I'm not making this up. There really is a MEGA Life and Health Insurance Company. And yesterday, the Department of Health and Human Services granted a waiver to Maine's individual insurance market -- dominated by (who else?) MEGA.
There are exactly three companies that compose 99% of that market:
- MEGA Life and Health Insurance Company
- Anthem Blue Cross Blue Shield of Maine
- HPHC Insurance Company
with MEGA claiming 49% for itself. What does granting this waiver mean?
Instead of these insurance companies being content to take 20% of premiums paid for overhead and profit as is required by the new Health Care Law -- The Patient Protection and Affordable (sic) Care Act -- these bloodsucking maggots companies will be allowed to continue to extract 35% of premiums paid for obscene CEO salaries overhead and profit. This threshold percentage is known as the medical loss ratio.