Thursday, March 4, 2010

I Really Can Not Stand It---

A new report: Insurance Company Rate Hikes Driven by Greed, Not Underlying Medical Costs. Quell surprise, eh?
The cost of medical care is rising faster than inflation and doctors and hospitals are making more profit than they used to. BUT, insurance companies are raising their rates much faster than even that - over 20% faster than the amount they are paying doctors and two times the amount the underlying cost of care is rising. To put it another way, insurance companies are making more profit than ever (and they are making record profits) because they are raising their prices faster than their costs.

Rates go up for small business. Small business drops coverage. And then people have to seek insurance on the individual market where insurance companies make more profit because they deny coverage or raise their rates with impunity because individuals have a harder time fighting back.
And what, pray tell, are the insurance companies spending all that moola on? PERKS!
Anthem spent $27 million on 103 executive retreats to locations like Hawaii in 2007 and 2008 alone. From 2000 to 2008, insurance companies spent $716.4 billion of their premium dollars on administrative costs, salaries for their CEOs, and investor profit -- practically enough to fund the entire health reform bill.
And, so, this is why we must have--
Medicare for All!

And we must have it NOW.

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