Health Insurance Execs: We’ll Continue Canceling Coverage

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File this under another reason we should be taking a close look at a public option for health coverage, and add this to the big debate. Yesterday, three health care executives first claimed that the cancellation of a customer’s policy generally occurred mainly in instances of fraud. But when asked if they would stop canceling policies in situations in which there clearly was no fraud, all three refused point blank. The moment seemed eerily reminiscent of three out-of-touch automaker executives who, while begging for a bailout, refused to sell their corporate jets.

The health care execs are hanging onto their right to cancel any policy at any time, for any or no reason whatsoever. And why wouldn’t they? By canceling the coverage of more than 20,000 people recently, insurers were able to skip out on paying some $300 million in medical claims. Read more here.