Forum Post: We Don't Have a Healthcare Crisis -- We Have a Profiteering Crisis
Posted 12 years ago on Nov. 7, 2011, 10:21 a.m. EST by rmmo
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Why are healthcare premiums so high? First, the healthcare industry said it was because of frivolous lawsuits. They said if you just limit lawsuits, healthcare premiums would be lowered. So most states passed medical malpractice tort reform laws limiting the medical malpractice lawsuits.
So did premiums go down? No. Premiums have been doubling and healthcare profits are staggering.
United Health pay its CEO a staggering almost $102 million in one year! Just think about how much coverage that could have provided people -- people who are dying. We don't have a healthcare crisis we have a healthcare greed and profit taking crisis. The healthcare industry has enjoyed a decade of record profits while our premiums double.
Why? Because there is an imbalance of power -- the healthcare industry has bought our politicians. The government does nothing while the healthcare industry continues to squeeze more and more profit from us for less and less coverage. Our government is corrupt.
Here are the figures on the decade of record profits at our expense:
The number one highest paid CEO was from a healthcare provider: http://www.forbes.com/lists/2011/12/ceo-compensation-11_land.html
http://www.dailyfinance.com/2010/02/18/health-insurer-profits-jumped-250-in-last-decade/ http://abcnews.go.com/Health/HealthCare/health-insurers-post-record-profits/story?id=9818699 http://thehill.com/blogs/healthwatch/corporate-news/129427-health-insurance-companies-likely-to-break-profit-records-for-2010
We are the only country with a law that prevents negotiating with drug companies to get lower prices for their wares. This was written into the Medicare law when drug coverage was added.
It is a prime example of crony capitalism.
Agreed! And that giveaway to big pharma was paid for on a credit card hence a big portion of our deficit.
Yea, how can tacking on a 30% ins co profit to every transaction make the delivery of health care more efficient or affordable?
Good post 'rmmo'. The healthcare business should be called 'Sickness Profiteering' - A plant-based diet offers more of a solution than 'Lipitor'! But as my holistic doctor says, "A healthy lifestyle makes a lot of sense, it doesn't make a lot of dollars."
Medicare insurance for all. Take the greedy insurance companies out of health care. Most for profit insurance companies spend 31% and above for adminastration fees such as CEO salries and billions on the number crunchers that deny people of needed care. Medicare spends less that 3% on adminastrative issues. Tell me why would a sane society allow for this type of money be used to deny care while enriching the few?
Why is any healthcare company a for-profit company? The only way free-market healthcare coverage works is if the government serves as a balance for the consumer -- the government protects the healthcare consumer by regulating the healthcare industry.
The problem is that the industry has corrupted government and there is no balance of power, so the industry just keeps raising premiums, lowering coverage, and reaping a decade of record profits.
Yes, and the culture of the healthcare consumer must change in order to truly make a difference. Healthier lifestyles will absolutely reduce healthcare costs. There it is. An affordable healthcare approach that mitigates many, many costly health risks.
Great post. Some new info that I wasn't aware of.
See also:
http://occupywallst.org/forum/white-collar-crimecriminals/
Hi rmmo, Agree. Excellent post. $102,000,000 while people are suffering and dying. A "crime against humanity", and needs to be dealt with as such. Best Regards, Nevada
Agreed!
Wow, that's quite ridiculous. Though, one small note, not all states have tort reform, and malpractice insurance and defensive medicine are still very costly. Though that doesn't detract from the point that health insurance should be a non-profit industry as most insurances started out as.
You are right 38 states have passed comprehensive tort reform and several other states have passed pieces of tort reform.