"
Health Insurers Break Profit Records As 2.7 Million Americans Lose Coverage

Health Care for America Now!
February 2010

The five largest U.S. health insurance companies sailed through the worst economic downturn since the Great Depression to set new industry profit records in 2009, a feat accomplished by leaving behind 2.7 million Americans who had been in private health plans. For customers who kept their benefits, the insurers raised rates and cost-sharing, and cut the share of premiums spent on medical care.

Executives and shareholders of the five biggest for-profit health insurers, UnitedHealth Group Inc., WellPoint Inc., Aetna Inc., Humana Inc., and Cigna Corp., enjoyed combined profit of $12.2 billion in 2009, up 56 percent from the previous year. It was the best year ever for Big Insurance.

Of the estimated $809 billion spent on private health insurance in 2009, the five biggest forprofit companies… captured $232 billion.

Medical loss ratios for 2009:
WellPoint – 82.6%
UnitedHealth – 82.3%
Humana – 82.8%
Cigna – 81.2%
Aetna – 85.2%
"

http://pnhp.org/blog/2010/02/12/profits-for-largest-insurers-now-30/

http://www.businessandmedia.org/articles/2009/20091028162719.aspx

An Associated Press “Fact Check” released Oct. 25 examined the numbers for health insurance companies and found something very different from what people were hearing from Washington politicians and the networks.

“Health insurance profit margins typically run about 6 percent, give or take a point or two. That's anemic compared with other forms of insurance and a broad array of industries, even some beleaguered ones,” AP wrote.

Julia Seymour is a RW shill who twisted the method and the numbers to deny the actual industry profits in HC. Amazing the HC industry report and celebrate record profits than try to explain them away through shills. Her references try to paint their margins as less than Tupperware but ignore the scale....the ranking of 35th is in percentages not profits. Totally lame...but what do you expect from an industry who has billions to throw around to protect themselves from HC reforms...



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•UnitedHealth's profit increased $845 million, or 28 percent, from 2008, to $3.8 billion.
•Humana's profit increased by 61 percent--$393 million--from 2008, to $1 billion.
•WellPoint's profit increased $2.3 billion--91 percent--from 2008, to $4.75 billion (a new company record for annual net income).
•Cigna's profit increased $1 billion, or 346 percent, from 2008, to $1.3 billion, which also set a record for annual net income.
"[The insurers] will say the increases are justified because medical care is going up, and they'll hide behind their actuaries to explain their rate increases," said Rep. Rose DeLaura (D-Conn.), according to The Now! Blog, which represents HCAN. "But this is coming from the same people who've been saying health insurance reform will increase costs. They can't have it both ways."

Robert Zirkelbach, a spokesman for America's Health Insurance Plans, was critical of HCAN's reporting methods. "It is disingenuous to look at the profits at one company today compared to where it was in the depth of a recession," Zirkelbach told the Los Angeles Times."

http://www.fiercehealthcare.com/story/record-insurance-profits-stemmed-dropped-coverage-raised-rates/2010-02-12#ixzz0g5eFwHdG

FAIL!

It's not the insurers profits that is the problem....these profits are TAME compared to a lot of other industries... it's the cost of treatments that require those premiums. When I get charged over $ 50.00 for a plastic bed pan, a plastic pitcher, and a toothbrush that is the problem. Those items can be purchased at the dollar store for $10.00.

Oh come on.

Fuzzy math is the realm of the politicians.

Although...I wouldn't doubt that the insurance companies broke records with their profits.

there is no doubt that the system needs to be reformed.

But a government takeover isn't reform.

I agree and that's part of why 1 in 6 bucks is spend on HC in this country, soon to be 1 in 5. Reform of HC wil mean reduced costs...if we do nothing it will keep us bankrupt...the US debt as well as the poeple who are losing their homes over inflated HC costs.

You right!

At least Hussein is allowing someone to make profits.

I wish us peeons could say the same.

Gotta' feel for those Obamanators who need Gov. doing everything for them.

Wonder who's changing the Liberal diapers and warming their milk?

Pfft, I'll take gov controlled HC over Corporate Socialism any day..strange you guys support that socialism but call President Obama a "socialist" for trying to reform HC....it's as if some do not have the mental capacity to soak up the reality.

Pfft, I'll take gov controlled HC over Corporate Socialism any day..strange you guys support that socialism but call President Obama a "socialist" for trying to reform HC....it's as if some do not have the mental capacity to soak up the reality.

Ya know...in a way...this is kinda funny.

You being up the fact that 1 dollar of every 6 is for health care expenses...but yet seem to have absolutely no issue with having 1 dollar of every 3 ( and in some cases one out of every TWO depending on your income ) going to taxes.

Don't you think that if one out of every three dollars we earn wasn't taken away from us, that the 1 in 6 wouldn't be quite as likely to bankrupt us??

What " socialism " have I said that I support?? When have I EVER said that I think the government taking over General Motors was a good idea??

Fire and Police services ( which is the normal argument trying to equate to a health care takeover ) are a far cry from the government taking over a multi billion industry.

That's a lie...obviously.

Oh, really??

If it's SO " obviously " a lie...them PROVE it.

Where, EXACTLY, am I " lying " about the numbers??

Between State taxes, Federal taxes, Sales taxes, Gas taxes, and miscellaneous other taxes they have seen fit to charge us, my figures are pretty accurate.

PROVE my lie if you are going to call me a liar.

Ya know what....you CAN'T because it IS true.

You are truly and utterly pathetic in your blindness to the facts.