– Editorial – - Lawmakers, regulators must be proactive in protecting consumers
By Editorial Board
State legislators and insurance industry regulators must be alert, as health insurance companies seek to put profits over people.
Greed is defined as “a selfish and excessive desire for more of something (such as money) than is needed.”
A good example of greed in action, was a plan quietly announced last month, by Anthem Blue Cross Blue Shield, to impose limits on the length of time anesthesia can be administered during surgery and medical procedures in Connecticut, New York and Missouri.
The change would have had accountants and paper-pushers deciding how long surgeries should last, based on what was good for corporate profits, rather than the doctors in the operating rooms.
The intent of the change was to cut costs and further increase the $5.99 billion in profits the health insurance giant saw in 2023. Apparently, double digit profit growth year over year, doesn’t cut it any more, and they have to innovate to try and squeeze every dime they can out of consumers.
The planned changes were only widely reported on, last week. The news rightly drew massive public scorn and outrage. The combination of public outcry and political pressure from state officials, caused executives with the company to backpedal and drop the plan, at least for now. In media statements, company spokesmen have claimed it was all the result of misinformation.
While it is great that Anthem Blue Cross Blue Shield has seemingly found its heart, just in time for Christmas, it would be foolish to think that company executives won’t seek to circle back on the idea, when they feel things have calmed down. It would be even more foolish to believe that other heath insurance providers won’t try the same nonsense, with or without some minor variations.
Lawmakers and regulators here must be proactive, to ensure that no schemes like this are allowed to rear their heads in Wisconsin. In the absence of the federal government doing anything other than cheering on corporate greed and the inflated salaries of CEOs, it will be up to the states to look out for themselves.
Health insurance is a necessary evil in American society. As the only developed nation without universal healthcare for residents, health insurance is a necessity, especially as the cost of medical care continues to skyrocket. Unfortunately, the profit-driven model focuses more on short-term gains and protecting the corporation’s bottom line, than ensuring healthy populations or outcome-based practices.
It is time for lawmakers and regulators to take the offense, when it comes to the predatory practices of insurance providers, and not settle for paying more for getting less and less, year after year.
Members of the Courier Sentinel editorial board include publisher Carol O’Leary, general manager Kris O’Leary and Star News editor Brian Wilson.
