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Top five health insurers posted 56 percent profit gains in 2009

Posted: Feb 13, 2010

By John Byrne
Friday, February 12th, 2010 -- 9:45 am

If no health care overhaul passes Congress, health insurers may be in for a windfall -- and one far larger that most Americans probably realize.

According to a study by a pro-health reform group published Thursday, the nation's largest five health insurance companies posted a 56 percent gain in 2009 profits over 2008. The insurers including Wellpoint, UnitedHealth, Cigna, Aetna and Humana, which cover the majority of Americans with insurance.

The insurers' hefty profit gains came even as 2.7 million more Americans lost their insurance coverage due to the declining economy.

A lobbyist for American's Health Insurance Plans, the trade group that represents insurers in Washington, D.C., attributed the gain in 2009 profits to a poor performance in 2008. In 2008, insurers were forced to write down their stock holdings because of the US market's declines. Insurance companies keep a great deal of money in the markets, earning interest from the time between premiums are paid and the time when health providers are paid.

"It is disingenuous to look at the profits at one company today compared to where it was in the depth of a recession," Robert Zirkelbach, a spokesman for America's Health Insurance Plans, told the Cleveland Plain Dealer.

The insurer profit study was prepared by the liberal-leaning group Healthcare for America Now, an organization bankrolled by labor unions, which typically take strong positions in favor of Democratic policies, while historically being highly critical of Republicans.

"Insurers will - perversely - try and blame the economy for their record-breaking fortunes, saying employers have been shedding jobs and therefor dropping insurance coverage, leading to a decrease in customers," a press release for Health Care for America Now said. "And they're certainly right in the sense that less jobs equals less employer-based health coverage, but that obscures the fact that employers have been steadily dropping health coverage for more employees for 15 years - even during good times - because the insurance industry's prices keep skyrocketing much faster than inflation."

"None of the excuses can explain away the basic reality that insurers make more money when they insure less people. They can pay their CEOs more ("administrative costs" rose this year) when they can charge the healthy exorbitant prices and drop or deny these loyal customers when they become sick and therefore expensive," the release added.

The remainder of the article can be found at:

http://rawstory.com/2010/02/top-health-insurers-posted-57-percent-profit-gains-2009/

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Poisoning the well - Healthcare For America Now

[ In Reply To ..]
First, let's get one thing straight. Compared to 2008 (as we are in the case of healthcare), MANY companies in MANY sectors are reporting 40-60% profit increases. 70% of the Fortune 500 companies are beating their earnings forecasts. If you haven't been snoozing, you might have noticed the Dow has risen from around 6500 to over 10,000 on the strength of these improved earnings.

And yet, that doesn't mean that earnings are healthy yet by any means. Why? Mainly because 2008 was a rotten year, so when you use that as a baseline it doesn't take much of an up-tick to create a "big" percentage of "increased earnings".

So, Healthcare for America Now already knows what the insurance companies are going to say ("perversely") about their profits - i.e., that the unemployment situation reduced their rolls and hence their liabilities.

The reason that HCAN knows what the insurance companies are going to say is because they also know it's the truth. So, while talking about the change in profits 2008-2009, they change the context to "the last 15 years". Doesn't this sort of rotten logical argumentation BOTHER you at ALL?

The result is that in their effort to make something out of what is really nothing unusual in the trend in corporate profits 2008 to 2009, HCAN also find themselves in the position of having to try - rather pathetically - to poison the well.

Honestly, they are the most hilarious bumblers that one almost wonders if the website is run by children.

I guess it fools some people, though, doesn't it? The people who think HCAN is an objective, reliable source, anyway. Everyone else, not so much.

I hope you're not one of the ones that gets cut arbitrarily - from your insurance plan. Nikki (sm)

[ In Reply To ..]
Anthem is raising its rates by 39%, and patients are getting "fired" by their health insurance companies.

Too bad you're on the side of greed, and I wonder if you'll change your tune if YOUR insurance company raises its rates by more than a third or fires YOU someday.

So if you're in favor of a capitalistic society, you're "in favor of greed" in y - Anon

[ In Reply To ..]
nm

One line rant bites dust but still shows hostility - in 15 words plus 1 letter. nm

[ In Reply To ..]
nm

I'm trying to make my posts succinct....you're just being juvenile. - Anon

[ In Reply To ..]
nm

Succinct failed to convey any substance. - Where you trying to say nothing....again? nm

[ In Reply To ..]
nm

I honestly don't know why I bother to argue with liberals. It's pointless. - Anon

[ In Reply To ..]
nm

Is that what you were trying to do? (sm) - Nikki

[ In Reply To ..]
I'd be glad to answer what I will assume was your question if you would be kind enough to transform it into an entire sentence so I can know what the question is.

I'm sorry if our request for a complete thought from you interferes with your ability to "argue" with us.

ROFLMAO. Libs are a patient bunch. - We are still waiting. nm

[ In Reply To ..]
nm

Okay, I'll try to make it simple for you liberals.... - Anon

[ In Reply To ..]
1. Someone posted a story lambasting insurance companies, which was from rawstory.
2. Second poster pointed out the disingenuousness of the article, exposing the Healthcare for America Now group as a pro-Obama group and not an unbiased group as they claim.
3. Nikki immediately labeled the poster who stood up for the insurance companies as being in favor of greed.
4. I commented to Nikki that her argument was ridiculous and didn't hold water.
5. After that, there was a series of non-sequitor attacks on my argument by several different people.

This bullying behavior is typical of the liberal posters on this board. Apparently, you're following in the footsteps of Obama and his merry band of Chicago thugs.

Just remember, politics in America swings on a pendulum. Our turn will be coming soon.

All I asked you to do was to complete a thought. (sm) - Nikki

[ In Reply To ..]
Your question was:

"So if you're in favor of a capitalist society, you're 'in favor of greed' in y"

"In favor of greed in" WHAT???????

If you would just finish your thought, I'd be glad to answer your question, but don't blame ME because YOUR post was unintelligible.

If that's what you were trying to say, it was not intelligible - in you cliffhanging post....

[ In Reply To ..]
1. It conveyed hostility as by one poster's read (hint, hint).
2. You tried to make your post "succinct" by saying nothing, again.
3. Another poster pointed out that it still said nothing.
4. You replied by decrying the futility of "arguing with liberals," an escalating hostile statement showing disdain for liberals, and yet another one-liner.
5. Nikki points out that you ae trying to argue (your words, not hers).
6. Another post expressing the desire to hear the withheld entire sentence.
7. Your comeback is yet more hostile, talking down to libs.

Why not try complete sentences next time, backed up with facts and links so as to encourage informed dialog exercising different views instead of playing the victim card (bullying)? Your "adversaries" were simply trying to elicit a single coherent thought, but evidently, they were asking too much of you.

Thank you for this post - see message

[ In Reply To ..]
I stopped coming to the board because I was seeing bullying behavior by the libs. I don't even know why a lot of people bother to post, as they are attacked for their point of view. Any time you disagree with them the gang, rather the "usual group" comes out and goes at you. It's gotten to the point where you can't have a decent conversation.

I used to be the kind of person who would fight to the end. My mom always told me if you are right stand up for yourself. Don't let people bully you, but now as an adult I don't need that type of headache.

You reply to a post, someone answers, you reply back, then they claim you haven't addressed the issue, when in fact your post was about the issues. Then its just a free for all to join in and pat each other on the back. Almost like they are trying to drive those with opposing view points off the board.

Just stopped coming cos its not worth the headache anymore. Especially since the comments being made are juvenile.

Curious. Where in the thread did Anon address - health insurers 56 percent 2009 profits?

[ In Reply To ..]

Was is in the incomplete sentence about capitalism and greed, which Nikki dared to mention in the context of health insurers, aimed at the poster instead of the issue? Maybe it was embedded somewhere hidden in the ensuing flurry of refusals to complete her own sentence and liberal slams? Did I blink my eyes and miss something?

Exactly! Thank you!! (nm) - Nikki

[ In Reply To ..]
:-)

Oh, puleeeeeeze! So I guess that means that y - Nikki

[ In Reply To ..]

Agreeing with each other works both ways on this board, and it happens every day. There is no "bullying" involved.

I wanted to answer what appeared to be a question posed by the poster. It was an incomplete thought. (I deliberately cut my "subject" line in order to give you an idea of what it's like to try to answer something that is incoherent.)

Instead of completing her thought, she complained that she can't "argue" with liberals. I wasn't trying to "argue." I was trying to respond to her question, but she refused to give me that opportunity.

Then you come along and whine that liberals are "bullies," when the only bullying came from the person who wanted to "argue."

Your post has no context whatsoever to this thread, where I requested a complete thought from someone who was challenging me.

Just because another poster could see the same thing I saw and questioned it doesn't mean anyone was bullying anyone.

Perhaps you should instead turn your attention more towards the problem of adult illiteracy that obviously plagues some Americans.

You had your turn for the last 8 years, hence - the mess the president is

[ In Reply To ..]
trying to fix. Bullying????? Oh, puleez. How silly can you get.

Ok, now it is your turn. Go ahead and show me how silly you can get, just in case you held out on me on the last post.

At the risk of being called a "bully," I agree 100% with your post! (nm) - Nikki

[ In Reply To ..]

:-)

LOL! (nm) - Nikki

[ In Reply To ..]
:-)

Love it! ROTFLMAO! - Sick Of It~

[ In Reply To ..]
Great post as usual.

Be careful there, Sick of it~! (sm) - Nikki

[ In Reply To ..]

I believe your coming on here and agreeing with me constitutes "bullying" in the (bilnd) eyes of some others on this board!

Oh, well. I have been called worse by people on - this forum-usually by those

[ In Reply To ..]
with no answers and nothing constructive to say so that is their only response. These are the people we try to ignore. They are not worth talking to, and are not actually interested in talking anyway.

^5 to your post. It is best that they be ignored. (nm) - Nikki

[ In Reply To ..]
:-)

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