Health Care Stocks Down
Health insurance stocks took a dive Tuesday, with the S&P Health Care Sector index becoming the worst-performing segment of the S&P 500, largely because of health insurance companies.
The followed a public declaration of war by the health insurance industry's lobbying arm against the White House's health care reform efforts.
America's Health Insurance Plans, or AHIP, released a methodologically questionable study on Sunday claiming that the Senate Finance Committee bill would result in higher premiums for families.
Aetna started the day trading at 26.38 per share, went down -3.1% and closed at 25.59.
Cigna started the day at 29.57; went down -3.14% and closed at 28.71.
UnitedHealth Group Inc. opened at 25.17, went down -3.73% and closed at 24.31.
Interestingly, after a majority of members of the Senate Finance Committee voted for the health care reform legislation offered by Sen. Max Baucus, D-Mont., many of those stocks started to creep back up. The Baucus bill does not contain a government-run health care option to compete with private insurers – an option AHIP and its members oppose.
AHIP is now running TV ads against the effort in many states, as ABC News' Teddy Davis takes a look at HERE.
"Is it right to ask 10 million seniors on Medicare Advantage for more than their fair share?" asks the ad's narrator. "Congress is proposing more than $100 billion in cuts to Medicare Advantage. The nonpartisan Congressional Budget Office says many seniors will see cuts in benefits."
-jpt
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“WASHINGTON (AP) – About 30 unions will run a full-page ad in newspapers Wednesday announcing their opposition to the Senate Finance Committee’s health overhaul bill, a top labor lobbyist said.”
Let the games begin…
Posted by: Fascist Hyena | October 13, 2009, 5:40 pm 5:40 pm
===Posted by: Fascist Hyena | Oct 13, 2009 5:40:01 PM===
The games have already begun. The Baucus bill only covers 25 million people, leaving 22 million (or 15 if you take Obama’s latest number) uninsured Americans. For $900 billion dollars I think we could just pay their insurance premium.
Posted by: Axey | October 13, 2009, 5:46 pm 5:46 pm
The costitutionality of this bill will be a large problem as it is definately in violation of the 10th amendment. This action is not one of the 17 enumerated powers of the federal government and is thus a states power under the 10th amendment.
Posted by: Sandcrab1612 | October 13, 2009, 5:46 pm 5:46 pm
Good time to nail them with a windfall profits tax, Nancy!
Posted by: Health Czar | October 13, 2009, 5:54 pm 5:54 pm
For $900 billion dollars I think we could just pay their insurance premium.
====
That’s been my idea from the get-go. My Dem husband agrees.
We had bipartisan consensus a long time ago.
Posted by: MayBee | October 13, 2009, 6:22 pm 6:22 pm
I’d be interested to read people’s answers to these questions: Assume Joe is healthy, makes $80K per year, and has not purchased health insurance. He decides to remain uninsured but, at age 37, he is diagnosed with diabetes, whereupon he applies for an insurance policy.
Should the company be required to issue a policy? Why or why not?
Posted by: Fascist Hyena | October 13, 2009, 6:27 pm 6:27 pm
“The costitutionality of this bill will be a large problem as it is definately in violation of the 10th amendment. This action is not one of the 17 enumerated powers of the federal government and is thus a states power under the 10th amendment.”
Gee that would mean that Social Security is unconstitutional?
Oh wait the Supreme court ruled that it was in fact Constitutional as is MediCare and MediCaid.
10th amendment nuts are old right wing mainstays going back to the John Birch Society, much like the birthers before them logic, case law and history do not matter
Posted by: Ryan C | October 13, 2009, 6:28 pm 6:28 pm
Should the company be required to issue a policy? Why or why not?
=========
The other question is- should they be able to charge him more than they charge people without diabetes?
Posted by: MayBee | October 13, 2009, 6:34 pm 6:34 pm
“I’d be interested to read people’s answers to these questions: Assume Joe is healthy, makes $80K per year, and has not purchased health insurance. He decides to remain uninsured but, at age 37, he is diagnosed with diabetes, whereupon he applies for an insurance policy.
Should the company be required to issue a policy? Why or why not?”
I guess covering pre-existing conditions is now out if we are to read the tea leaves of industry shills posting here.
Posted by: Ryan C | October 13, 2009, 6:34 pm 6:34 pm
I see the industry shills have shifted from supporting taking on pre-existing conditions provided coverage was mandated for all to attacking coverage of pre-exisitng conditions.
Guess the insurance lobby is declaring war….
Posted by: Ryan C | October 13, 2009, 6:40 pm 6:40 pm
“I guess covering pre-existing conditions is now out if we are to read the tea leaves of industry shills posting here.”
I guess that writer lacks the courage to answer the questions. Evidently he finds them troublesome…
Posted by: Fascist Hyena | October 13, 2009, 6:54 pm 6:54 pm
“Methodologically questionable,” Jake?? The only questionable variable in the AHIP PricewaterhouseCooper study is the amount subsidized by the government. What difference does it make if the increased price of insurance is paid for by the government? The government gets its money from the taxpayer. So guaranteed you’ll feel the increase in cost…only with less transparency.
The CBO makes its projections based on “conceptual language”. Does that better suit your methodological tastes?
Posted by: Stephanie | October 13, 2009, 7:21 pm 7:21 pm
“Now they want to know why a person going without insurance should get coverage should they become ill.”
First I want to know whether he should get coverage. Still awaiting an answer.
I’m also awaiting an answer as to whether a young and healthy person who doesn’t want insurance should be forced to buy it.
Very tough questions, but if you’re a dunce they’re positively scary.
Posted by: Fascist Hyena | October 13, 2009, 8:18 pm 8:18 pm
I guess that writer lacks the courage to answer the questions. Evidently he finds them troublesome…
Posted by: Fascist Hyena | Oct 13, 2009 6:54:29 PM
Ah, that explains why you time and again have ignored questions about the bogus “Fordham study” you cite regarding the accuracy of Rasmussen Report polls.
Posted by: Numeros | October 13, 2009, 8:55 pm 8:55 pm
“The insurers’ agenda in autumn 2008 has become Obama’s agenda in autumn 2009. Barack Obama wants to make it illegal for you not to buy Aetna’s or Blue Cross’s product.
Obama opposed an individual mandate on the campaign trail — it was a sticking point between him and Hillary Clinton, who backed it. Obama’s campaign spokesman Bill Burton, now a White House spokesman, attacked Hillary’s proposed individual mandate this way: ‘She’s said she’d ‘go after’ people’s wages if they couldn’t afford health insurance under her plan.’”
Posted by: Fascist Hyena | October 13, 2009, 9:04 pm 9:04 pm
The facts establish that Rasmussen is the most accurate, as confirmed by the Fordham study.
In 2008, Obama won 53%-46% and Rasmussen’sf inal poll showed Obama winning 52% to 46%.
In 2004 George W. Bush received 50.7% of the vote while John Kerry earned 48.3%. Rasmussen Reports was the only firm to project both candidates’ totals within half a percentage point by projecting that Bush would win 50.2% to 48.5%.
Posted by: Fascist Hyena | October 13, 2009, 9:12 pm 9:12 pm
The facts establish that Rasmussen is the most accurate, as confirmed by the Fordham study.
In 2008, Obama won 53%-46% and Rasmussen’sf inal poll showed Obama winning 52% to 46%.
Posted by: Fascist Hyena | Oct 13, 2009 9:12:37 PM
Absolutely ridiculous. Obama won 53%-46% exactly as CNN/Opinion Research and Ipsos/McClatchy had it in their final polls. Rasmussen got it wrong at 52% to 46%.
The “Fordham study” was based on incorrect early vote tallies. The assistant professor’s Nov 5th, 2008 “initial” list was based on an “estimate of a 6.15-point Obama margin.” This ESTIMATE was more than a full point off from the official, final margin of 7.28. The error invalidates his findings and bumps Rasmussen to a runner up position below CNN/Opinion Research and Ipsos/McClatchy who both nailed it.
Posted by: Numeros | October 13, 2009, 9:41 pm 9:41 pm
“WASHINGTON (AP) – About 30 unions will run a full-page ad in newspapers Wednesday announcing their opposition to the Senate Finance Committee’s health overhaul bill, a top labor lobbyist said.”
Let the games begin…
Posted by: Fascist Hyena | Oct 13, 2009 5:40:01 PM
+++++++++++++++++++++++++++++++++++++++++++++++++++++
Fantastic. More pressure on Sen. Reid to add ‘Public Option’ to the final merged bill.
Then it’s ‘filibuster’ or ‘floor vote’!
Posted by: ErnestNM | October 13, 2009, 9:59 pm 9:59 pm
The games have already begun. The Baucus bill only covers 25 million people, leaving 22 million (or 15 if you take Obama’s latest number) uninsured Americans….
Posted by: Axey | Oct 13, 2009 5:46:19 PM
+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
It keeps getting better and better, doesn’t it?
I bet the ‘Public Option’ is in the final merged bill.
Also in the final will be increased taxes on the rich…>$350,000/year.
On to ‘filibuster’ or ‘floor vote’!
Posted by: ErnestNM | October 13, 2009, 10:03 pm 10:03 pm
Ironically, the AHIP report has become the justification to include the public option. It clearly states the consequences we will face if the public option is not included and the compulsory mandate is too weak. It shows our health now is really being held hostage by these corporations.
Posted by: hanzi | October 14, 2009, 12:28 am 12:28 am
I’ve also wondered about the value of Rasmussen’s likely voter model for a presidential election that takes place in 2012. I suppose there might be something worthwhile in connecting likely voters’ current support for Obama with other current races.
But if the presidential approval poll is supposed to measure how the American people as a whole currently feel about his work, polls of registered voters would be more relevant.
Posted by: Danny | October 14, 2009, 1:55 am 1:55 am
The more I learn, the less I trust health insuance companies. Affordable health care is a right,for citizens. The amount of money AFIC is spending to lobby health care reform an to kill it is obscene. The monies given to politicians should be illegal. We need gvt. sponsored health care as an option to keep those greedy ######### in line
Posted by: Mary Ann Horan | October 14, 2009, 10:05 am 10:05 am
D.C. seems to be addicted to using hammers to fix clocks.
Posted by: SjB | October 14, 2009, 12:21 pm 12:21 pm
“The facts establish that Rasmussen is the most accurate, as confirmed by the Fordham study.”
You mean the Fordham study you’ve been told dozens of times rounded up McCain;s (from 45.6 to 46)total and rounded down Obama’s (from 52.9 to 52) to get its fraudulent results?
That you keep repeating what you know to be a lie shows how dishonest you really are.
Posted by: Ryan C | October 14, 2009, 12:34 pm 12:34 pm
“Ah, that explains why you time and again have ignored questions about the bogus “Fordham study” you cite regarding the accuracy of Rasmussen Report polls.”
Though he is obviously very dishonest, Why should Fascist Hyena be held to a higher standard than Scott Rasmussen who touts the bogus study on his website.
I guess Scott Rasmussen has no problem with cooked numbers provided the results is to his liking.
Geee I wonder what else he cooks numbers for.
Posted by: Ryan C | October 14, 2009, 12:36 pm 12:36 pm
“Rasmussen Reports was the only firm to project both candidates’ totals within half a percentage point by projecting that Bush would win 50.2% to 48.5%.”
ROFLMAO!
When a pollster has to keep telling you how accurate they are you KNOW their reputation is in trouble
Posted by: Ryan C | October 14, 2009, 12:44 pm 12:44 pm
The health insurance industry is obviously only concerned with their profit margins, not that 47 million of us have no health insurance, not that those with health insurance and a serious illness still go bankrupt from medical bills at a disturbing rate or that an estimated 47,000 Americans die each year because they don’t have insurance.
We need a public option insurance available to limit the industry’s greed and make available affordable insurance for the uninsured to buy.
Posted by: Lydia | October 15, 2009, 12:15 pm 12:15 pm