Feb 25 2011
But on Capitol Hill, Rep. Pete Stark, D-Calif., released a fact sheet detailing the profits earned by the nation's five largest insurers — including Humana — and touted health law provisions that would increase transparency from the insurance industry.
The Associated Press: Humana CEO Preaches Power Of Health Care Consumer
The last few years tested executives in almost any corner of corporate America, thanks to a brutal recession and a slow recovery. The pressure rose a couple notches higher for health insurance providers. That's because CEOs like Michael B. McCallister of Humana Inc. also face a federal overhaul of the health care system and widespread customer scorn over steep premium hikes. McCallister, 58, wades into these challenges with the big-picture perspective one gains after spending more than 36 years with the same company. During that time, Humana transformed its business from operating hospitals to become the fifth-largest U.S. health insurer (Murphy, 2/24).
The Hill: Rep. Stark: Insurers Raked In $12B Profit
The nation's top five health insurers made nearly $12 billion in profits last year, according to a senior House Democrat. The insurers - UnitedHealth, WellPoint, Aetna, Humana and Cigna - were more profitable than the top five firms in the energy, construction, aviation, motor vehicle and part manufacturing industries, according to a new fact sheet from Rep. Pete Stark (D-Calif.). According to Stark, three of the insurers padded their profits by more than $3.5 billion by boosting premiums. Meanwhile, Stark said, Aetna and WellPoint padded their profits by $800 million by spending less on medical care. Stark, the ranking member of the House Ways and Means health subpanel, touted health care reform provisions that require greater transparency from insurers (Millman, 2/24).
 This article was reprinted from kaiserhealthnews.org with permission from the Henry J. Kaiser Family Foundation. Kaiser Health News, an editorially independent news service, is a program of the Kaiser Family Foundation, a nonpartisan health care policy research organization unaffiliated with Kaiser Permanente.
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