your dream job, but there is work out there.

That’s what Americans used to do.  When the going gets tough, we should keep on going. We don’t waste time protesting a good thing.  Profit and success are good things.

These protests look foolish.

You blame Neoliberalism?  (explained here on Wikipedia)  You claim it’s the reason we don’t have jobs or can’t afford healthcare, education, food, or our mortgage.  Those are excuses.

Excuses and irresponsibility are the problem.

We have economic problems because consumers bought homes they shouldn’t have, borrowers got mortgages they shouldn’t have, banks made loans they shouldn’t have, companies insured assets they shouldn’t have, and investors bought securities they shouldn’t have.

Protesting won’t help.

It’s time for you to go hunting for income and profit.  No one else is going to fix your problem.  It’s time to be an 8pm Warrior.

Have a responsible night,

Aaron@Biebert

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A New Day in Healthcare

Insider sources in Washington D.C. have confirmed that the vote on healthcare reform will successfully pass the House, the budget for the bill will then be reconciled by the Senate, and then the President will sign into law one of the most significant pieces of legislation in almost a generation.

Today truly is a new day in healthcare. 

Whether you’re for it or against it, there is no doubt that it will make significant changes to almost 1/6 of the US Economy, add millions of regular users to the healthcare industry, and usher in a new era of growth to an industry already poised to experience tremendous growth as the Baby Boomers retire. 

So, you might be wondering how this affects you?  In this posting, we will attempt to provide a basic overview of what will happen.  While it will vary by what part you play in the industry, it is certain to affect everyone:

Patients will:

  1. be required to carry health insurance
  2. get help from the government if they qualify under a certain income threshold
  3. not have lifetime caps on insurance coverage
  4. not be excluded from some option of coverage due to pre-existing conditions
  5. pay a tax on very expensive health insurance plans (The so-called Cadillac Plans) 
  6. see Medicare Advantage plans begin to disappear
  7. see the value of their health benefits reported on their W-2 forms

Clinical Professionals (Doctors, Nurses, Therapists, Leaders, etc.) will:

  1. see the number of potential patients rise as the program begins implementation
  2. see changes in reimbursement methods and amounts
  3. see encouragement of doctors and caregivers to reorganize to provide more efficiency and quality of care
  4. have fewer uninsured patients that need care

As with any new entitlement, someone will have to pay for it.  In this case, it will be paid for by new taxes, State budgets, and some cuts in Medicare budgets.  Also, as was the case with Medicare and Social Security, the costs will probably outgrow the current plans for taxes and cuts, and new taxes or deficits will be needed. 

The impact this bill will have on insurance companies, Medicare, Medicaid, businesses, and taxes is not certain.  The country is sharply divided on the matter, and there will be many legal battles and objections from States.  Periodically, I’ll update our readers here on what we’re seeing on the horizon as things change.  However, history has shown us that these sort of reforms are hard to reverse. 

For your reference, we have provided a helpful timeline below to outline when different phases will begin.  Let me know if we missed anything, and please subscribe to the blog (in the upper righthand corner) if you are interested in getting more updates in the future.  This is important stuff, and we’ll get through it together.

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Within One Year

  • Insurance companies will be barred from dropping people from coverage when they get sick.
  • Lifetime coverage limits will be eliminated and annual limits are to be restricted.
  • Insurers will be barred from excluding children for coverage because of pre-existing conditions.
  • Young adults will be able to stay on their parents’ health plans until the age of 26. Many health plans currently drop dependents from coverage when they turn 19 or finish college.
  • Uninsured adults with a pre-existing conditions will be able to obtain health coverage through a new program that will expire once new insurance exchanges begin operating in 2014.
  • A temporary reinsurance program is created to help companies maintain health coverage for early retirees between the ages of 55 and 64. This also expires in 2014.
  • Medicare drug beneficiaries who fall into the “doughnut hole” coverage gap will get a $250 rebate. The bill eventually closes that gap which currently begins after $2,700 is spent on drugs. Coverage starts again after $6,154 is spent.
  • A tax credit becomes available for some small businesses to help provide coverage for workers.
  • A 10 percent tax on indoor tanning services that use ultraviolet lamps goes into effect on July 1.

2011

  • Medicare provides 10 percent bonus payments to primary care physicians and general surgeons.
  • Medicare beneficiaries will be able to get a free annual wellness visit and personalized prevention plan service.
  • New health plans will be required to cover preventive services with little or no cost to patients.
  • A new program under the Medicaid plan for the poor goes into effect in October that allows states to offer home and community based care for the disabled that might otherwise require institutional care.
  • Payments to insurers offering Medicare Advantage services are frozen at 2010 levels. These payments are to be gradually reduced to bring them more in line with traditional Medicare.
  • Employers are required to disclose the value of health benefits on employees’ W-2 tax forms.
  • An annual fee is imposed on pharmaceutical companies according to market share. The fee does not apply to companies with sales of $5 million or less.

2012

  • Physician payment reforms are implemented in Medicare to enhance primary care services and encourage doctors to form “accountable care organizations” to improve quality and efficiency of care.
  • An incentive program is established in Medicare for acute care hospitals to improve quality outcomes.
  • The Centers for Medicare and Medicaid Services, which oversees the government programs, begin tracking hospital readmission rates and puts in place financial incentives to reduce preventable readmissions.

2013

  • A national pilot program is established for Medicare on payment bundling to encourage doctors, hospitals and other care providers to better coordinate patient care.
  • The threshold for claiming medical expenses on itemized tax returns is raised to 10 percent from 7.5 percent of income. The threshold remains at 7.5 percent for the elderly through 2016.
  • The Medicare payroll tax is raised to 2.35 percent from 1.45 percent for individuals earning more than $200,000 and married couples with incomes over $250,000.  The tax is imposed on some investment income for that income group.
  • A 2.9% excise tax in imposed on the sale of medical devices. Anything generally purchased at the retail level by the public is excluded from the tax.

2014

  • State health insurance exchanges for small businesses and individuals open.
  • Most people will be required to obtain health insurance coverage or pay a fine if they don’t. Healthcare tax credits become available to help people with incomes up to 400 percent of poverty purchase coverage on the exchange.
  • Health plans no longer can exclude people from coverage due to pre-existing conditions.
  • Employers with 50 or more workers who do not offer coverage face a fine of $2,000 for each employee if any worker receives subsidized insurance on the exchange. The first 30 employees aren’t counted for the fine.
  • Health insurance companies begin paying a fee based on their market share.

2015

  • Medicare creates a physician payment program aimed at rewarding quality of care rather than volume of services.

2018

  • An excise tax on high cost employer-provided plans is imposed. The first $27,500 of a family plan and $10,200 for individual coverage is exempt from the tax. Higher levels are set for plans covering retirees and people in high risk professions.

Some information was gathered from our friends at Reuters.  To view their original report, please visit:  http://www.reuters.com/article/idUSN1914020220100319

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For more information about the Clear Medical Solutions team, please visit http://www.ClearMedicalSolutions.com or join our free network of healthcare professionals at http://www.ClearMedicalNetwork.com.