UnitedHealth, profits and U.S. tax dollars

“Today is the day to really connect the dots about why we Americans have to pay so much for health insurance that so many of us can no longer even use. I really hope our employers and politicians see this. If this doesn’t get them outraged and willing to do something bold, I just don’t know what will,” Wendell Potter writes over on his Substack. “First, the country’s biggest health insurer, UnitedHealth Group (UNH), disclosed this morning how much money it made between July 1 and September 30 of this year. The numbers were absolutely stunning. See details below. But a couple of numbers are worth noting right here: Although UNH’s profits have increased exponentially over the past 10 years, it had nearly *400,000 FEWER* people enrolled in health plans serving people in the private sector on September 30, 2022, than on September 30, 2012. That means that ALL of its health plan enrollment growth over the past 10 years was in what it calls ‘community and senior,’ which means Medicare and Medicaid. It also means that even if you are not enrolled in a UnitedHealthcare plan, your taxes contributed to the company’s profits. Mightily. Second, The Washington Post reported this morning that ‘inflation in the medical sector will mean higher premiums, deductibles, and out-of-pocket costs.’ It went on to say: ‘The increase -– which analysts expect to continue in the coming months -– is sure to hit Americans’ pocketbooks, particularly the nearly 155 million people with employer-sponsored coverage. It is not a stretch to say that UnitedHealth alone is fueling that inflation and benefiting greatly from it as it continues to move aggressively into health care delivery. It already is the biggest employer of physicians in the country. UNH said it took in nearly $81 billion in revenues during the third quarter of 2022. That’s up 12% over the same period last year–and 296% over the third quarter of 2012. Its earnings from operations (profits) were $7.5 billion, up 31% over the same period last year–and 288% over 3Q 2012 when its earnings were a relatively paltry $2.6 billion.” Wendell Potter, “UnitedHealth Group made $81 billion in revenues during Q3 2022, billions subsidized by American tax dollars,” Substack.