Senator Bernie Sanders of Vermont reported today that the five largest health insurance companies posted $12.2 billion in profits last year, 56 percent more than 20008.
In a study of public records Health Care for America Now found that WellPoint Inc., UnitedHealth Group, Cigna Corp., Aetna Inc. and Humana Inc. covered 2.7 million fewer people than they did the year before. Some of the insurers actually cut the proportion of premiums that went to medical care and put more into salaries and profits.
WellPoint’s profit margin of 7.2 percent was the highest of the five big insurers. Anthem Blue Cross, a California subsidiary of WellPoint, has come under fire for jacking up premiums by as much as 39 percent this year on some individual health policies.