The Green Mountain Care Board just approved double-digit rate hikes for Blue Cross Blue Shield and MVP Health. Blue Cross gets an 11.7% rate hike for small businesses and an 11.4% increase for individual and family coverage. MVP obtains an increase of 18.3% for small group plans and 19.3% for individual and family plans.
Is your income likely to increase as much next year? While everyone involved in health care primarily writhes about ways to cut costs, without focusing so much on how to deliver quality health care to all, numerous national and state studies show that a system universal, single-payer, publicly funded will give more people more coverage and cheaper (Congressional Budget Office; PLOS 2020 Medicine review of studies; Lancet 2020; and Vermont JFO, 2011).
Right now, one-third of all our health care money (taxes, premiums, deductibles, copayments) is spent on administrative overhead in the fragmented, for-profit way we’ve marketed health care. health. Health care is even a commodity, paying dividends (our money) as it is bought and sold on the stock market.
In the first quarter of 2022, insurance companies celebrated record profits (UnitedHealth Group, $5 billion; CVS Health (Aetna), $2.3 billion; Anthem, $1.8 billion; Cigna, 1, $2 billion). And the CEOs of these insurance companies each pocketed several millions in 2021 (Aetna CEO, $20.4 million; Anthem CEO, $19.3 million; Cigna CEO, $19.9 million dollars).
In 2019, the chairman of the Green Mountain Care Board admitted, “These rates are not affordable. We recognize that they are not affordable.
Now things are much worse. The hodgepodge of payers we now have has clearly failed to provide us with affordable health care. It is high time to get back on the path we were on in 2010-2011 when the legislature passed Bill 48.
Vermont’s single payer has never failed. It never existed; it has never been tried.
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