People suffer the pain, corporations, CEOs get the gain ... Analysis Warns Companies Could Hike Premiums by 40% Amid Pandemic

[Denizen]

A 40% hike in insurance premiums is being mooted as health insurance companies expect to suffer big losses on health insurance in 2020.

In a generally capitalistic way, CEOs will support the mooted health insurance cost increases because it increases the health corporation's revenue which usually results in a proportionate increase in CEO remuneration.

A sick society enhances the financial health of health insurance corporations and their executives. CEOs and executives could be 40% healthier in their pockets.

The proletariat will suffer the most, especially those that have lost their jobs or suffered reduced income from the coronavirus pandemic.

'Abolish For-Profit Health Insurance': Analysis Warns Companies Could Hike Premiums by 40% Amid Pandemic

... Analysis Warns Companies Could Hike Premiums by 40% Amid Pandemic
"Corporate-run health insurance isn't about saving lives. It's about making as much money as possible. With Medicare for All we can finally put an end to this international disgrace," said Sen. Bernie Sanders.

by Jake Johnson, staff writer

A new analysis warning that U.S. health insurance companies could hike already exorbitant premiums by 40 percent or more next year amid the coronavirus pandemic was received by Medicare for All advocates as further confirmation that America's healthcare system—driven first and foremost by the profit motive—is ill-equipped to provide necessary care for all, particularly in a time of nationwide crisis.

The research conducted by Covered California, the state insurance marketplace created under the Affordable Care Act, found (pdf) that "if carriers must recoup 2020 costs, price for the same level of costs next year, and protect their solvency, 2021 premium increases to individuals and employers from COVID-19 alone could range from 4 percent to more than 40 percent."

"They're doing healthcare to make money, not to take care of people."
—Dr. Judd Hollander, Thomas Jefferson University
The health and economic impacts of the coronavirus outbreak are "potentially staggering," the analysis states, and could result in even more "consumers and employers no longer being able to afford coverage, leading to employer groups dropping coverage or individuals deciding to go uninsured."

More than 80 million people in the U.S. are currently uninsured or underinsured, according to the Kaiser Family Foundation, and millions more are losing their employer-provided insurance as the jobless rate spikes due to the coronavirus crisis.

 

[fncceo]

People suffer the pain, corporations, CEOs get the gain

Excellent...