SEATTLE, Sept. 2, 2020 /PRNewswire/ -- QuoteWizard®,
a LendingTree company, and one of the nation's leading online
insurance marketplaces released a report on how top health insurers
report billions in profit during the pandemic. During the pandemic,
we've seen millions contract COVID-19 and file for unemployment,
and small businesses fight to stay open.
With many in the U.S. struggling during the pandemic, it's
health insurance companies that are thriving. Top health insurance
companies UnitedHealth Group, Humana and Anthem reported
billion-dollar second-quarter profits that doubled year over year.
How is it that health insurance companies could be raking in
massive profit during a pandemic that is seeing hospital capacity
overwhelmed, people losing employer health insurance and unpaid
health care piling up?
Visit the full report here,
https://quotewizard.com/news/posts/health-insurers-record-profits-during-pandemic
Key Findings:
- Health insurance companies report doubling billion-dollar
profits during the pandemic in Q2 2020 compared to Q2 2019.
- Since 2009, employer health care premiums rose 57%, or an
average of $7,459 per year.
- United Healthcare reported a medical loss ratio of 70.2%,
accounting for its record profits in Q2 2020.
- The Affordable Care Act mandates insurance companies return 80%
of profits back to policyholders in the form of rebates.
- Hospital debt increased from $617
million in 2015 to $56 billion
in 2018.
Methodology
QuoteWizard analyzed State Health Access
Data Assistance Center data on annual average costs of employer
health insurance plans. We looked at the average costs of a family
insurance plan from a period of 2009 to 2019 to evaluate the growth
rate of insurance plan costs. Each state was evaluated over the
10-year time period to see which states saw the largest growth in
health insurance premiums.
Rankings below are based on which states saw the largest
increase in employer-sponsored family health insurance premiums
from 2009 to 2019.
Rank
|
State
|
2009 Average
Cost
|
2019 Average
Cost
|
%
Increase
|
1
|
Montana
|
$11,365
|
$20,193
|
77.7%
|
2
|
South
Dakota
|
$11,596
|
$20,265
|
74.8%
|
3
|
Oklahoma
|
$11,417
|
$19,819
|
73.6%
|
4
|
South
Carolina
|
$12,343
|
$20,973
|
69.9%
|
5
|
New
York
|
$13,757
|
$22,874
|
66.3%
|
6
|
Kentucky
|
$12,407
|
$20,612
|
66.1%
|
7
|
Ohio
|
$11,870
|
$19,621
|
65.3%
|
8
|
California
|
$12,631
|
$20,788
|
64.6%
|
9
|
Indiana
|
$12,872
|
$21,169
|
64.5%
|
10
|
Hawaii
|
$11,826
|
$19,243
|
62.7%
|
11
|
Delaware
|
$12,682
|
$20,628
|
62.7%
|
12
|
West
Virginia
|
$12,554
|
$20,403
|
62.5%
|
13
|
Arkansas
|
$10,969
|
$17,773
|
62.0%
|
14
|
Idaho
|
$11,887
|
$19,258
|
62.0%
|
15
|
Alaska
|
$14,182
|
$22,969
|
62.0%
|
16
|
Missouri
|
$12,353
|
$19,900
|
61.1%
|
17
|
New
Jersey
|
$13,750
|
$22,060
|
60.4%
|
18
|
Florida
|
$12,912
|
$20,714
|
60.4%
|
19
|
Kansas
|
$11,829
|
$18,867
|
59.5%
|
20
|
North
Dakota
|
$11,590
|
$18,400
|
58.8%
|
21
|
Nebraska
|
$12,227
|
$19,398
|
58.6%
|
22
|
Texas
|
$13,221
|
$20,966
|
58.6%
|
23
|
Virginia
|
$12,622
|
$19,865
|
57.4%
|
24
|
Utah
|
$11,869
|
$18,674
|
57.3%
|
|
United
States
|
$13,027
|
$20,486
|
57.3%
|
25
|
Minnesota
|
$13,202
|
$20,751
|
57.2%
|
26
|
Washington
|
$12,758
|
$20,033
|
57.0%
|
27
|
Pennsylvania
|
$13,229
|
$20,673
|
56.3%
|
28
|
Arizona
|
$12,813
|
$19,966
|
55.8%
|
29
|
Iowa
|
$12,036
|
$18,752
|
55.8%
|
30
|
Michigan
|
$13,160
|
$20,425
|
55.2%
|
31
|
Tennessee
|
$12,134
|
$18,748
|
54.5%
|
32
|
Georgia
|
$12,792
|
$19,720
|
54.2%
|
33
|
Maine
|
$13,522
|
$20,731
|
53.3%
|
34
|
North
Carolina
|
$13,087
|
$19,996
|
52.8%
|
35
|
Connecticut
|
$14,064
|
$21,363
|
51.9%
|
36
|
Oregon
|
$12,783
|
$19,405
|
51.8%
|
37
|
Colorado
|
$13,360
|
$20,171
|
51.0%
|
38
|
Illinois
|
$13,708
|
$20,659
|
50.7%
|
39
|
Rhode
Island
|
$13,608
|
$20,481
|
50.5%
|
40
|
New
Mexico
|
$12,848
|
$19,185
|
49.3%
|
41
|
Alabama
|
$11,978
|
$17,734
|
48.1%
|
42
|
Nevada
|
$12,700
|
$18,720
|
47.4%
|
43
|
Vermont
|
$14,558
|
$21,419
|
47.1%
|
44
|
Maryland
|
$13,833
|
$20,285
|
46.6%
|
45
|
Massachusetts
|
$14,723
|
$21,424
|
45.5%
|
46
|
New
Hampshire
|
$13,822
|
$20,078
|
45.3%
|
47
|
Mississippi
|
$12,590
|
$17,860
|
41.9%
|
48
|
Wyoming
|
$14,319
|
$19,925
|
39.2%
|
49
|
Wisconsin
|
$14,656
|
$20,345
|
38.8%
|
50
|
Louisiana
|
$13,846
|
$19,032
|
37.5%
|
About QuoteWizard QuoteWizard (quotewizard.com) is
an insurance comparison marketplace for consumers looking to save
on insurance. QuoteWizard provides consumers with direct access to
thousands of qualified agents in all 50 states, as well as major
carriers, who offer personalized quotes and the opportunity to save
up to 40% on auto, home, health, and life insurance. Agents and
carriers, in turn, benefit from millions of highly qualified leads,
calls, and traffic to their site. Based in Seattle, QuoteWizard was founded in 2006.
For more information, go to quotewizard.com, like our Facebook
page and/or follow us on Twitter @quotewizard.
About LendingTree LendingTree (NASDAQ: TREE) is the
nation's leading online marketplace that connects consumers with
the choices they need to be confident in their financial decisions.
LendingTree empowers consumers to shop for financial services the
same way they would shop for airline tickets or hotel stays,
comparing multiple offers from a nationwide network of over 500
partners in one simple search, and can choose the option that best
fits their financial needs. Services include mortgage loans,
mortgage refinances, auto loans, personal loans, business loans,
student refinances, credit cards and more. Through the My
LendingTree platform, consumers receive free credit scores, credit
monitoring, and recommendations to improve credit health. My
LendingTree proactively compares consumers' credit accounts against
offers on our network and notifies consumers when there is an
opportunity to save money. In short, LendingTree's purpose is to
help simplify financial decisions for life's meaningful moments
through choice, education and support. LendingTree, LLC is a
subsidiary of LendingTree, Inc.
Media Contacts:
Emily: emily@quotewizardnews.com
Nathan: nathan@quotewizardnews.com
Related Links
https://quotewizard.com
https://quotewizard.com/news/posts/health-insurers-record-profits-during-pandemic
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SOURCE QuoteWizard