Welcome To The Ranch With Ed Jacobson & Hobson Carroll 


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A few weeks back, I was hanging out at the ranch with the legends, Ed Jacobson and Hobson Carroll and I convinced these guys to sit down and chat about insurance again. I only had to bribe them with cigars and wine. 😉

One of the fundamental things that Ed explained is how people misunderstand what insurance actually is. He’s going to dive into how health insurance is treated differently as compared to other types of insurance and how healthcare insurance (and the industry as a while) has evolved in the US starting from the early 60s.

Ed and Hobs tackle the different factors changing the face of healthcare insurance in the country, starting from the times when immunization drugs started to roll about and they passed Medicare and Medicaid to deal with the elderly and kids from poor families who couldn’t afford healthcare.

They underline the fact that emotional, political, and religious influences on our system have a bearing on how much we spend on healthcare in this country.

This influence on cost really started to change how Doctors and Healthcare Providers started thinking about insurance. We’ll talk of the times when suddenly, there was a cash mill going on in the insurance world. Doctors and providers started seeing money coming in for populations that they previously couldn't count on for much money.

All of a sudden, it was “Hey, we can charge more money because we can charge the insurance companies!”

As the insurers improved the depth and width of their products, the marketplace adapted to it. The providers adapted to it.

Press play above to dive into the full episode!

Key Points of Discussion:

  • Health insurance: One wants to pay a dollar in and collect more (0:38)
  • It is expected of health insurance to cover high-cost rare event things (5:32)
  • The early 60s: Start of healthcare insurance as a bigger dollar volume biz (10:37)
  • The medical-industrial complex: We started to have more drugs (12:04)
  • “We can charge more money… we can charge the insurance companies!” (12:55)
  • Insurance companies setting those guidelines around rebates and things (24:35)
  • All these so-called single-payer countries… (29:52)
  • Failing by making patients not feel responsibility for anything they spend (33:48)
  • Getting buyers to want the better benefits that most won't need or use (35:39)
  • Starting in the mid-70s, general inflation and medical inflation were rising (37:55)
  • Today, there are massive administrative costs (38:35)
  • How’d an insurer compete in a market where everything is the same? (39:32)
  • Going to the network doctor because it will cost you less… (42:21)
  • The role of the advocacy and the administrative service (47:43)er your text here...
  • Additional Resources
  • Transcript



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