You Used to Call This Blackmail
Okay, so here’s a wall-eyed snot nosed hissy fit:
Aetna health insurance company wants to merge with Humana insurance company and have a monopoly over healthcare in America.
Last month the Justice Department blocked it after an antitrust review, saying the two deals would lead to higher prices.
Aetna says it is not making enough money and wants to merge with Humana to make more money.
Get this. In April of 2015 —
Aetna beat earnings estimates and recorded $777.5 million of profit in the first quarter of this year, prompting the Hartford, Conn.-based health insurer to raise profit predictions for the rest of the year.
Aetna said it was able to build higher profits into its commercial and Medicare and Medicaid health plans.
And then in April of this year, they were making plenty of profit by their own admission.
Aetna Inc. became the latest health insurer to report losses on 2015 Affordable Care Act business, a dark spot as the company unveiled sharply higher profit for the fourth quarter.
The company said its overall profit leapt 38% in the final quarter of the year, as a key measure of spending on medical costs fell. The strong quarterly results were fueled largely by its government business, which includes Medicare and Medicaid.
So, when the Justice Department said they couldn’t have a monopoly on health insurance, they did what any insanely greedy corporation with “sharply” increasing overall profits:
They damn threatened to pull damn out of the damn Affordable Healthcare coverage, dammit.
They want to leave one million people uninsured because $777 million in profit for three months is not enough money for them.
What the hell?
Here’s a company controlling healthcare in America and they don’t have a damn thing to do with healthcare. Aetna does not own a stethoscope or an MRI machine. They do not provide healthcare. They sit in an office and let someone with an English degree decide if they are going to pay for something a medical doctor says you need.
Screw ‘um. The one million people they cover in the Affordable Care Act should start reporting to Aetna offices with a hacking cough and open sores.
Thanks to everybody for the heads up.
This is all buttons and peanuts compared to what Exxon gets in profits in part bolstered by federal assistance. Why are we treating poor Aetna in such an unfair fashion?
1… and while the people are coughing all over Aetna office, they should not cover their mouths. Aetna and most insurance companies are a parasitic layer that rake off their obscene profits and do nothing useful between patients and their doctors.
2How about Medicare for all. The people at Aetna can get real jobs. Not in med. May be digging ditches. Or killing each other and not us. Aetna is a scam, like Drumpf A way to make money with out doing anything useful.
3Aetna should lose all government Medicare and Medicaid business which has been extremely profitable for them. Come on DOJ let’s see some extremely relevant consequences.
4I’m with Rastybob – Medicare for all and then Aetna will be really upset with their lack of profit 🙂 Is there not an alternative to Aetna which people could sign up for next year, leaving them with no customers? Greedy corporations are truly poor citizens in this country.
5I have Aetna through my employer. They suck. They routinely “never received” out of network claims – even when I sent them return receipt – and they routinely screw providers who are in their networks.
That said, I think the ACA has actually been a disappointment to the vast majority of folks it was supposed to help – self-employed who couldn’t afford insurance, middle-class people whose employers didn’t offer health plans, etc.
The ACA needs to be improved – not repealed. Universal health care for all, and phase out the private insurers. There should be no profit in health care.
6Alan – As bad as Exxon is, at least after getting extorted at the pump you get some gasoline…
7Those with a philosophical bent, those that extol the virtues of capitalism, should be subject to public ridicule.
8Aetna: Rationing Healthcare One Patient at a Time
9@Alan
A few years ago, as part of my “embrace the suck” policy, I figured out how much a year I spent on gasoline and bought sufficient XON to cover the cost, plus my then marginal tax rate percentage. Most years I am reimbursed quarterly for my gasoline expenditures, although I haven’t bought Exxon at the pump since the 70’s.
Embrace the suck!
10Sorry NYSE followers i guess that should have been XOM.
11Crap … I’m with Humana and, of course, Medicare.
12I’m all for Medicare for everyone … from birth to death … as soon as you pop out, you’re covered! As soon as the Big Bus comes for you, you’re done and won’t be needing coverage any longer!
I’m really hoping Hillary can make that happen so these insurance companies can’t continue to screw everyone over!
Remember when this country use to bust trusts? One good way to do it all. Single payer.
13All insurance is legal gambling. The insurance company is gambling nothing will happen that they have to pay on. The insurance buyer is gambling something will happen that they will get paid for. Since the insurance company gets to write the policy, of course they write it so it favors them.
I’ve worked health care for 30+ years. I hate insurance companies more than Juanita hates Republicans. We need Single Payer, and soon.
14Edward, I’d change this a little:
“The insurance buyer is gambling something will happen that they will get paid for.”
Instead,
“The insurance buyer is gambling that if something happens they will get paid for it.”
15I have a sneaking suspicion there are at least 2 or 3 other health insurance companies who will happily take those 1m customers, and their profits, that Aetna thinks it’s going to leave high and dry.
16Sounds as though Aetna customers may end up with better policies and a more honest provider.
17Aetna, Blue Cross, et.al., wants to pick and choose those to be covered, i.e., anyone under 35 who has never been ill and works for a big company. They do not want to take risks.
18They want to drop coverage on any group for which they have to pay by crying to the regulators about all the money they’re losing. They never seem to mention their uber profits for their gold and platinum plans.
In my unskilled, day-laborer opinion, the new congress should define Insurance Provider as a company that provides insurance for all with no pre-screening. That’s how the economic model of a half-century ago was designed and worked. Only then may the Insurance Provider participate in the ACA.
I’m all in for Hillary, but insurance is why I preferred Elizabeth.
Another vote for single payer.
Single-payer (re: National Healthcare) in other countries is an interesting study. On average, yes, on average (important term here) their population is healthier. Healthier being a relative assessment. A stronger emphasis on preventive care, thus health concerns are dealt with earlier and for lower cost. Aetna complains that the Obamacare signups are less healthy than their other enrollees. DUH! Ya’think? They haven’t had decent healthcare for years… maybe decades.
A country that cares about it’s people cares about their health. A country’s greatness is in it’s people. Take them away and all that’s left is real estate. And since Republicans don’t want any “new” people coming here, maybe they could work harder to keep the one’s already here healthier? Maybe?
19And in the news today, 3 or 4 other big insurance companies are pulling out of the ACA in Texas. Medicare for all!
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