Comments on: Why target Health Insurance companies who only make 2.2% profit margin?

By: Jacob W

Jacob W — Mon, 23 Nov 2009 21:33:59 +0000

This is another in a long series of intelligence tests. How many claims does the Left have to make that are untrue before their supporters realize they are being duped?

The government should never target any company. The reality is, the current administration is specifically not interested in having the economy improve nor providing quality health care nor protecting investors. They are doing everything possible to get as many citizens in the Untied States dependent on the government. Why? See link below. This has been going on since the 1960’s.

*
References :
http://cloward-piven.com/

By: bozieu

bozieu — Mon, 23 Nov 2009 21:05:59 +0000

You do know that leftist try to control all insurances especially health insurance for the hudge ammounts and to hold poeple by fear of sickness.

In anycase they will charge more the smallest one who don’t follow their rules

Care too MUTUELS they are their Trojan horse.
I have been fighting them 5 years here at a social security health insurance cash.Same brend same way to work…..
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By: Lorenzo the Itinerant

Lorenzo the Itinerant — Mon, 23 Nov 2009 20:43:59 +0000

"immoral profits" LOL doesn't Pelosi own some tuna company in Samoa or something? making profit on food?
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By: blogonmynog

blogonmynog — Mon, 23 Nov 2009 20:20:59 +0000

even if we assume that you have a credible source to support your claim that insurance companies operate with a 2.2% profit margin, the problem is that those profits have risen astronomically within the past decade. The profit margin is not the issue at all – the dollar amount of that profit margin is th problem. By relentlessly raising the cost of health insurance, and systematically paying out less and less to policy-holders, the insurance companies bring in a substantially larger amount of money with which to operate. Of that consistently-growing pool of money, 2.2% means a WHOLE LOT MORE in real dollars today than it did last year or the year before or the year before.

if you really want to see the bottom-line profits of a health insurance company, don’t look at it’s profit margin… look at it’s profit.
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By: Joe in texas

Joe in texas — Mon, 23 Nov 2009 19:53:59 +0000

Liberals hate free enterprise and capitalism. For them profit is a dirty word. I wonder if any of them would be happy with a savings account that paid no interest?
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By: Texas Drifter

Texas Drifter — Mon, 23 Nov 2009 19:08:59 +0000

Just posting the AP article reporting that number.

Some of the profits listed in it:

Tupperware Brands, 7.5 percent; Yahoo, 5.9 percent; Hershey, 6.1 percent; Clorox, 8.7 percent; Molson Coors Brewing, 8.1 percent; construction and farm machinery, 5 percent; Yum Brands (think KFC, Pizza Hut, Taco Bell), 8.5 percent.

Oil companies were at an 8.5% average last year and time period that data came from Google was 25%. Talk about profit.

Add in to the mix denial of claims now. The government has the highest percentage.

UHC 2.7%
Coventry 2.9%
Humana 2.9%
CIGNA 3.4%
Health Net 3.4%
Anthem BCBS 4.6%
Aetna 6.8%
Medicare 6.85%

Aetna is the only one that comes close to the government. When you average all of the private insurers their rate of denial is 3.89% including the high Aetna number. 4% is much better than Medicare’s nearly 7%. The government is not quite as benevolent as they lead you to believe when you read the actual numbers.

Since private companies are required to turn a profit they will likely be better watchdogs of fraud, waste and abuse. Something the government is infamous for.
References :
http://www.google.com/hostednews/ap/article/ALeqM5iorq8FSpX_4LX_UG_xHQIjJY3SvgD9BI5VB00

http://money.cnn.com/2008/04/29/markets/thebuzz/

2009 AMA National Health Insurer Report Card.
http://www.ama-assn.org/ama1/pub/upload/mm/368/2009-nhirc-long.pdf

By: merlin

merlin — Mon, 23 Nov 2009 18:51:59 +0000

I can’t believe you would even ask such a question…..Like her or not , that little snippet from Nancy Pelosi is correct………And the last thing the rich controlling insurance companies want is to remove the status qou………Did the CEO of Tupperware make the same as Well Point CEO—-Angela Braly—- $24 million last year ??? Doctors are trained and swore an oath to provide care and insurance exec. deny the claims……..It’s ok for the crook to have a beach house , but if you need chemo then have a bake sale ?????
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By: broken

broken — Mon, 23 Nov 2009 18:21:59 +0000

They have a preexisting condition.
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By: froggy

froggy — Mon, 23 Nov 2009 17:35:59 +0000

Okay-I have read that same article, and-exactly what are the "lies" of the democrats? What specifically did they say? What percentage did they say the health ins companies made in profits. If they specifically said like "they make 50%", then please provide a link as well. thank you.

EDIT:
"Profit" comes after all of the executives get their multi-million dollar salaries and bonuses for denying people health care services, BTW.

ANNUAL COMPENSATION OF HEALTH INSURANCE COMPANY EXECUTIVES (2006 and 2007 figures):

• Ronald A. Williams, Chair/ CEO, Aetna Inc., $23,045,834

• H. Edward Hanway, Chair/ CEO, Cigna Corp, $30.16 million

• David B. Snow, Jr, Chair/ CEO, Medco Health, $21.76 million

• Michael B. MCallister, CEO, Humana Inc, $20.06 million

• Stephen J. Hemsley, CEO, UnitedHealth Group, $13,164,529

• Angela F. Braly, President/ CEO, Wellpoint, $9,094,771

• Dale B. Wolf, CEO, Coventry Health Care, $20.86 million

• Jay M. Gellert, President/ CEO, Health Net, $16.65 million

• William C. Van Faasen, Chairman, Blue Cross Blue Shield of Massachusetts, $3 million plus $16.4 million in retirement benefits

• Charlie Baker, President/ CEO, Harvard Pilgrim Health Care, $1.5 million

• James Roosevelt, Jr., CEO, Tufts Associated Health Plans, $1.3 million

• Cleve L. Killingsworth, President/CEO Blue Cross Blue Shield of Massachusetts, $3.6 million

• Raymond McCaskey, CEO, Health Care Service Corp (Blue Cross Blue Shield), $10.3 million

• Daniel P. McCartney, CEO, Healthcare Services Group, Inc, $ 1,061,513

• Daniel Loepp, CEO, Blue Cross Blue Shield of Michigan, $1,657,555

• Todd S. Farha, CEO, WellCare Health Plans, $5,270,825

• Michael F. Neidorff, CEO, Centene Corp, $8,750,751

• Daniel Loepp, CEO, Blue Cross Blue Shield of Michigan, $1,657,555

• Todd S. Farha, CEO, WellCare Health Plans, $5,270,825

• Michael F. Neidorff, CEO, Centene Corp, $8,750,751
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By: Common Sense in Exile

Common Sense in Exile — Mon, 23 Nov 2009 17:07:59 +0000

It’s easier to demonize when ignorance is so rampant in our society. The truth of health insurance company’s profits is irrelevant when there are partisans trying to destroy them. Health insurance companies make between 2-4 cents profit on every dollar in revenue. The sources are financial statements submitted to the government. Those in disbelief or denial are actually admitting their ignorance of this matter.

Sorry Capt Cold is one of those so ignorant of facts, he makes himself look so foolish. Is this your adherence to DailyKos thinking-points? Must be, to be so utterly wrong.

20-30% profit margins are just ridiculous, and not supported by facts. People alleging these margins are just dumb about business.
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