If there was ever a reason for needing a robust public option (like right now), this is exactly it:
Shares of health insurance giants Aetna (AET) and Cigna (CI) jumped today amid growing speculation that the two companies should merge.
Aetna climbed $1.65 a share or 3.9% to $44.06 a share in late afternoon trading, while Cigna’s stock price rose $2.26 a share or 4.7% to $50.50.
Yup, two of America's largest massive-profit health insruance companies think they can generate more "shareholder value" (read: do a better job of profiteering) by combining forces. This should strike fear in the heart of any American who felt the Affordable Care Act might have the tiniest chance of actually fundamentally changing things for the better.
Apparently we will end up with single payer in the United States soon: corporate-based, for-profit single payer.
It is absolutely essential that progressives demand this merger not be approved, because it will lead to higher rates and more customer abuse without the presence of a public option to discipline the new big-profit beast: CIGNAetna.
How much does a for-profit death panel cost?
If a deal did occur, Barclays described a set up where Aetna pays $16.1B for Cigna.
Don't you dare ever let the profiteering thugs at Aetna tell you they need to raise rates for "rising medical costs" when they have a cool $16.1B available to purchase their competition.
If this happens, it will go down in history as one of the most consumer unfriendly mergers in the history of America.
We don't need corporate single payer from profiteering thugs, we need real, non-profit, improved Medicare for all.
Imagine how "sustainable" Medicare would be if all the healthy young people were paying premiums to Medicare instead of to wasteful big-profit companies like Aetna and CIGNA. Just imagine...
Do you stand with the profiteers or with people?
UPDATE: Here's another take on this horrible idea.