Key Takeaways:
– UnitedHealth Group would benefit from Project 2025, a right-wing policy under ex-President Donald Trump.
– The healthcare giant has prevailed over a loss of $475 million due to cyberattacks, reporting a net income of $6.06 billion in the third quarter.
– People’s Action reports UnitedHealth Group may use public funds for individual wealth instead of healthcare for seniors and individuals with disabilities.
– Implementing Project 2025 would increase the insurance giant’s revenue considerably, according to People’s Action.
– Private insurers deny more claims than state-funded programs, which could harm millions of people under the privatization scheme of Project 2025.
UnitedHealth Group’s Third-Quarter Results
When the third-quarter results of UnitedHealth Group came out, People’s Action stood up and took notice. The well-known advocacy group pointed out the potential windfall for the healthcare mega-corporation if Project 2025 proceeds. Project 2025, a right-wing policy backed by former President Donald Trump, caused major concern among critics.
UnitedHealth Group’s third-quarter earnings shattered expectations. Despite losing $475 million due to cyberattacks, the company reported a net income of $6.06 billion. Interestingly, this total income was supported by businesses that generated over $100 billion in revenue for the quarter.
Uncovering the Role of Public Money
As impressive as their earnings report may be, there’s more to the story. People’s Action took to social media to raise a concerning point. They claim much of UnitedHealth Group’s profit comes from public money. These funds, originally intended for the healthcare of seniors and individuals with disabilities, seem to be padding the wallets of executives and Wall Street investors instead. There’s fear that this money might be used less for healthcare and more for individual gain.
The Impact of Project 2025
People’s Action released a new report focusing on how UnitedHealth Group could gain from Project 2025. The report singles out Medicare Advantage, a private health insurance alternative to the government-managed healthcare program.
Project 2025 aims to make such private services the default option for enrollees. As the largest private insurance corporation in America, UnitedHealth stands to gain massively from this. With 7.8 million people enrolled in a UnitedHealthcare Medicare Advantage plan, the company’s revenues could see a significant boost.
Increase in Denial Rates and Revenue
People’s Action cautioned against the potential increase in claim denials with the privatization of Medicare. As more enrollees lean towards Medicare Advantage, denial rates could rise. The group noted that an estimated 33% of people with Medicare Advantage experience a denial each year. If Project 2025 proceeds, 5.2 million people could be denied claims by UnitedHealthcare alone.
The financial implications of these policies are staggering. UnitedHealthcare’s current revenue from Medicare Advantage is estimated at $137 billion. If Project 2025 comes into play, the company could see its profits double to $274 billion annually.
Patient Stories and a Call to Action.
People’s Action used real-life examples to highlight the impact of care denials. Tales of individuals like Jenn Coffey, who battles with the healthcare provider for necessary infusions, shed light on the human side of the issue.
The advocacy group encouraged everyone to resist the full privatization of Medicare by companies like UnitedHealthcare and UnitedHealth Group.
Misleading Medicare Mailers
The political stakes around healthcare have heightened recently. A pro-Trump political action committee purportedly sent out mailers to older voters in Arizona, wrongly stating that their Medicare had been canceled.
This is shaping up to be a critical healthcare battle as ex-President Trump squares off against Vice President Kamala Harris in the upcoming elections. It’s essential to stay informed about the changes that Project 2025 could bring about and the potential impacts on America’s healthcare landscape.