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Saturday, February 27, 2010

US Health Insurers Reap Record Profits in 2009

By Kate Randall
February 26, 2010 "WSWS" --Feb. 19, 2010 -- 2010 -- The five largest US health insurance companies set new profit records in 2009, while the greatest economic downturn since the Great Depression sent millions of Americans onto the unemployment line and into poverty.
The five firms reported $12.2 billion in profits last year, an increase of $4.4 billion, or 56 percent, over 2008. At the same time, 2.7 million Americans who had been enrolled in private health plans the year before lost their coverage.
The profit figures were released last week by Health Care for America Now (HCAN), a coalition of health advocacy and labor groups pushing for passage of the Obama administration’s health care plan. The Obama administration has cynically seized on the data in an effort to push for the legislation at a televised bipartisan health care summit set for February 25.


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