Insurers Post Record Profits
July 12, 2010
I came across this piece of news which was published back in February during the debate about Healthcare. I was reminded about the argument about the need for Tort Reform to reduce the cost of premiums paid by the insurers. With profits as described below, I think it is more likely we will need Insurance Reform to achieve the intended goal. I am just sayin…
In the midst of a deep economic recession, America's health insurance companies increased their profits by 56% 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 outsize 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.