Health Insurance Companies Making Record Profits
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.
Health insurance companies making record profits. In a statement pdf the company attributed the substantially higher than anticipated. Aetna anthem cigna humana and unitedhealth group the big five for profit insurers cumulatively collected 4 5 billion in. And health insurance company ceos are not among the highest paid ceos of large companies. The nation s top six health insurers reported 6 billion in adjusted profits for the second quarter up 29 percent from a year ago.
40 million people may lose their jobs in the. And so are profits. Former cigna vp wendell potter says tying health insurance to employment has made the outbreak devastating for people but not for insurance companies. Major insurance companies are enjoying record profits but claim they are losing money under the affordable care act 11 01 2016 amy martyn reporter.
There have been reports just over the last couple of days of insurance companies making record profits right now obama said during a prime time news conference. 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. 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.
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