According to a Commonwealth Fund study published last month, 36% of insured adults in the U.S. surveyed between March and June reported struggling with medical bills. Unsurprisingly, the 45% of the population that was infected with Covid-19, lost income, or lost their employer-based coverage had higher rates of medical debt.
Because the Affordable Care Act places constraints on how much insurance companies are allowed to spend on profits and administration and requires insurers to pay back money in excess of that limit, “consumers will see some of the profits from last year,” The Guardian reported. “The Kaiser Family Foundation estimated in April that insurers would be issuing about $2.1 billion in rebates this year.”
Nonetheless, Our Revolution emphasized that Friday’s report of massive insurance industry profits makes the case, yet again, for why the U.S. needs to adopt a single-payer healthcare system.
The historic increase in profits in 2020 “was a result of people in the U.S. seeking less medical because of fears about Covid-19 while still paying for health insurance,” The Guardian noted. “Companies warned pent-up demand could have [a negative] effect on their bottom line, but medical use still has not returned to normal rates.”
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