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Aetna shares fall and I’m happy

with 3 comments

Bloomberg.com: Worldwide

Oct. 29 (Bloomberg) — Aetna Inc. dropped as much as 20 percent in New York trading after the health insurer said quarterly profit fell 44 percent, pulled down by investment losses tied to the global financial crisis. The company, the third-largest U.S. medical benefits provider, reduced its earnings goals for the year because of turmoil in capital markets and warned that the falling value of its stock holdings could curb 2009 earnings. Third-quarter net income declined to $277.3 million, or 58 cents a share, the Hartford, Connecticut-based company said today in a statement.

As one of the health insurance corporations which have been the major obstacle to getting universal healthcare in our country; I’m glad to see them in some fiscal pain right now. Even people who have insurance through these corporations often have their claims denied for treatment or surgery they really need. Truthfully, I don’t think these sort of corporations should even exist. We should have a single-payer plan and cut all of them out. Well, I guess if after single-payer were instituted and there were some people who could afford to have private insurance and wanted to pay for it; then they could remain for that purpose.

Update: I’m also happy to see that Cigna is feeling the pain as well.

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Written by Jason Gooljar

October 29th, 2008 at 2:00 pm

Posted in Corporatism,Healthcare

Tagged with ,

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  • Fart

    You won’t be able to afford single payer either, as what little you make now will be taxed much higher. Think Canada, chief.

    As for surgery that you really need. Its no different than that new Mercedez you really need, or the sweet flat screen you just had to have. We aren’t meant to live forever; that will never change. If you have a ton of money maybe then you can “buy” a long life than you normally would have. But it should not be something given as an entitlement. Example: you ate nothing but sausage your whole life, wouldn’t listen to your doctor when he told you to eat better, and now you find yourself needing a quaduple by-pass. Is it right that someone foots the bill? No. Nothing is free; even if you are not directly paying for it – you are.

    Also – single payer will remove cost as a barrier to healthcare, possibly true. But, that leaves the only remaining barrier the availability of healthcare. ie: lines at the doctors office; available appointments. You should talk to a Canadian about waiting in line to see the doctor.

    Moral of the story: think more critically about how to change the healthcare system rather than repeating someone else’s dumb idea. Ideas like overhauling state insurance regulations (do we need 50 different sets of rules – it adds admin cost to the system), a review of a doctor’s liability in the system (insurance premiums that doctors pay to protect themselves from malpractice lawsuits add 10-15% to the cost the doctor charges for his/her services), etc.

  • http://www.jasongooljar.com Jason Gooljar

    Honestly, you guys need to really disclose who you work for. I can see where you are.

  • Jason Gooljar

    Also, there’s nothing wrong with Canada’s healthcare system, chief.