Health Insurers Post Record Profits, Cigna's profit increased 346%

[Modbert]

Health Insurers Post Record Profits - ABC News

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

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.

Under questioning from reporters, Richard Kirsch, national campaign manager for HCAN, conceded that insurance companies don't bear all the blame for eliminating people from their rolls. He said the recession induced many employers to cut back on benefits, including health plans. Also, many who were laid off lost their insurance coverage and were forced to enroll in Medicaid.

Wellpoint increased profits 91 percent from 2008 while it chopped 3.9 percent of its total enrollment.

United Health's profit increased 28 percent from 2008, while enrollment dropped by 3.4 percent.

Cigna's profit increased 346 percent and enrollment dropped 5.5 percent.

Humana's profit increased by 61 percent while enrollment decreased by 1.7 percent.

[ame=http://www.youtube.com/watch?v=YWyCCJ6B2WE]YouTube - Pay no attention to that man behind the curtain.[/ame]

 

[uscitizen]

The recession must be ending.

 

[Modbert]

The recession must be ending.

Nope, that happens when Cigna's Profits reach over 500%.

 

[Gatekeeper]

This is no surprise, for many businesses it's the "American Way', to "kick'em while their down". Nothing wrong with making a profit, but to outright rob people blind to make outrageous profits at the expense of those who are struggling day to day just to live, shouldn't be accepted by anyone and yet the politicians remain silent.

If people want to 'Tea Party" here is one great reason to do so, where are they?

Like Anthem Blue Cross in California. This is just the start, with NO opposition others will follow.

Anthem Blue Cross dramatically raising rates for Californians with individual health policies - Los Angeles Times

 

[☭proletarian☭]

Profit?


Share us the same data but dealing with profit margin and business costs.

 

[code1211]

The recession must be ending.

Nope, that happens when Cigna's Profits reach over 500%.

Hold on there Big Fella! The United States population spent 2.26 TRILLION on health care in 2009. Most of that came from the insurance business.

All insurance companies according to the OP profited 12.2 billion. I assume that this profit is for all lines of business including investments, Auto, Life and Health.

That sounds like about one half of one percent of the total paid to the health care facilities. If the company for whom you work is only profiting about one half of one percent, you would be wise to begin planning how you will finance your own healthcare soon because you will be looking for work.

Why are the vultures attacking those that pay the bills instead of those who raise the rates?

 

[code1211]

This is no surprise, for many businesses it's the "American Way', to "kick'em while their down". Nothing wrong with making a profit, but to outright rob people blind to make outrageous profits at the expense of those who are struggling day to day just to live, shouldn't be accepted by anyone and yet the politicians remain silent.

If people want to 'Tea Party" here is one great reason to do so, where are they?

Like Anthem Blue Cross in California. This is just the start, with NO opposition others will follow.

Anthem Blue Cross dramatically raising rates for Californians with individual health policies - Los Angeles Times

If you are making a judgement strictly on what the OP stated, that judgement is based on nothing.

A 500% increase in profits could have brought the total profit to even with absolutely no profit. Last year could have shown a large loss.

12.2 Billion sounds like a big number, but it shrinks to little or nothing when the scale of the industry is 2.26 Trillion.

Outrage is useful, but facts are more useful.

 

[code1211]

Wellpoint increased profits 91 percent from 2008 while it chopped 3.9 percent of its total enrollment.

United Health's profit increased 28 percent from 2008, while enrollment dropped by 3.4 percent.

Cigna's profit increased 346 percent and enrollment dropped 5.5 percent.

Humana's profit increased by 61 percent while enrollment decreased by 1.7 percent.

How many of these folks do you suppose dropped off the rolls of the insurance companies after the Big 0 and Harry and Nancy picked our pockets for the stimulus that didn't? You'd almost think that if a group is going to spend a Trillion dollars to get something done, there might be the tiniest improvement.

You'd almost think that.

If the stimulus had stimulated the economy instead of just tickling these thieves' supporters' pocketbooks, perhaps all of these folks would still have their jobs and their insurance.

The insurance companies pay the medical bills. The morons in Washington waste our tax dollars, the healthcare industry raises the rates and you blame the insurance companies that pay the bills.

My God! Open your eyes and look at what's happening.

 

[CrusaderFrank]

If Libruls couldn't lie, would that have anything to say?

"Under questioning from reporters, Richard Kirsch, national campaign manager for HCAN, conceded that insurance companies don't bear all the blame for eliminating people from their rolls. He said the recession induced many employers to cut back on benefits, including health plans. Also, many who were laid off lost their insurance coverage and were forced to enroll in Medicaid."

 

[NYcarbineer]

Profit?


Share us the same data but dealing with profit margin and business costs.

Those profit numbers don't reflect business costs?

btw, I can show what a non-profit public option's profits would be:

ZERO.

 

[code1211]

Profit?


Share us the same data but dealing with profit margin and business costs.

Those profit numbers don't reflect business costs?

btw, I can show what a non-profit public option's profits would be:

ZERO.

Wow! That's spectacular! Now, can you please list for us the total reduction in the cost of the Federal Government in 2009 compared to 2008?

How about the total reduction in the cost of payroll for the Federal Government in 2009 compared to 2008?

If this reduction is less than the reduction shown across the board in the private sector, there is waste. Period. End of discussion.