A lot of insurance companies—arguably most of the ones used—are not for profit: American Family, COUNTRY, Liberty Mutual, Northwestern Mutual, any other company with “mutual” in the name, USAA, Farmers, State Farm, Progressive, etc.
They kind of also pay out on the services you pay them for, it’s not helping, it’s just an obligation they haven’t managed to dodge.
It’s almost like there should be a not for profit option, perhaps if there were some large group of people who worked for everyone, and we’re controlled by some sort of elected governing body.
Ullallulloo@civilloquy.com 7 months ago
T00l_shed@lemmy.world 7 months ago
Really? Do you have a source for that?
Ullallulloo@civilloquy.com 7 months ago
For which ones? Most are mutual insurance companies, where any profit has to legally be paid back to the customers.
T00l_shed@lemmy.world 7 months ago
That is awesome thanks! I was unaware.
BallsInTheShredder@lemmy.world 7 months ago
Hmm… part of me is not convinced that those companies aren’t benefitting in some way… I mean, the employees do have to be paid don’t they? What about the CEO? Is it just a passion project for them?
Ullallulloo@civilloquy.com 7 months ago
Yeah, obviously employees have to be paid like with anywhere.
BallsInTheShredder@lemmy.world 7 months ago
You’re right about that, I’m more weirded out by the salaries of the CEOs compared to the other employees. According to google the CEO of American family has a salary of around a million a year so… someone is profiting from it.
The term non-profit just (to me) almost loses meaning when it makes people filthy rich but you’re right, they are the lesser evil for the time being.
Adalast@lemmy.world 7 months ago
I have had this fantasy. All health insurers be required to be 501©29. The non-profit definition for health insurers under the ACA.