Health insurance companies in the United States are very profitable. In 2021, the top five health insurance companies in the United States (UnitedHealth Group, Anthem, Aetna, Humana, and Cigna) made a combined profit of $60.6 billion. This represents an increase of 16% from their earnings in 2020. So why do they deny so many claims?
Five of America’s largest health insurers reported more than $11bn in profits in the second quarter – a decline from the same period last year when the Covid-19 pandemic helped drive sky-high profits yet they are having more of a say on patients’ treatments even when HCPs disagree.
HEY NOW: Most companies struggled in the second quarter as the coronavirus pandemic froze the economy, but health insurers like UnitedHealth heavily benefited as people held off on going to the doctor or hospital, resulting in fewer medical claims that needed to be paid. In addition, pharma profit margins remain very high.
SUMMARY: Los Angeles Times…”The most perplexing aspect of our current debate over healthcare and health coverage is the notion that Americans love their health insurance companies. The truth is that private health insurers have contributed nothing of value to the American healthcare system. Instead, they have raised costs and created an entitled class of administrators and executives who are fighting for their livelihoods, using customers’ premium dollars to do so.” Ouch