Health Care

[bpwallace49]

BP - the insurance companies only make about 4% profit margin IIRC. That's not "hand over fist".

 

Agreed . . . it is not hand over fist. But considering they can arbitrarily raise rates and people really cant do much about it, AND they had a 4% profit margin that was in the BILLIONS last year while a lot of companies are LOSING money . . . . . it aint a bad scam to get into.

[Perchoutofwater]

These numbers seem very low, given what I've seen just from people on this board.

 

Our cost per employee for insurance is $4,672.32 per year. Of course the average age of our employees is 48, and tobacco use is rampant in our industry. All but one of my superintendents uses tobacco in one form or another, and I'm the only PM that doesn't and I did until about a 18 months ago. Obviously construction is considered more dangerous than most occupations, so there is a greater chance of needing emergency type care. Point being is I doubt there are very many groups out there that have premiums much higher than ours. Using 3.4% as a margin that means that the insurance companies make $158.86 dollars per employee per year.

[Perchoutofwater]

Agreed . . . it is not hand over fist. But considering they can arbitrarily raise rates and people really cant do much about it, AND they had a 4% profit margin that was in the BILLIONS last year while a lot of companies are LOSING money . . . . . it aint a bad scam to get into.

 

You and the other libs here need to forget that it's BILLIONS of dollars. Investors are looking at a return on investment. 3.4% is a very low return.

[bpwallace49]

You and the other libs here need to forget that it's BILLIONS of dollars. Investors are looking at a return on investment. 3.4% is a very low return.

 

You and the other RWNJ's need to understand that this company still MADE A PROFIT in this economy when a lot of companies lost money, and can set prices without having much backlash in their supply chain of customers.

[westvirginia]

You and the other RWNJ's need to understand that this company still MADE A PROFIT in this economy when a lot of companies lost money, and can set prices without having much backlash in their supply chain of customers.

 

Nice of you to name call again, but many industries/businesses are still making a profit - that's why people are getting laid off/canned in this economy, to keep profit margins and stock prices up.

 

And that is absolutely not true with respect to not having backlash. When I was with Cingular they changed available insurance plans 3 years running due to cost.

[Perchoutofwater]

You and the other RWNJ's need to understand that this company still MADE A PROFIT in this economy when a lot of companies lost money, and can set prices without having much backlash in their supply chain of customers.

 

RWNJ?

 

So you have a problem with them not losing money like everyone else. You think they should share the misery? How long can they share the misery before they cease to exist, then what are we left with? Oh yeah a statists dream. How much more than that 3.4% are the government union employees and their pensions going to cost?

[Perchoutofwater]

Nice of you to name call again, but many industries/businesses are still making a profit - that's why people are getting laid off/canned in this economy, to keep profit margins and stock prices up.

 

And that is absolutely not true with respect to not having backlash. When I was with Cingular they changed available insurance plans 3 years running due to cost.

 

+1 we shop insurance every year or two. All insurance from health to general liability.

[Grimm74]

These numbers seem very low, given what I've seen just from people on this board.

 

I have a family of 4 and our yearly premiums are about $3600 a year. I have a $10,000 deductible/max out of pocket and maternity coverage which is extra and included. Anyone paying more then a ten thousand dollar deductible are just PREPAYING for medical expenses. I am a finance guy and numbers are my thing. I have looked at this a million different ways and priced it out many ways. We are a pretty healthy family with allergies as our only preexisting condition.

 

Before I went to work for myself, my company was paying my premium which was about $12,000 annually. I took the plan with me for a year and realized what a rip off it was. We also went to the doctor every time anyone sneezed. The corporate pay system has to go away. It is a complete waste of money and has consumers absolutely out of touch with the reality of health care costs...I was out of touch. I shop around for medical costs now saving myself and my insurance company money. You cannot believe the difference in prices being charged out there. The only way to get this in check is have a completely free market at the direct consumer level.

 

THERE IS NO OTHER WAY!!!

[caddyman]

You and the other RWNJ's need to understand that this company still MADE A PROFIT in this economy when a lot of companies lost money, and can set prices without having much backlash in their supply chain of customers.

Spoken like a true Left Wing Loon! LWL!

[bpwallace49]

U.S. Equities

WellPoint Posts Healthy Profits

Natasha Gural, 01.27.10, 11:15 AM EST

Insurers have been hit hard by layoffs, but WellPoint made up for it with premium increases.

 

 

 

WellPoint, the nation's largest health insurer by enrollment, posted an eightfold increase in fourth-quarter profit Wednesday, buoyed by a one-time gain for the sale of its NextRx pharmacy benefit management subsidiaries.

 

Earnings were also amped as pumped-up premiums offset meandering membership during the recession.

 

The Indianapolis-based company said it earned $2.74 billion, or $5.95 a share, compared with $331.4 million, or 65 cents per share, in the fourth quarter of 2008. Excluding the $4.7 billion sale of NextRx to Express Scripts Inc. ( ESRX - news - people ), adjusted earnings were $1.16 per share.

 

Operating revenue tumbled 2.4% to $15.06 billion, from $15.43 billion the fourth quarter of 2008. Premiums fell 2% to $13.9 billion.

 

Analysts surveyed by Thomson Reuters expected a profit of $1.02 per share on $15.13 billion in revenue.

 

Real-Time Quotes

02/18/2010 2:40PM ET

WLP$59.37-0.55%ESRX$89.670.98%UNH$32.53-0.06%Get Quote

BATS Real-Time Market Data by XigniteShares of WellPoint ( WLP - news - people ) jumped nearly 1.5% to $64.82 in Wednesday morning trading on the New York Stock Exchange, where they have traded in a 52-week range of $29.32 to $70.

 

Post a Comment"Despite the impact of the recession on our commercial enrollment levels and medical cost trends, earnings per share increased as we significantly improved results in the consumer segment, controlled administrative costs and implemented successful capital management initiatives," said Angela F. Braly, WellPoint's president and chief executive officer.

 

Layoffs and job losses have pummeled insurers, including rival UnitedHealth Group Inc. ( UNH - news - people ), the nation's largest private health carrier, which also topped analysts' estimates when it reported a 30% earnings increase last week.

 

WellPoint said total enrollment sank 3.9% to 33.7 million members as of Dec. 31, from 35 million members as of Dec. 31, 2008, dragged down by small business plans.

 

For the full year WellPoint posted a profit of $4.75 billion, or $9.88 per share, up from $2.49 billion, or $4.76 per share in 2008. Excluding NextRx sale, it earned $6.09 per share. Operating revenue dipped 1.2% to $60.83 billion from $61.58 billion in 2008.

 

 

Visit The Forbes.com Digg ChannelLooking ahead, Braly said the company, which added more than 400,000 net new National Account members effective Jan. 1, will be "making important investments" throughout the year.

 

The company expects profit of at least $6 per share in 2010, said Wayne S. DeVeydt, executive vice president and chief financial officer.

 

"WellPoint is in a strong financial position as of year-end 2009. Our insurance subsidiaries remain well capitalized and we continue to generate substantial operating cash flow," DeVeydt said

 

Poor, poor WellPoint ., . . . .

[Chavez]

The 1/2 to 1% does not include the cost of defensive medicine. Again while I support tort reform, specifically capping punitive type awards, I do think it is a silver bullet. I do think it is a cog in the wheel though. I also support portability, less state regulation (not sure if that is constitutional),. and tougher enforcement of our existing immigration laws, all of which will help bring our cost down. There are a number of other issues I've mentioned previously as well. Tort reform is not the only thing I think we need contrary to the way you, BP, Ursa, and Grunge would like to paint me. However the fact that you and others feel like it is some sacred cow and refuse to even consider it is ridiculous.

It just seems the two big talking points are always "tort reform" and "DEATH PANELS!" and both of those issues are pretty much bollocks.

[Chavez]

Health care pricing will be forced to become more transparent if people start questioning costs and shopping around.

We can hope.

[yo mama]

It just seems the two big talking points are always "tort reform" and "DEATH PANELS!" and both of those issues are pretty much bollocks.

Let's face it: the average American isn't smart enough to fully grasp the nuances of what's wrong with the country's biggest problems. So they rally around monosyllabic talking points because it allows them to vent their (very real) frustration in a direction that they *can* wrap their minds around.

 

And those who are smart enough to grasp - and fix - these ridiculously complex problems are either: (1) making money off things staying broken; or (2) don't want to upset the stupid people for fear of losing their vote. Its a brave new world, just without the soma dispensaries.

Edited February 19, 2010 by yo mama

[driveby]

A Year Later, Obama to Offer Health-Care Bill

The president will bring a proposal primed for reconciliation to next week's summit

 

By Daniel Foster

 

The$900 billion health-care bill presented at the Blair House summit next week will have the imprimatur of President Obama and will be reconciliation-ready, according to reports.

 

After a year of complaints from critics that the White House was outsourcing work on its signature domestic policy initiative to Congress, the White House will present a new bill designed to avoid a Republican filibuster and pass with as little as 50 votes.

 

“It will be a reconciliation bill,” one Democratic aide told the New York Times. “If Republicans don’t come with any substantial offers, this is what we would do.”

 

The president's plan could be posted on the Internet by as early as Monday morning, when House Speaker Nancy Pelosi (D., Calif.) intends to caucus her party to measure support for the reconciliation route.

 

The Times reports that the president's bill will include a Cadillac Tax with carve-outs for union-negotiated high-cost plans. It is unclear whether the House and Senate can resolve their differences on the excise tax, which many in the House oppose altogether, or on abortion language, which one Democratic aide called “a wild card.”

 

But some Democrats are still complaining about a lack of coordination with the White House, saying there are unsure the president's new proposal will put House and Senate majorities on the same page:

 

“It has been three weeks since the Massachusetts election, and we have not received a path forward from the White House on health care substance and process that can clear the House and Senate,” one aid said.

 

“There has not been a collaborative process,” said a Congressional Democrat with decades of health care experience. “We have not been consulted. This is very much a White House proposal.”

 

White House could push for public option

 

Health & Human Services Secretary Kathleen Sebelius told MSNBC's Rachel Maddow that the White House is prepared to make a final push for the return of the public option if Senate Democrats bring the issue up for a vote:

 

"Certainly. If it's part of the decision of the Senate leadership to move forward, absolutely," she told Rachel Maddow.

 

So far, eighteen Senators have signed a letter asking Senate Majority Leader Harry Reid (D., Nev.) to re-introduce the public option via the reconciliation rules.

[CaP'N GRuNGe]

Because the Congress sucks ass so bad, maybe it finally should be a White House only proprosal.

[Perchoutofwater]

If the dems use reconciliation to pass the health care debacle it will result in a hugh turnover in congress.

[caddyman]

If the dems use reconciliation to pass the health care debacle it will result in a hugh turnover in congress.

I will say this again. The dems better be real careful on this. Someday(real soon) the right will have power. If the dems ram this up everyone's ass, who knows what the right will pass in the future.

[yo mama]

I will say this again. The dems better be real careful on this. Someday(real soon) the right will have power. If the dems ram this up everyone's ass, who knows what the right will pass in the future.

Something that rhymes with Matriot Mact?

[Perchoutofwater]

Something that rhymes with Matriot Mact?

 

There you go again. How many Dems voted for the Patriot Act in the senate? How many Repubs have voted for this health care mess? Comparing the two is either disingenuous or ignorant, and I'm pretty sure you aren't ignorant. You're better than that.

[caddyman]

Something that rhymes with Matriot Mact?

You mean the the Gaytriot Pact that was voted on 98-1? Was reconciliation used for that. Damn you are slow for a lawyer.

[caddyman]

There you go again. How many Dems voted for the Patriot Act in the senate? How many Repubs have voted for this health care mess? Comparing the two is either disingenuous or ignorant, and I'm pretty sure you aren't ignorant. You're better than that.

Typical misleading lib.

[CaP'N GRuNGe]

There you go again. How many Dems voted for the Patriot Act in the senate? How many Repubs have voted for this health care mess? Comparing the two is either disingenuous or ignorant, and I'm pretty sure you aren't ignorant. You're better than that.

 

The Dems forgot to send the GOP leaders a few envelopes filled with anthrax before the vote.

[yo mama]

There you go again. How many Dems voted for the Patriot Act in the senate? How many Repubs have voted for this health care mess? Comparing the two is either disingenuous or ignorant, and I'm pretty sure you aren't ignorant. You're better than that.

EVERYONE voted for it... without reading it. And it turned out to be some of the worst anti-American rights legislation in this modern era. It was crap law regardless of who voted for it, or under what circumstances. Comparing the two for the crap they are is perfectly legit. Who cares who vote for or against them? Crap is crap.

[yo mama]

Typical misleading lib.

Pardon me?

[bushwacked]

Pardon me?

 

Would you happen to have any ghey chivesons?