Why does your health insurance cost so much?
Data from the Institute for Health and Socio-Economic Policy show that:
1. The top seven U.S. health insurers earned a combined $10 billion dollars - nearly triple their profits of 5 years earlier (Wall Street Journal, August 2006).
2. In 2004 top executives of the 11 largest health insurers made a combined $85 million per year in one year (Weiss Reports).
3. The 20 largest HMOs in the U.S. made $10.8 billion in profits in the fiscal year 2005. 12 top HMO executives pocketed $222.6 million in direct compensation in the fiscal year 2005.
4. Dr. William McGuire, CEO of UnitedHealthcare had $1.6 billion in exercisable options at the end of 2005 (CBN News, Oct. 16, 2006) in addition to his salary.
30%-35% of each dollar of your premium goes to pay for: executive salaries, administration, lobbying, marketing and other non-health care related costs.
There is a reason we call them parasites.