Did you know that nursing home abuse can be lucrative? Insurance companies do! The economy is struggling. You and I, our families and friends, even big companies are struggling to stay alive in a toxic economic climate. The difference is, these insurance companies have corporate shareholders to keep at bay. Their answer? Cash in on nursing home residents’ insurance policies of course!
Nursing home abuse against scheme to make death profit
Remember when Ebenezer Scrooge died and his house cleaner sold his stuff to cash in? Well, insurance companies and nursing homes are now scheming to do the same to residents. It involves encouraging patients in long term care and assisted institutions to sell their policies for a discounted cash amount. The patients get a pittance of a return – which they can spend at the home for “care.” In exchange, the nursing homes and the insurance carriers get the insurance policies from the patients. These policies are then packaged and sold to Wall Street as future bonds. When the patient dies, Wall Street or the care facilities gets the payout. Talk about a conflict of interest! The longer the patient lives, the greater the cost to the nursing home and the smaller the profit on the policy. Conversly, if the patient dies just after the purchase, the care center reaps the profits.
Nursing home abuse and the “profits over people”
We believe that these institutions should be in the business of caring for our elderly loved ones, not stealing from them. They should not be in the business of leveraging a patient’s health and life as a commodity to be traded on the market. Such practices are depraved. But, this nursing home business IS big business, and as is often the case, “profits over people” is business as usual. Every day, we read about how nursing home abuse and negligence take the place of adequate and compassionate care, only to make an easier and quicker profit. People and their medical care should come first. We understand this and are ready to help you.
Nursing home abuse lawyers in NJ and PA
If you feel that your rights are being violated or that a loved one has not received proper care or may be a victim of nursing home abuse, contact the Mininno Law Office for a free case evaluation. The nursing home abuse lawyers at the Mininno Law Office will make sure that your loved ones’ voices are heard and their rights protected. You may also call for a free consultation at (856) 833-0600 in New Jersey, or (215) 567-2380 in Philadelphia.
Make sure that care is put before profits and advocate for these rights. Let the Mininno Law Office team earn you the compensation you deserve.
Full NY Times article, Wall Street Pursues Profit in Bundles of Life Insurance