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They succeeded in killing the public option, so for them it was money well spent.
Insurance companies spent millions of dollars trying to defeat the U.S. health-care overhaul, saying it would raise costs and disrupt coverage. Instead, profit margins at the companies widened to levels not seen since before the recession, a Bloomberg Government study shows.
Insurers led by WellPoint Inc. (WLP), the biggest by membership, recorded their highest combined quarterly net income of the past decade after the law was signed in 2010, said Peter Gosselin, the study author and senior health-care analyst for Bloomberg Government. The Standard & Poor’s 500 Managed Health-Care Index rose 36 percent in the period, four times more than the S&P 500.
“The industry that was the loudest, most persistent critic of this law, the industry whose analysts and executives predicted it would suffer immensely because of the law, has thrived,” Gosselin said. “There is a shift to government work under way that is going to represent a fundamental change in their business model.”
Health insurers contributed $86.2 million to the U.S. Chamber of Commerce to oppose the law after Obama administration officials criticized the plans for enriching themselves by raising customer premiums. America’s Health Insurance Plans, the industry’s Washington lobbyist, still says on its website the law will raise costs and cause consumers to lose coverage.
Insurers Profit From Health Law They Fought - Bloomberg
Seems like these guys might have wasted 86 million bucks.
They are creating their own trust fund to mitigate their loses in the future.
On a serious note, their profit margin went from 6.8% to 8.2%. Not a big jump.
That is a HUGE jump in dollar terms.
considering how much they lobbied to kill the public option, the article should have been titled "Insurers profit from health law they bought."
Insurance companies spent millions of dollars trying to defeat the U.S. health-care overhaul, saying it would raise costs and disrupt coverage. Instead, profit margins at the companies widened to levels not seen since before the recession, a Bloomberg Government study shows.
Insurers led by WellPoint Inc. (WLP), the biggest by membership, recorded their highest combined quarterly net income of the past decade after the law was signed in 2010, said Peter Gosselin, the study author and senior health-care analyst for Bloomberg Government. The Standard & Poor’s 500 Managed Health-Care Index rose 36 percent in the period, four times more than the S&P 500.
“The industry that was the loudest, most persistent critic of this law, the industry whose analysts and executives predicted it would suffer immensely because of the law, has thrived,” Gosselin said. “There is a shift to government work under way that is going to represent a fundamental change in their business model.”
Health insurers contributed $86.2 million to the U.S. Chamber of Commerce to oppose the law after Obama administration officials criticized the plans for enriching themselves by raising customer premiums. America’s Health Insurance Plans, the industry’s Washington lobbyist, still says on its website the law will raise costs and cause consumers to lose coverage.
Insurers Profit From Health Law They Fought - Bloomberg
Seems like these guys might have wasted 86 million bucks.
Lobbying money is generally the best investment a company can make in our broken system. Studies suggest that corporations typically receive a 600% to 2000% return on their lobbying dollars.
At their present net income after taxes, a 1% increase would be about 10 million. Is that "HUGE"?
If UnitedHealth Group alone increased it's net by 1.4% it would mean an additional $1.3 BILLION in profit.
I think they just put it off. It is inevitable that there will be a public option.
And, just think of all the jobs that are going to be lost.
Yeah, the sad reality is that the insurance companies/tea party managed to kill the parts of the plan designed to keep costs/profit taking down.
PPACA passed the Senate on December 24, 2009, by a vote of 60–39 with all Democrats and two Independents voting for, and all Republicans voting against.[8] It passed the House of Representatives on March 21, 2010, by a vote of 219–212, with 34 Democrats and all 178 Republicans voting against the bill.
I think they just put it off. It is inevitable that there will be a public option.
untying health insurance from employment would be a massive weight removed from employers. if there's another first world nation that uses this inefficient method, i sure haven't heard about it.
Good grief. The Tea Party had zero input or influence, as the bill needed no vote from anyone Tea Party to pass. This is a 100% Democrat/Obama creation. Own it for once.
Yeah, the sad reality is that the insurance companies/tea party managed to kill the parts of the plan designed to keep costs/profit taking down.
We cannot afford a public option...
Are you kidding me? You don't think all the hytrionics of the tea party had any effect? You don't understand how politics work. The Democrats had to shift their positions to retain their seats because of the teabagging/insurance company pressure.
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