Humana posts huge profits, and the backlash begins
"It's no wonder why Humana has been misleading seniors about health insurance reform. They saw their profits rise 65 percent last quarter and want to make sure the gravy train doesn't end." - Jim Manley, spokesman for U.S. Senate Majority Leader Harry Reid
Humana Inc.'s 65 percent rise in third-quarter profit has some politicians steaming, and the timing of the insurer's announcement certainly isn't great for the insurance industry as it battles some health reform proposals. To be fair, the company said last year's profits were understated.
From a story by Bloomberg's Nicole Gaouette:
Humana Inc.'s 65 percent rise in third-quarter profit explains the insurer's opposition to legislation in the Congress to overhaul the U.S. health-care system, said Jim Manley, a spokesman for U.S. Senate Majority Leader Harry Reid...
Humana was criticized by Democrats in September, when the Centers for Medicare and Medicaid Services told the company to stop mailings to seniors claiming they would lose their Medicare Advantage benefits under health reform. Senate Finance Committee Chairman Max Baucus, a Montana Democrat, accused the insurers of "scare tactics."
Political science professor Peter Dreier has an interesting (and highly critical) analysis of Humana's profit goals at the Huffington Post.
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