INDEX: The incredible shrinking health insurance market
Number of corporate mergers involving health insurers that took place over the past 13 years: more than 400
Percent of U.S. health insurance markets that are now classified as "highly concentrated": 94
Alabama's rank among all states for percent of the health insurance industry market cornered by one company: 1
Percent of the health insurance market in Alabama controlled by one company: 83
In Arkansas: 75
South Carolina: 66
Louisiana and Georgia: 61
Kentucky: 59
North Carolina: 53
Tennessee and Virginia: 50
Percent of the the health insurance market in Abilene, Texas controlled by one insurer: 85
Median statewide market share of the largest insurer selling coverage to small employer groups in 2002: 33%
In 2008: 47%
Increase in median market share for Blue Cross Blue Shield carriers in 38 states from 2002 to 2005: 51%
Amount UnitedHealth recently agreed to pay to settle multiple suits alleging price-fixing and other anti-competitive behavior: $400 million
Annual growth rate in private health insurance spending per enrollee between 1997 and 2006: 7.3%
Annual growth rate in Medicare spending per enrollee over that period: 4.6%
Percent difference: 37
Average percent increase in health insurance premiums over the past six years: 87
Percent rise in profits at 10 of the country's largest publicly traded health insurance companies from 2000 to 2007: 428
Their collective profits in 2000: $2.4 billion
In 2007: $12.9 billion
Combined total compensation of those companies' CEOs in 2007 alone: $118.6 million
Number of times that exceeds what the average U.S. worker made that year: 468
Average increase in health insurance premiums over the past six years: 87%
Percent of household income spent on employer-sponsored health plan premiums for families in the lowest income category: 20
For families in the top income group: 3.3
Percent by which increases in employer-sponsored health premiums have outpaced wage increases in the past nine years: 400
Number of Americans who are currently uninsured: 47 million
(All statistics from "Premiums Soaring in Consolidated Health Insurance Market," Health Care for America Now, May 2009.)
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re: INDEX: The incredible shrinking health insurance market
Very informative. I have not done any personal research but your statistics seem to be in line with the reports I have heard.
468 times the average wage of a household--the salary for a healthcare CEO. And I'm sure most households are in the $50-$80k range.
Greed is such a terrible motivator....
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