Saturday, February 13, 2010
Health Insurance Profits
A new report out by Health Care For America NOW says:
"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 inprivate health plans."
"...UnitedHealthGroup 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."
The insurance industry says 56% increase is not so bad because 2008 was a bad year.
Well, just how good was 2009? The top five insurance companies made $12.2 billion in profit. That's $122 billion over 10 years. You know what? That is more than enough to pay for the current healthcare reform bill now being considered by Congress.
Let me say that again. The top five health insurance companies made enough in profits to pay for the current healthcare reform bill.
Why do we allow for-profit companies to provide insurance? Their profits alone will pay for health care reform.