Subscribe to Receive the Daily Report

Wednesday, March 1st, 2023

BIG INSURANCE 2022: Revenues reached $1.25 trillion thanks to sucking billions out of the pharmacy supply chain – and taxpayers’ pockets

Author:     Wendell Potter
Source:     HealthCare Uncovered
Publication Date:     Feb 27, 2023
 Link: BIG INSURANCE 2022: Revenues reached $1.25 trillion thanks to sucking billions out of the pharmacy supply chain – and taxpayers’ pockets
Stephan:  

Healthcare in the United States, and I am speaking here not about the doctors, nurses, and technicians but, instead, the system in which they all have to operate is a racket. It has nothing to do with wellbeing, it is about profit and milking you and me like financial cows who give up money not milk. And it is a disgusting system that produces very poor healthcare outcomes. The United States has the worst healthcare in the developed world. Here are the facts.

Big insurers’ revenues have grown dramatically over the past decade, the result of consolidation in the PBM business and taxpayer-supported Medicare and Medicaid programs. 

Analysis of the 2022 financial statements of United Health Group, CVS/Aetna, Cigna, Elevance, Humana, Centene, and Molina

  • respectively since 2012 due to explosive growth in the companies’ pharmacy benefit management (PBM) businesses and the Medicare replacement plans they call Medicare Advantage.
  • The for-profits now control more than 80% of the national PBM market and more than 70% of the Medicare Advantage market. 

In 2022, Big Insurance revenues reached $1.25 trillion and profits soared to $69.3 billion.

That’s a 300% increase in revenue and a 287% increase in profits from 2012, when revenue was $412.9 billion and profits were $24 billion.

Sucking billions out of the pharmacy supply chain – and taxpayers’ pockets

What has changed dramatically over the decade is that the big insurers are now getting far more of their revenues from the pharmaceutical supply chain and from taxpayers as they have moved aggressively into government programs. This is especially true of Humana, Centene, and Molina, which now get, respectively, 85%, 88%, and 94% of their health-plan revenues from […]

Read the Full Article

2 Comments

  1. Rev. Dean on Wednesday, March 1, 2023 at 11:45 am

    When I got out of the VA because they were not treating me with respect, the Social Security system automatically put me on United Health Care which is a wonderful system, with a lot of benefits.

  2. Albus Eddie on Thursday, March 2, 2023 at 5:26 am

    The elites must be laughing hysterically, all the was to the bank. What a wonderful scam for them, and the best part is, the way the US electoral system is constructed – there not a damn thing we can do about it.