The reality too is that the CEO of Aetna earns 24 million a year, taken from those profits, Cigna’s CEO takes home 30 million a year see a great table from the same link.showing profits in the billion-plus zone and CEO salaries Health insurance profits
I support the moral right of every human being to health care. I don’t want to see toddlers dying from sepsis because of a playground injury, women dying in child.birth in their parents living rooms, or pandemic death and paralysis from polio due to a failure of funding for actual health care and the public health infrastructure.
But universal health insurance is no guarantee at all of universal health care; they are not the same. A case study in point could be the expensive, highly profitable, and required student health insurance policies that Aetna and others foist on students in the UMASS system. As the Globe recently exposed, 40% or more of those required payments for health insurance go to profit, not health care.
Our family has personal experience with this fake health insurance for public university students. Our son is too old to be on our policy (which itself is only affordable via COBRA as my husband’s unit where he once worked was outsourced and he has been unemplyed since May – another issue entirely I grant). Therefore, in order to enroll at UMASS, he was required to buy “student health insurance” at a far higher cost than any connector policy. Even when he had bronchitis, the student insurance and health center could not treat him; he went to his old internist and so far, the bill is not paid. The “connector” won’t cover students, and the Universities require “their own student policies” or you cannot enroll and hard earned student dollars or federal student loans go direct into the pockets of Aetna and its CEO who earns $24 million dollars. Remember, at least 40% of those premiums are straight profit!
Health care is certainly NOT the same as the exhorbitent so-called student health insurance that UMASS students must purchase or be barred from enrolling.
Health care dollars that come from taxpayers should go for health care, not for profits for the health care insurance industry which only exists to enrich shareholders and the corporate elite. Remember health care is NOT the same as health insurance.
Bailout dollars should only have gone to pay workers to work catching up infrastructure repair and the like, with the minimum adminstrative structure to oversee that work and avoid waste and graft. Bailout money should not go or have gone into the bottomless coffers and 140 billion in bonuses for rapacious banksters and corporate neobarons.
The reason General Insurance Corporation (GIC) consistently outperforms the cost of private health insurance coverage is that its CEO earns a modest state salary – not tens of millions like AETNA’s CEO and other health insurance CEOS. GIC exists solely to provide health care, not health insurer profits. GIC is not running a sucker bet to gouge fearful consumers; remember, the goal of every insurance company is to take in more than it pays out by the greatest margin it can get away with!
Of course, those unions whose CEOs earn more than a million dollars paid for by member’s dues, and whose pension funds hold investments in the health insurance industry stocks may have a conflict at their highest levels as a result. That would be an interesting topic for an investigative reporter or tenacious student journalist.
I sure wish UMASS students were covered by GIC not Aetna!
Anyone else see a pattern here?