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(AP News)   Without having to actually pay for, you know, actual surgeries and doctor's visits, the US' largest health insurer more than doubled its profit in Q2   (apnews.com) divider line
    More: Followup, UnitedHealth Group, UnitedHealth's medical costs, Health insurance, UnitedHealth Group Inc., company's Optum segment, lack of claims, second-quarter profit, nation's largest health insurer  
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478 clicks; posted to Business » on 15 Jul 2020 at 10:41 AM (10 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



19 Comments     (+0 »)
 
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WGJ [TotalFark]
2020-07-15 9:51:00 AM  
The stock holders will be happy.
 
2020-07-15 10:49:12 AM  
I'm sure the medical practitioners welcome the extra infrastructure improvements that such a windfall obliges.  The ones that survive, working a warehouse shift at Wal*mart to make ends meet.
 
2020-07-15 10:52:09 AM  
So the system works.
 
2020-07-15 10:53:14 AM  
That will reverse now that the surgeries are on the schedule again.

In related news, My car insurance is half what it normally is this month.
 
2020-07-15 11:12:39 AM  

WGJ: The stock holders will be happy.


Under the ACA they are required to spend something like 90% on payments for medical services.  In theory they should reimburse policy holders for most of their premium costs.
In reality: they will keep the profits, transfer those to upper management and share holders, and demand a 30% premium increase next year.
Remember, single payer is socialism and won't work.
 
2020-07-15 11:37:55 AM  
So where's my rebate, like my auto insurer has been giving me for three months?
 
2020-07-15 1:00:32 PM  
"punctuates just how much it benefited from COVID-19 induced low utilization,"

That's a funny way of saying we took peoples money and provided no services.
 
2020-07-15 1:23:29 PM  
I had a doctor visit recently. At least I think it was a doctor. There was a masked person in one of those doctor tunic/uniform things who was the height of the person who previously treated me. The "doctor" put a stethoscope to my chest, listened, and then wrote notes on a computer. I'm still here. So, everything's good.
 
2020-07-15 2:46:36 PM  

WGJ: The stock holders will be happy.


Is there something stopping you from being a shareholder?
 
2020-07-15 4:11:01 PM  
In unrelated news, due to the untold damage of C-19, rates, deductibles, and co-insurance are all rising 20% in 2021.
 
2020-07-15 4:51:38 PM  
This is the company that paid it's CEO a billion dollar bonus for figuring out how to murder people with a pen.
 
2020-07-15 7:22:28 PM  

CaptSS: WGJ: The stock holders will be happy.

Is there something stopping you from being a shareholder?


Yes, an absence of investable income. If my farking health insurance wasnt 400 a month that covers fark all, in addition to the 200 i have to spend on prescriptions every month that my plan wont cover, I might have a free dollar to invest in my retirement.
 
2020-07-15 7:25:42 PM  
Just goes to show too many people are getting elective surgeries.


/ let plastic surgeons eat cake
 
2020-07-15 8:19:10 PM  

Madcaplaff: So where's my rebate, like my auto insurer has been giving me for three months?


Car insurance companies actually have to compete for your business.

Also, this was a blip.  The health insurance companies would be incredibly lucky to just break even by the time the year is over.
 
2020-07-15 10:46:50 PM  

jayphat: "punctuates just how much it benefited from COVID-19 induced low utilization,"

That's a funny way of saying we took peoples money and provided no services.


Here at Kaiser the bigwigs were scared about us not providing exams as somehow they were losing money, forgetting that they are the House, playing with their own money.
 
2020-07-16 2:24:35 AM  

Northern: WGJ: The stock holders will be happy.

Under the ACA they are required to spend something like 90% on payments for medical services.  In theory they should reimburse policy holders for most of their premium costs.
In reality: they will keep the profits, transfer those to upper management and share holders, and demand a 30% premium increase next year.
Remember, single payer is socialism and won't work.


Among the many things they did as part of their covid response:
Sent premium refund checks to some commercial members
Eliminated copay for medicare plans
Changed policies to cover basically all telemed services
Invested $100 Million to fight covid
Changed call centers nationwide to WFM
Committed to ensuring no employee would lose a job or pay due to pandemic

Yes I work there (in the Medicare dept)
Yes they could be doing more.
Yes they are huge but I never met 1 person who was openly in it for the money (unlike some hospitals I've worked for)
Yes european style socialized medicine would be better. Many who work there are all for it
 
2020-07-16 10:58:34 AM  

little red bot: Northern: WGJ: The stock holders will be happy.

Under the ACA they are required to spend something like 90% on payments for medical services.  In theory they should reimburse policy holders for most of their premium costs.
In reality: they will keep the profits, transfer those to upper management and share holders, and demand a 30% premium increase next year.
Remember, single payer is socialism and won't work.

Among the many things they did as part of their covid response:
Sent premium refund checks to some commercial members
Eliminated copay for medicare plans
Changed policies to cover basically all telemed services
Invested $100 Million to fight covid
Changed call centers nationwide to WFM
Committed to ensuring no employee would lose a job or pay due to pandemic

Yes I work there (in the Medicare dept)
Yes they could be doing more.
Yes they are huge but I never met 1 person who was openly in it for the money (unlike some hospitals I've worked for)
Yes european style socialized medicine would be better. Many who work there are all for it


My relatives on Medicare love it.  I lived in Switzerland for 8 years and they have a semi-private system that works much better than the US system.  A lot of that is oversight by state regulator boards and controls over the insurance firms activities.  For example, the base insurance policy is comprehensive without massive financial/coverage gaps.  They also heavily subsidize higher ed and medical school is 3 years.  The care I received there was far superior and they have far less rationing than the US system.
It is unfortunate that we have so many entrenched, useless financial interests in our system.  Change will be very difficult.
 
2020-07-16 1:10:12 PM  

Northern: My relatives on Medicare love it. I lived in Switzerland for 8 years and they have a semi-private system that works much better than the US system. A lot of that is oversight by state regulator boards and controls over the insurance firms activities. For example, the base insurance policy is comprehensive without massive financial/coverage gaps. They also heavily subsidize higher ed and medical school is 3 years. The care I received there was far superior and they have far less rationing than the US system.
It is unfortunate that we have so many entrenched, useless financial interests in our system. Change will be very difficult.


The public-private partnership of Medicare is a good system and I am proud to work in it. It is perfect? No. But our country would be far, far better off is the whole system worked like that. With Medicare, like many places in Europe and around the world, the government set high standards for care and pays low but reasonable rates. People who want and can afford better care may pay a little extra to purchase that.

There is room for a whole lot of private competition (and indeed there is) in that "pay a little extra to get a little better" market. Also insurance companies get extra kickbacks from Medicare to help patients and providers get high quality results. This encourages competition to be the best. Great!

Instead our barely regulated commercial market is a very expensive (to plan sponsoring employers and employed members) while insurance companies pay lots of salaries to figure out how to balance higher member costs, leverage data to influence provider behavior, and bring insurance "products" to a somewhat competitive market.

Again Medicare is not perfect but converting the whole system over to this would fix so many problems.

Two major problems it would not fix:
Hyper-elitists medical schools & doctor's orgs that intentionally keep supply of providers artificially low to keep their wages high.

Farming /  food chain policies & practices that are in desperate need of reform. Its barely hyperbole to say our current system is designed to flood the markets (especially in cities) with corn and corn based sugars. Our cities are dotted convenience stores and low quality grocery chains like Terro ant traps filled with sweet deadly poison for us to bring back to our families.

/Not letting insurance companies off the hook. UHC (like others) lobbies against Medicare for all, even as it knows its Medicare segment is highly effective & highly profitable.
 
2020-07-16 1:40:46 PM  

little red bot: Northern: My relatives on Medicare love it. I lived in Switzerland for 8 years and they have a semi-private system that works much better than the US system. A lot of that is oversight by state regulator boards and controls over the insurance firms activities. For example, the base insurance policy is comprehensive without massive financial/coverage gaps. They also heavily subsidize higher ed and medical school is 3 years. The care I received there was far superior and they have far less rationing than the US system.
It is unfortunate that we have so many entrenched, useless financial interests in our system. Change will be very difficult.

The public-private partnership of Medicare is a good system and I am proud to work in it. It is perfect? No. But our country would be far, far better off is the whole system worked like that. With Medicare, like many places in Europe and around the world, the government set high standards for care and pays low but reasonable rates. People who want and can afford better care may pay a little extra to purchase that.

There is room for a whole lot of private competition (and indeed there is) in that "pay a little extra to get a little better" market. Also insurance companies get extra kickbacks from Medicare to help patients and providers get high quality results. This encourages competition to be the best. Great!

Instead our barely regulated commercial market is a very expensive (to plan sponsoring employers and employed members) while insurance companies pay lots of salaries to figure out how to balance higher member costs, leverage data to influence provider behavior, and bring insurance "products" to a somewhat competitive market.

Again Medicare is not perfect but converting the whole system over to this would fix so many problems.

Two major problems it would not fix:
Hyper-elitists medical schools & doctor's orgs that intentionally keep supply of providers artificially low to keep their wages high.

Farming /  food chain policies & practices that are in desperate need of reform. Its barely hyperbole to say our current system is designed to flood the markets (especially in cities) with corn and corn based sugars. Our cities are dotted convenience stores and low quality grocery chains like Terro ant traps filled with sweet deadly poison for us to bring back to our families.

/Not letting insurance companies off the hook. UHC (like others) lobbies against Medicare for all, even as it knows its Medicare segment is highly effective & highly profitable.


Health care can really be broken down into three key reforms:

1) Every American has access to health care irrespective of employment status, age, pre-existing conditions, etc.  No lifetime caps.

2) Patients only have a small copay financial responsibility not exceeding $50 for any health care service, paid up front.  No deductibles, coinsurance, or any bills.  No medical bankruptcy or collections.

3) The base or lowest health insurance plan (or single payer government program), is comprehensive.  No rationing like under the current system especially the shiatty Trump plans (low cost premiums but massive coverage gaps and yuuuuge deductible thresholds).

This could be semi-private or public program.
 
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