Business Booming for Health Insurers - $11.7 billion in profits, $ spent on care down, premiums up

[The Straight Story]

Business Booming for Health Insurers


While publicly bemoaning the passage of the federal healthcare reform law, the nation’s largest insurance companies enjoyed another profitable year in 2010.

Collectively, the five biggest health insurers—UnitedHealth Group, WellPoint, Aetna, Cigna and Humana—earned $11.7 billion in profits. This total represented a 17% increase over profits made in 2009.

Cutting down on individual health insurance plans and reducing healthcare coverage were two ways these companies reduced costs and boosted their profit margins, according to the consumer group, Health Care for America Now (HCAN). In net figures, between 2008 and 2010, the big five added 2,128,000 Medicare, Medicaid and military customers, while losing 3,519,000 with private health plans.

HCAN said the five insurers collected $7.7 billion more in premiums in 2010 than the year before, “but growth in spending on patient care lagged behind.” For example, the share of premiums that Aetna spent on medical care dropped from 83.9% to 80.1%—a savings of $709 million.

http://www.allgov.com/Top_Stories/ViewNews/Business_Booming_for_Health_Insurers_110306

[theaocp]

1. “but growth in spending on patient care lagged behind.”

Remember that and think of SiCKO: it's not about those who are uninsured. It's about those who ARE insured and can't use it.

[rzemanfl]

2. My insurance supposedly cost $13,000 and something last year

what I got out of it was $266.44. I know insurance is about spreading the risk-but they make it about spreading the wealth among a small group of executives.

[Shagbark Hickory]

3. If we are going to stand up to these companies, those of us that are healthy should boycott them.

It boggles my mind why virtually nil has been said about this.
IF you take the healthy people out of their pools, then they're going to be in serious trouble. The way you cut the head off this monster is to make them lose money.

[OneGrassRoot]

5. +1000 to you, too. :) n/t

[OneGrassRoot]

4. K&R to OP and first two replies. n/t

[BlueIris]

6. I think you mean banging.

As in, that's what they're doing to consumers.

Blech.

[FormerDittoHead]

7. ...but they're barely breaking even! The gov't has to protect their tiny profits!

Same for pharmaceuticals.

I'm so fucking, FUCKING tired of reading how much their expenses are... They make it seem that these oh-so poor widdle companies are barely getting by - they're going out of business :sarcasm: like, I don't know EVERY OTHER KIND OF BUSINESS?

Only they're NOT going out of business, they're making money HAND OVER FIST while the rest of the economy goes into the crapper (except for financial services, of course). They're STUFFING THE PROFITS IN BOXES. They don't fucking know what to do with all the money except invest it in CHINA.

Fuck these guys. It's PERVERTED that the more sick people are, the more money they make.

I want to shrink the size of medical insurance companies down to the size where I can fucking drown them in a bathtub.

Pharmaceuticals should be fucking socialized. The owners don't create new drugs, their employees do, and we could just hire same employees for the same fucking money but keep the RIDICULOUS PROFITS to ourselves.

[jaxx]

8. They robbed while they could.

Bringing Down Health Care Premiums

Effective January 1, 2011

To ensure premium dollars are spent primarily on health care, the new law generally requires that at least 85% of all premium dollars collected by insurance companies for large employer plans are spent on health care services and health care quality improvement. For plans sold to individuals and small employers, at least 80% of the premium must be spent on benefits and quality improvement. If insurance companies do not meet these goals because their administrative costs or profits are too high, they must provide rebates to consumers.

http://www.healthcare.gov/law/timeline/index.html

[Gravel Democrat]

9. In my wildest dreams I never would have believed

that a Democratic President and a Democratic Congress would have mandated the purchase of the "products" from these crooks. Especially after the winner campaigned against such a travesty.

But they did. And they mocked those of us that asked where they assumed the authority.

Well so be it. We will not forget. And we will not forgive.

I won't be taking part in any fucking mandate, And I am not alone. And I surely won't be believing a fucking thing any campaigner says again. Ever.

This was a great exercise our "leaders" carried out, to see what exactly they could get away with. And it might work yet.

"Come and take your insurance premium from my hands"

[xchrom]

10. recommend

[Scuba]

11. Thanks Mr. President.

[TransitJohn]

12. Insurance = extortion + racketeering.

Simple math.