Premium Increases Pump Up PacifiCare
PacifiCare exhibits all that is wrong with our healthcare system (PacifiCare Posts 20% Profit Rise for 2nd Quarter,” July 29).
Even though it successfully cut medical costs, it raised its premiums at more than double the rate of inflation.
By doing this, its profit grew an obscene 20% over its already fat profit in the previous year. Meanwhile, its chief executive, Howard Phanstiel, stands to reap a $190-million windfall from the sale of the company to UnitedHealth Group.
I do not doubt that the new owners will raise premiums even more to cover the costs of the sale.
Charles Schwartz
Mar Vista
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