Health insurance giants must take accountability

As the incessant flu continues to plague America, we can take precautions to keep our health in good shape. Whether that's getting a flu shot, taking essential vitamins, or even washing hands a few more times a day, lots of people are taking the extra step.

During the 2021-22 flu season, there were more than 4 million medical visits and over 10,000 hospitalizations for the influenza virus. Combining the 10,000 hospitalizations from the flu along with COVID-19 hospitalizations, the number of people visiting and staying at healthcare facilities pushed into the millions.

As these numbers continue to rise, so does the cost of healthcare. Since 2010, despite these skyrocketing numbers, health insurance still manages to cover less and less each year.

In the 2021-2022 flu season, there were more than 4 million medical visits and over 10,000 hospitalizations for the influenza virus. The combination of that number and COVID-19 hospitalizations pushed the number of people visiting and staying at healthcare facilities into the millions. As these numbers continue to rise, so does the cost of healthcare.

Since 2010, individual insurance premiums have risen over 58%, and family insurance premiums have risen more than 63%. Despite these skyrocketing numbers, health insurance still manages to cover less and less each year.

While health insurance companies move further from coverage and closer to profit, more Americans are drowning in medical bills, struggling to make ends meet.

The top five health insurance companies, (United Health Group, Anthem, Centene, Humana, and Blue Cross Blue Shield) collectively generated a profit of over $720 billion in 2022 alone.

The largest of the five insurance companies, United Health Group, raked in over $324 billion dollars this year and is projected to bring in more than $360 billion in 2023. These record-breaking profits are an embarrassment to our healthcare system as hospitals are struggling to keep the lights on and patients are unable to cover these absurd costs.

In 2017, with full control of Washington, Republicans worked to repeal Obamacare only to come up short. Now that they have the majority again, we must encourage the new leadership to offer a bold new vision that puts patients over profits and offers legislation that would protect American patient's access to affordable care.

This is an opportunity for Congress to finally implement policies that will hold insurers accountable.

A 2019 survey showed that Americans collectively owed around $195 billion in medical debt and that number will only continue to rise. The US healthcare system is especially cruel to minority groups.

While Americans owe around $195 billion in medical debt, the burden is unevenly distributed among American citizens. 28% of Black households hold medical debt compared to 17% of white households. Surveys have shown that in parts of the US, people living in communities of color are four times more likely to have medical debt compared to those living in predominantly white communities. The racial disparities in healthcare continue to devastate minority groups and the price gouging of health insurance companies is of no help.

As the third year of the pandemic begins and flu season is in full throttle, health insurance companies should become our allies rather than our enemies. These companies are bringing in enough profit to wipe out all the nation's medical debt several times over. Yet millions of Americans, and especially minorities, are consistently losing sleep over how to pay off surprise medical bills and monthly premiums.

It's time for health insurance giants to be held accountable, and work for their patients instead of against them.

Jessica Ann Tyson is Frederick Douglass Foundation Michigan Chapter president and served on the Michigan Board of Nursing Department of Licensing and Regulatory Affairs Bureau of Health Care Services.