MedPage Today May 25, 2022
— Private insurers are profiting more than ever during the pandemic
The Biden administration rewarded private insurers with an 8.5% hike in Medicare Advantage payments in April, despite new evidence that these companies profiteered at Medicare’s expense during the first year of the pandemic.
While 2020 may have been a bad year for Americans, it was a great one for America’s health insurance firms. Profits at UnitedHealthcare, the nation’s largest private insurer, shot up 20%, reaching more than $12 billion. The second biggest, Anthem, collected $16.1 billion more in premiums than it paid out in benefits, a 30% jump over 2019, and CVS/Aetna’s take from its insurance business rose 29%.
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