It’s not profit driving your premiums‼️

I posted this on social media. Of course I’m banging my head against the wall. Few people want to hear this, it’s always easier to blame others.

When I say this, someone always points out the large and growing profits of major insurers which may be true.

However, those are aggregate profits including those driven by other lines of business such as self-insured administration, other forms of insurance, international markets in some cases and as far as the US is concerned, by the volume of policies in effect.

Profits are not being driven by the unregulated ability to simply raise the premiums on individual policies.

Premiums must be justified and approved by state or federal regulators. At least 80% of premium dollars must be spent on claims and direct benefits to policyholders.

No matter the source of coverage-ACA insurance, Medicare, employer coverage, all the costs are rising and are not going to stop doing so under our current system.