Health Insurance Companies Making Record Profits
Former cigna vp wendell potter says tying health insurance to employment has made the outbreak devastating for people but not for insurance companies.
Health insurance companies making record profits. 40 million people may lose their jobs in the. And health insurance company ceos are not among the highest paid ceos of large companies. Insurance giant unitedhealth group announced wednesday that the company posted record profits for the second quarter doubling to more than 6 6 billion compared to the same period last year as the coronavirus pandemic forced patients to cancel or put off elective healthcare or other treatments. The largest health insurance companies in the united states reaped historically large profits in the first quarter of this year despite all the noise surrounding the affordable care act s individual marketplaces.
Large health insurance companies have returned to pre aca levels. In addition some of the largest health insurers expect earnings net income to increase by 8 7 to 19 6 percent in 2018. The fact remains that salaries are part of the administrative costs that health insurance companies are required to limit under the affordable care act s medical loss ratio mlr rules. 12 2010 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.
Aetna anthem cigna humana and unitedhealth group the big five for profit insurers cumulatively collected 4 5 billion in. Major insurance companies are enjoying record profits but claim they are losing money under the affordable care act 11 01 2016 amy martyn reporter. And so are profits. The nation s top six health insurers reported 6 billion in adjusted profits for the second quarter up 29 percent from a year ago.
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