Very Excellent Post on Health Insurance Recisions

Robert WaldmannTaunter explains the link between Monte Hall and Health Insurance. Brilliant.Via Paul Krugman via Yves Smith consequently I'm sure you've read it already but if not click now click often.James Kwak at Baseline described the practice as rare, affecting only 0.5% of the population. The faint light corm above my head began to flicker: could that be true…that’s not rare â€" that is amazingly common.[snip]It should be fairly clear that the people who do not file cover claims do not face rescission. The cover companies will happily deposit their checks. [snip] that top single percent, the folks responsible for additional than $35,000 of costs â€" sometimes far, far additional â€" well there, ladies and gentlemen, is where the money comes in. [snip]if a bank manager went to not whole of his uppermost net value clients and supposed “sorry, you misspelled your address when you opened your account, I’m confiscating your balance,” he would be fortunate to get himself assigned to minimum security.
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