Insurance Stocks Plunge as Medicare for All Bill Unveiled With Major Democratic Support
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Health insurance stocks tanked on Wednesday as Rep. Pramila Jayapal (D-Wash.) introduced comprehensive Medicare for All legislation with the backing of more than 100 House Democrats and major progressive organizations, including America’s largest nurses’ union and national consumer advocacy groups.
“The S&P 500 Managed Health Care Index plunged as much as 4.9 percent, the most since Dec. 6, led by UnitedHealth Group Inc., Humana Inc., and WellCare Health Plans Inc.,” Bloomberg reported after Jayapal unveiled her bill during an event on Capitol Hill. “Insurers UnitedHealth and Cigna Corp, which also own the country’s largest pharmacy benefit managers, were both down about four percent.”
Under Jayapal’s plan, the U.S. would transition to a Medicare for All system over a period of two years, and private insurance would be nearly eliminated.
Dr. Adam Gaffney, president of Physicians for a National Health Program (PNHP), said in a statement on Wednesday that the “only way to achieve universal and comprehensive coverage is to eliminate the profits and waste of the private insurance industry, which drains hundreds of billions of dollars from our healthcare system each year.”
With their profits under threat, the insurance and pharmaceutical industries are mounting a full-fledged and aggressive campaign to stop Medicare for All in its tracks. The Partnership for America’s Health Care Future, a coalition formed by major pharmaceutical and insurance interests, is reportedly planning a “big nationwide effort” to undermine single payer’s momentum and preserve the for-profit status quo.
Jesus: Hey, Dad? God: Yes, Son? Jesus: Western civilization followed me home. Can I keep it? God: Certainly not! And put it down this minute--you don't know where it's been! Tom Robbins in Another Roadside Attraction
March 1, 2019 at 3:32 PM #31314NV WinoModerator
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“Insurance stocks” just described the entire problem.
March 2, 2019 at 2:54 AM #31611Cold Mountain TrailParticipant
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‘The Partnership for America’s Health Care Future” (a coalition formed by major pharmaceutical and insurance interests)
= corpse-speak for
“The Partnership for Big Pharma/Big Insurance’s Future”
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