Do you think bankruptcies are the point if republican health care policy?

[applegrove]

Link to tweet

To make the trough deeper, destroy the middle class by cleaving it, so the educated will be so terrified of not being rich that more start to vote Republican? Like Mexico.

[House of Roberts]

1. Recessions and bankruptcies put distressed assets on the market.

The wealthy, oppressor class live for those opportunities.

[VarryOn]

2. Not sure I buy that. Who benefits when people won't pay their bills? Nt

[mopinko]

4. the guys who get your collateral.

[fescuerescue]

22. If banks wanted houses. They would just buy them

[mopinko]

29. nope. they'd pay fair market value.

instead of what's left on your loan.
i've bought a couple properties out of bankruptcy. it's a thing.

[fescuerescue]

30. This is a myth. Banks DO NOT make money on foreclosed properties Far from it.

Yes they foreclose. Yes they put them upforsale with a minimum bid of what's owe.

That's usually below fair market value.

However the building is bid up to fair market value (given its condition) and any excess over the loan goes to the owners, or to their other debtors with liens (usually the tax man).

But the house sells for fair market value.

Yes this amount is almost always lower than retail. Why? #1 No real estate agent middle man. That's 7%. Far less legal fees for the buyer (the bank pays though). But mostly because the house isn't prepped for a retail sale.

The house looks like crap. It needs paint, carpet, cleaning, repairs. Stuff that cost $X, but when done return $X times $y value.

No. Banks are not secretly in the real estate foreclosure businesses. Foreclosures are an expense. One foreclosure wipes out the profit on 20 successful mortgages. If a bank thinks they have have to foreclose on you anytime in the next 30 years, they WONT WRITE THE LOAN.

[mopinko]

31. i know the law.

also- they do use realtors who do get commissions.
you are forgetting that most loans, at least at first, have mortgage insurance.

the thing about the condition is true. i bought 1 that was a completely wreck, and cost me more to rehab than i spent on it. the other wasnt bad, tho. ot went for the going rate. it is incumbent on the owners to not leave it a shambles. because you are correct that the owner gets anything over the loan amount.

the part that is NOT legal is the way a lot of insiders get their hands on properties.
i also lost a house i bid on cuz the bidder that had it greased knew when it would hit the market, who would list it, and for how much. he had a bid in by the end of day.
then he stiff armed my higher bid, by insisting we had to use a different form. there was no reason for this, except to make sure the right person getting the property.
thing is, it was an fha loan, and by law was required to keep bidding open for 2 weeks, and to take the highest bid. his bid was excepted by the time we re-wrote our offer on their form. less than 1 wk.

there is a lot more of that than you think.

[fescuerescue]

34. Of course there is alot more than is in one post.

This isn't a law book writing contest.

And yes there is corruption in the process.

But the big banks didn't get that way by loaning out billions, and hoping that sometime in the next 30 years they will get millions back through foreclosure.

[mopinko]

35. they make so little money in the late years.

i think they're happy enough after half the term. they're making money.

[applegrove]

5. If the middle class is weakened every year, because the rich can afford their

health bills or fancy health insurance or no insurance at all if they are rich enough to pay any medical costs outright - so they are not affected by crummy healthcare, then the middle class have less power. Plus regression analysis proves that people who are in financial anxiety, they think emotionally, think less rationally and then they vote for QANON or Trump and the like. It is all about power and weakening the weak and teaching the educated to hate the poor (When the middle class is gone) because they see an abyss they might fall into if they don't keep hoarding money and voting republican so they can hoard more money.

[Kittycatkat]

3. Republicans take the "health" & the "care" out oh healthcare. Period.

[Delphinus]

32. So do

health insurance companies. Years ago I could have health insurance or I could go see a doctor - I couldn't do both.

[former9thward]

6. Where is the tweeter getting his info?

Medical bankruptcies in Canada are the most common among senior citizens.
While about 4.6% of Americans filed for personal bankruptcy in 2007, in Canada the percentage was higher at 5.3%. A share of those insolvencies was caused by outstanding medical bills or other medical reasons. Fraser Institute concluded that senior Canadians of at least 55 years struggle with medical indebtedness the most. Namely, 15% named medical reasons as the primary cause of insolvency.

Medical bankruptcy exists in the United Kingdom, even with the single-payer system.
Even though the United States leads in medical bankruptcies around the world, other countries have them too. Medical bills bankruptcy statistics from 2005 show that 8.2% of those that went bankrupt in the UK listed illness or a disability as the reason. An article by the National Center for Public Policy Research further shows that medical-related bankruptcy doesn’t always happen due to medical bills — serious medical conditions often affect people’s ability to work and generate income.

https://balancingeverything.com/medical-bankruptcies-statistics/

[applegrove]

7. I think it is the specific medical bills. Canadians don't have universal meds

coverage and if they don't have a private plan for meds, it can hurt, even though our meds are less expensive.

[Hoyt]

10. Thanks for setting the meme straight. Obviously, it's not what anyone wants.

[Hoyt]

8. Don't think anyone wins in medical bankruptcies.

[Hoyt]

11. How so? The health insurers still have to pay what they are required to pay

to the hospital, docs, and other providers. Plus, a person that can’t cover their medical bills, likely ends up on Medicaid or subsidized ACA.

[applegrove]

12. Their rates are based on a certain percentage of write offs. Plus they recoup

some when the people's house is sold. Plus the people are then a bad bet so no longer are in the insurance buying market which is great for medical insurance market.

[Hoyt]

13. I'm sorry. That's just not true. The hospital or docs might go after the patient's house.

But US health insurance companies don’t. The health insurer pays what they have to under the policy. Medicaid might go after the beneficiary’s house, assuming they have any money left.

Insurer’s rates are based primarily on the losses they pay out.

[applegrove]

14. Okay. I'm in Canada. I don't hear stories of how health system works in US

in detail. Just noticed the GOP were desperate to repeal the ACA a few years ago and there has to be a reason why they would see destroying part of the middle class every year a good thing. In Canada we fight against privatizing any part of medical services as that could lead to the "gated community" ization of healthcare where the rich can afford to go with private healthcare providers and then would not give a shit about universal healthcare and become more callous about it. You know like it is in the US for those educated who vote Republican.

[Hoyt]

15. I was thinking you might be talking Canada. That's OK, would love for us to be

more like Canada in a lot of ways.

Our system definitely sucks. Don’t understand why GOPers are opposed to universal healthcare. I’m sure it’s racism for many.

[applegrove]

18. They don't want people in a big community. Universal healthcare makes community

real and people grateful for Government stepping in where the market fails. Before universal healthcare you were left at the mercy of others in Canada. My grandfather and grandmother ran a country practice in Nova Scotia where she ran a small farm and they could afford to not charge the poor a cent. The farmers could pay with a chicken or haying the small field if they could. Only the well off paid money. My grandfather was a bachelor for a long while and fought off the advances of fancy women who wanted to be a doctor's wife in favour of my grandmother with a nursing degree and a father who was a hard rock miner who had retired to a farm. Grandad first asked her when she was 25 and he was in his early 40s. She said no she was too humble to be a doctor's wife. He persisted and 5 years later she agreed with the understanding she would go to 'the Boston States' to do an advanced degree in nursing and get some worldliness. She did. Then they immediately eloped. My other grandfather was on the board of an organization that put in and then funded the first hospitals in Labrador, a huge area thousands of miles big and not part of canada .... in the early to mid 1900s too. Charitable healthcare is hit and miss. Universal single payer is more efficient than private health care and fairer.

[fescuerescue]

23. Under what circumstance would a health insurer get someones house?

Patients don't become indebted to insurers.

[applegrove]

24. Okay. Then the hospital has it worked out with their insurer.

[fescuerescue]

26. I think you are missing alot of information

It's not the hospitals insurer. It's the patient.

Bottom line is that no one wins in bankruptcy.

[applegrove]

28. Yes. I'm in canada. We don't have private insurance.

[Celerity]

16. Of course someone 'wins'. The healthcare system, as to get to bankruptcy it has already picked the

bones clean from the bankrupted parties.

The American for-profit healthcare system is the single biggest wealth transfer scam on the planet.

[Hoyt]

17. When someone goes bankrupt for medical bills, the healthcare system loses too.

They are stuck with unpaid bills. Most medical bankruptcies are uninsured patients.

No one wins. With that said, I’m for universal coverage.

[Celerity]

19. In order to get to bankruptcy, the system has already picked you clean

The monies not paid pale in comparison. The billings all come from hyper-inflated rates from the start.

US for-profit healthcare is the world's largest wealth transfer scam. The ACA is extremely poor (except for the pre existing conditions clause, that is great) compared to any other advanced nation's healthcare system. It only looks better compared to the even worse non ACA previous alternative. I am gobsmacked at the premium prices paid, and the high deductible rates most Americans pay.

Scam scam scam.

Pay more, get less.

Trained to think that it's the best system in the world.

The American way.

[Hoyt]

20. Or, you were "clean" before you got sick. The ACA is good for the poor who

don’t qualify for Medicaid. Premiums copays, etc., are subsidized.

Agree the system sucks, but doubt any of our politicians have the guts to tell doctors, nurses, techs, etc., they are going to have to take less. Expect the slow boil of providers seeing less and less patients covered by commercial, better paying insurance, as more patient are insured by Medicaid, Medicaid, ACA, and maybe a Public Option.

[dawg]

21. First and foremost, they don't want to pay taxes to cover others' health costs.

And secondly, the threat of medical bankruptcy helps keep their serva.. oops, I mean "employees" in line.

If you have good employer health coverage, it's pretty scary to think about losing it. People get locked into dead-end jobs.

[sakabatou]

25. Cruelty is the point of Republican health care

[iemanja]

27. I think the sole point is profits

for the medical industry: insurance, biotech, etc. Bankruptcy is a side effect, or even a feature, of those profits.

[lagomorph777]

33. No, I think death is the point. Death is the point of all of their policies (e.g. COVID).

They are trying to reduce the proles to a state of abject misery and fear, and reduce our numbers so we are easier to subdue.