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Health insurance companies post record profits during recession
Health Insurers Post Record Profits
Insurance Firms Rake in Profits as They Cut Patients In the midst of a deep economic recession, America's health insurance companies increased their profits by 56 percent in 2009, a year that saw 2.7 million people lose their private coverage. In 2009, the top five health insurance companies saw a profit increase of 56 percent, their best year ever, according to a report by Health Care For America Now. (Getty Images) The nation's five largest for-profit insurers closed 2009 with a combined profit of $12.2 billion, according to a report by the advocacy group Health Care for American Now (HCAN). "The outsized earnings are a vivid reminder that without comprehensive national health care reform, the gatekeepers of our broken health insurance system always will put the short-term interests of Wall Street before the needs of millions of patients and a national economy plagued by joblessness," the report said. A spokesman for the nation's health insurers said their profits are reasonable and represent only a small part overall increase in health insurance costs. The HCAN report attributed this year's profits largely to insurers' dropping coverage of 2.7 million people, who then moved onto public insurance plans such as Medicaid. |
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#3
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And your Point IS??? These companies are in buisness to make a profit. Period end of story. If you dont like the way they do buisness then dont do bisness with them.
It was not to long ago that getting health coverage from your employer was considered a BENEFIT!!!!!!
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86 300SDL. 250,xxx on #14 Head. One eye always on temp gauge.. Cruising towards 300K |
#4
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Quote:
Care to choose between your house and all of your money and a mountain of debt or a sick, dying child, when your insurance company denies your coverage ? There is much more at stake here than profits. Do you like having someone make a profit from your illness or death ? Insurance companies are the real "death panels" and your applauding them for making a profit from it. |
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All companies are for profit, that's free trade. It's the behind the scenes, work a deal, back door bs that has folks upset.
How much do they spend on lobbyists?
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83 SD 84 CD |
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Regardless of your opinions on the health care (insurance) debate, there are several things that cannot be denied. We spend almost twice as much on health care as other civilized countries, but have nothing to show for it. We're going to the local MB dealer(health insurance co's), paying for a new S class, and getting an entry level C class instead. Then there's the claim "we have the best health care in the world". If you're rich and insured, that could be true. For the average person or family, that's like saying the new Dodge or Ford diesel pickups are the best in the world, while what you can really afford is limited to a 20 year old Dakota or a worn out F 150. Eventually, something will probably be done, when the average family of four is paying more for health insurance than their principal, interest, and property taxes on their mortgage combined. That day is not too far off on the horizon.
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I was paying about $425 per month with no deductible and no co-insurance. $25 copay for PCP and $35 copay for specialists.
Oxford decided that they didn't make enough money on this deal, so they cancelled it. Now, the price is down to $390 per month with $2000. deductible and 10% co-insurance to $10K. Basically raised my cost by $130 per month unless I use less than $2K of health care in the year. So, yep........they're making money. |
#8
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^ Don't get sick, then cancel your coverage, they won't make any money off you.
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83 SD 84 CD |
#9
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I went one better, I did get sick and the ins co payed a large bill, then I cancelled and bought insurance through the C of C.
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#10
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While they make billions, they raise rates, citing "losses". How do you make billions and have losses at the same time?
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1998 C230 330,000 miles (currently dead of second failed EIS, yours will fail too, turning you into the dealer's personal human cash machine) 1988 F150 144,000 miles (leaks all the colors of the rainbow) Previous stars: 1981 Brava 210,000 miles, 1978 128 150,000 miles, 1977 B200 Van 175,000 miles, 1972 Vega (great, if rusty, car), 1972 Celica, 1986.5 Supra |
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