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Old 02-15-2010, 05:59 AM
 
Location: Central Maine
4,697 posts, read 6,158,874 times
Reputation: 5043

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With so many suffering in today's economy, the profits of health insurance companies are all the more stunning.

Health Insurers Break Profit Records As 2.7 Million Americans Lose Coverage
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.
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Old 02-15-2010, 06:30 AM
 
Location: Great State of Texas
86,052 posts, read 81,236,904 times
Reputation: 27707
It was also the best year for big banks. It was also the best year for big pharma.
It pretty much was great years for many corporates.

It was a lousy year for the peons though.
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Old 02-15-2010, 07:16 AM
 
34,995 posts, read 37,775,569 times
Reputation: 6191
Quote:
Originally Posted by HappyTexan View Post
It was also the best year for big banks. It was also the best year for big pharma.
It pretty much was great years for many corporates.
It was a lousy year for the peons though.
After the current administration cleans up the mess made by those guys, you be sure to vote them right back in again now y'hear?
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Old 02-15-2010, 07:28 AM
 
4,004 posts, read 3,676,855 times
Reputation: 1849
Quote:
Originally Posted by GreenGene View Post
With so many suffering in today's economy, the profits of health insurance companies are all the more stunning.

Health Insurers Break Profit Records As 2.7 Million Americans Lose Coverage
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.
I wonder how many uninsured that would cover ......

Given that we pay the most of any country in the world, this seems like waste and inefficiency to me.
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Old 02-15-2010, 07:33 AM
 
69,366 posts, read 61,737,640 times
Reputation: 9382
Quote:
Originally Posted by delusianne View Post
After the current administration cleans up the mess made by those guys, you be sure to vote them right back in again now y'hear?
The record profits are BECAUSE OF THE CURRENT ADMINISTRATION, and 2.7M americans lost their coverage because they LOST THEIR JOBS.

The report even confirms this, but you guys dont look past the title.. Why?

All but one of the five companies increased the number of people they covered through public insurance programs (Medicaid, CHIP and Medicare). UnitedHealth added 680,000 people in public plans.

And if you think this is going to stop, you better be prepared because the current administrations plans, will simply increase profits more..

Medicaid growth is the biggest single driver of increased national health spending, according to a study released Feb

I dont think I've met more people in my life who like to run around blaming Bush for things that he has NOTHING to do with.. Hell, Democrats have had Congress for THREE years now.. Do you think Republicans are to blame? Give it up.

What will you do, blame Bush for national healthcare which will result in even higher profits for the insurance company?
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Old 02-15-2010, 07:36 AM
 
34,995 posts, read 37,775,569 times
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Haha, that tiny typeface -- It's like you're getting smaller and smaller, but still yelling
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Old 02-15-2010, 07:36 AM
 
Location: Tampa Florida
22,232 posts, read 17,202,943 times
Reputation: 4584
Quote:
Originally Posted by pghquest View Post
The record profits are BECAUSE OF THE CURRENT ADMINISTRATION, and 2.7M americans lost their coverage because they LOST THEIR JOBS.

The report even confirms this, but you guys dont look past the title.. Why?

All but one of the five companies increased the number of people they covered through public insurance programs (Medicaid, CHIP and Medicare). UnitedHealth added 680,000 people in public plans.

And if you think this is going to stop, you better be prepared because the current administrations plans, will simply increase profits more..

Medicaid growth is the biggest single driver of increased national health spending, according to a study released Feb

I dont think I've met more people in my life who like to run around blaming Bush for things that he has NOTHING to do with.. Hell, Democrats have had Congress for THREE years now.. Do you think Republicans are to blame? Give it up.

What will you do, blame Bush for national healthcare which will result in even higher profits for the insurance company?
So I guess in your mind, the way to increasing profits is to lose customers??
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Old 02-15-2010, 07:38 AM
 
69,366 posts, read 61,737,640 times
Reputation: 9382
Quote:
Originally Posted by odinloki1 View Post
I wonder how many uninsured that would cover ......

Given that we pay the most of any country in the world, this seems like waste and inefficiency to me.
Not very many.. Obama plan is to spend $1 TRILLION on healthcare over 10 years.. thats $100 Billion a year to insure 30M americans, at a cost of $3333.33 per individual. Even if ew were to take 100% of the health insurance profits of $4.75B, this would cover about 1.5M americans, or just 5% of the uninsured leaving 28.5M still uninsured.

The figures are right from the report..

You may now continue with your uninformed rant against the insurance companies, this time with facts..
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Old 02-15-2010, 07:40 AM
 
69,366 posts, read 61,737,640 times
Reputation: 9382
Quote:
Originally Posted by florida.bob View Post
So I guess in your mind, the way to increasing profits is to lose customers??
Sometimes it is if the customers you are losing are those who are costing you money. but how do you get that from my posting? Profits are up because insurance companies got more GOVERNMENT money, not private money.. (from the story, which I even quoted). Btw, the figures are from OBAMAS own plan. Health insurance companies support and lobby to push for the national healthcare because it means increased customers, with revenue subsidized by the US Govt..

Insurance companies dont make profits from insurance premiums.. Anyone who thinks they do, is uninformed on reality.

Whats your point?
Quote:
Originally Posted by delusianne View Post
Haha, that tiny typeface -- It's like you're getting smaller and smaller, but still yelling
The typeface is due to copy/pasting from the report.. Best retort you could come up with? Thats rather sad..

Last edited by pghquest; 02-15-2010 at 07:58 AM..
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Old 02-15-2010, 07:41 AM
 
34,995 posts, read 37,775,569 times
Reputation: 6191
No, it's funny.
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