Your “Health Care Fact Check” for Oct. 28 is misleading. Other than the word “ledgers,” the author of the report did not cite any credible source for his huge underestimation of insurance company profitability.
The fact is that between 2000 and 2007, according to filings with the Securities and Exchange Commission, the 10 largest publicly traded health insurance companies’ profits increased from $2.4 billion dollars to $12.9 billion dollars, or roughly 428%.
Of those companies, Aetna profits went up 1,342%, Wellpoint 1,380%, Humana 827%, and United Health a lowly 532%. I am now paying over $1,000 a month to have a $2,500 out of pocket threshold, after which the insurance company will gladly pick up 40% of any costs. How’s that for a formula for bankruptcy?
Poor insurance companies indeed! Wake up!
Timothy McKeever
Fresno
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