Feinstein: All Health Insurance Should Be Nonprofit
TWI reader ajm8127 wrote in this afternoon with a thought on the insurance industry: “For profit health care insurance providers are a conflict of interest.”
Well, Sen. Dianne Feinstein (D-Calif.) agrees.
During Wednesday’s Senate Judiciary hearing on insurers’ anti-trust exemption status, the California Democrat blasted away at the industry, saying it “lacks a moral compass” and puts a lust for profits above the needs of patients.
Premiums are out of hand. I think CEO salaries are out of hand. I think administrative costs, running about 23 percent, are out of hand.
My bottom line belief is that the health care medical insurance industry should be nonprofit in the United States. And the more I read about other countries, the more this view is supported in my own mind.
Needless to say, Feinstein has endorsed the proposal to scale back the industry’s anti-trust exemptions.