Santa Monica, CA — The Foundation for Taxpayer and Consumer Rights (FTCR) said that United Health’s announcement today that its second quarter profits increased by 26% — propelled by the company’s growing prescription drug business under the new Medicare program — is another indication that “insurance company control over health care is nearly universal.”
The Medicare prescription drug program provides drug coverage to seniors through private insurers, most of which are for-profit and traded on Wall Street.
FTCR said that huge amounts of taxpayer funds being siphoned away by United Health “provides a catalyst for Congressional action to remove private market control of the Medicare drug program and fuels a growing national debate for a universal health care system that saves money by removing health insurer overhead and profit.”
“The Medicare drug program was handed over to for-profit health care corporations by Congress and the Bush Administration not for the good of the elderly, but for the greed of the few,” said Jerry Flanagan of FTCR.
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The Foundation for Taxpayer and Consumer Rights (FTCR) is a leading nonpartisan consumer advocacy organization. For more information, visit us on the web at: http://www.ConsumerWatchdog.org.