foreign
basically every Mega Corporation is subject to a mountain of criticism I mean we can just
walk down the list Apple overpriced products Saudi aramco pollution Microsoft OS Monopoly Google got
a collection Amazon underpaid workers Berkshire Hathaway can't even beat the market Tesla and Elon
Musk fan club United Health Group a massive wait who even are these people they're worth roughly
500 billion dollars but not many even know about their existence even the ones that are familiar
with the United Health Group only know them as an insurance provider and I often don't realize that
they're literally the eighth largest company in the world and as we've discussed extensively on
this channel the companies that are most dangerous are rarely the ones that are front-facing like
Google or Apple usually the worst companies are the background companies that no one ever talks
about like Johnson and Johnson and a Nestle United Health Group it may seem harmless at first glance
as they simply sell insurance something that's required to get decent Healthcare in America
but if you take a closer look you'll see that United Health is no exception to the role as
they have built their fortune on the Bloods of tens of millions of people in fact many would
even argue that United Health is the route behind everything that's wrong with the modern medical
industry and while this may seem like a bold claim their actions honestly speak for themselves
I mean just think about this there's only two ways that an insurance company can make money
maximize premiums and minimize payouts maximizing premiums itself could be argued to be unethical
when dealing with health but the real evilness comes along with minimizing payments to minimize
payments insurance companies work very hard to dissuade you from having to cash in when this
means dissuading you from smoking or drinking it that's a good thing but when this means dissuading
you from going to the hospital or getting treatment well that's a new low even for these
corporations so here's the truth behind the half trillion dollar giant that no one ever questions
one of the biggest problems with United Health is that their business is fundamentally flawed first
of all have you ever wondered why people don't just pay for health insurance themselves we pay
for our own car insurance our own home insurance our own life insurance and any other type of
insurance that we decide to get except for health insurance unless you're self-employed or work as
a contractor chances are your employer pays for your health insurance if you were to ask company
owners they will say something like we care about our employees health and think that all of them
should have access to good health care but that's a lot of BS in reality companies offering health
insurance is a rather new invention and it was by no means designed to take care of employees
the origins of company sponsored health insurance can actually be traced back to World War II at the
time the economy was booming thanks to the war but inflation was also booming so while
companies were willing to increase salaries to attract better Talent the government did not want
this they feared that Rising wages would just worsen the inflation problem so they passed
the 1942 stabilization act which literally made it illegal for companies to raise wages under
normal circumstances this would be a godsend for employers but with so many young men and
women after War they were struggling to find good workers so they started offering benefits such as
health insurance very quickly employers-sponsored healthcare plans became the standard and while
this seemed like a good thing at the start it didn't take long for employers and health
insurance providers to take advantage of this you see it large employers quickly figured out that
this was a great means of employee retention they knew that smaller companies and individuals could
never Strike as good deals with health insurance providers so naturally larger employers would
generally always have the better health insurance this strong legislated employees from switching to
smaller companies or starting their own business even if everything else made sense I mean how
many times have you heard about people people staying at their crappy corporate or government
jobs because of the health insurance according to Gallup that's one in six U.S workers and that's
no accident it's by Design meanwhile this was a massive win for health insurance providers as well
sure they were giving big companies at massive discounts but this significantly reduced their
workload they no longer had to convince tens of millions of people to purchase their plans
instead they just had to convince a few hundred companies and that they would essentially have
a monopoly over the entire Market it also helped that employers were generally complacent customers
their goal usually wasn't to get a good deal or a fair price they just cared about getting a better
price than smaller companies and individuals and as long as that was the case employers
were happy which made it easy for these insurance providers to continuously jack up prices foreign
provider's best interest that you cash in as little of the benefits as possible and over the
decades they've gotten extremely crafty with how they accomplished this one of their go-to
methods isn't networks if you're not from the US you're probably not familiar with the networks but
essentially what it means is that just because you have health insurance does it not mean that
you can go to any Hospital newer legislation that has made this better by basically making
it illegal for hospitals to straight up deny you health care but it's still in your best financial
interest to go to hospitals that are within your network this brings up the question though when
you or your employer is paying tens of thousands of dollars per year for health insurance why in
the world are you limited to certain hospitals well the answer is so that United Health Group
can make more money obviously it's cheaper to partner with a select number of hospitals
instead of covering all hospitals but there's more to this than just that by partnering with
the select number of hospitals insurance providers are able to get an even bigger discount on how
much they pay out here's the thing when United Health Group exclusively partners with someone
like St David's Medical Group Saint Davids is basically getting a monopoly over all of
United Health group's customers this is obviously extremely valuable and that's why Saint Davids
would be willing to give United Health a massive discount but this is not the only way in which
United Health saves money either by reducing the number of supported hospitals insurance providers
are able to reduce the frequency of hospital visits If people could use the hospital right
next door they're obviously going to visit much more frequently than if they had to drive 10
miles to the closest hospital in their Network something else that health insurance providers
leverage to further dissuade hospital visits is large deductibles if you're not familiar with
deductibles it's basically the amount of money that you have to pay out of pocket before any
health insurance kicks in the average deductible for bronze plans is a whopping six thousand nine
hundred and twenty one dollars and and it's not just lower income folks that are opting
for these low tier plans either even people who can comfortably afford the higher tier plans that
often choose the lower tier plans because here's the thing would you rather pay three thousand
dollars per month and have no deductible or pay one thousand dollars per month and to pay seven
thousand dollars the one time you get sick for most people who are relatively healthy the answer
is the second option regardless of their financial situation and when even people with money think
that your most comprehensive plans are a rip-off there's clearly something really wrong foreign
so far most of the shortfalls that we've discussed are applicable to the entire health insurance
industry and as the largest health insurance provider in the world United Health Group is
by far the worst offender for example do you know when United Health Group had their most
profitable quarter ever it was actually during the second quarter of 2020 when the pandemic
was at its absolute Peak that quarter United Health Group profited 6.6 billion dollars with
just doubled their usual profits at first glance this might be a bit confusing but when you think
about it it makes sense first of all all elective medical procedures were paused during this time
period so United Health did not have to pay out any of those on top of this even people
who needed medical attention were wary of going to the hospital due to fears of catching covid
and lastly a lot of people who didn't already have health insurance got health insurance for obvious
reasons when you put all of this together you end up with the most lucrative Court order ever during
the worst Health crisis in modern history yeah I don't think I have to explain why that's so wrong
on so many levels given that they make all this money you would hope that they at least pay out
honestly when the time comes but that's not the case either United Health regularly blackmails
hospitals to pay their doctors less for example near the beginning of the pandemic United Health
terminated their contracts with anesthesiology and the neonatal practices in four states and
the reason for this was that the physicians at these providers were making too much money talk
about the irony while United Health refuses to be overcharged themselves they're happy to
overcharge the government now this may come as a surprise as a lot of people promote Medicare
as the solution but what you don't realize is that a private companies like United Health are
actually the ones that control Medicare as well you see it back in the 1990s Medicare
was facing a 13 trillion dollar funding Gap so Congress decided to privatize a part of Medicare
essentially the government would simply foot the bill and the private companies are the ones that
would actually take care of all the insurance stuff I don't think you'd be surprised to hear
that these companies use this opportunity to rip off the government to the absolute Max for example
one of the strategies that they used was over exaggerating client's conditions this way the
insurance companies could charge the government large premiums even though the client was actually
low risk according to a whistleblower United Health was regularly overcharging the government
by three thousand dollars and I think this leaked email tells you everything you need to know really
go after the potential risk scoring specifically those with huge dollar opportunities once this
information surfaced the US did go ahead and Sue United Health Group and this will probably end in
a ruling that favors the us but if we're being honest the us is going to find them like 5 or
10 billion dollars despite losing tens of billions if not even over a hundred billion dollars foreign
after hearing things like this people often Trend towards the idea of Universal Health
Care and maybe that is the solution but the truth is that that's unlikely to happen anytime soon so
the best thing we can do in the meantime is try to take control of the situation according to another
whistleblower the thing health insurance companies fear most is a single pair of Planet the reason if
your single pair plants so much is because it threatens their Monopoly and control so maybe
the key is to Simply take ownership of our health insurance just like we do with every other type
of insurance certain companies that already allowed for this Netflix for example offers
company provided insurance if you wanted but you can also choose to refuse it and instead take a 15
000 health insurance credit that you can use anywhere you want if more employees prefer
this option I suspect that more companies would start offering this and this may just be what we
need to break the health insurance Monopoly but that's just what I think are you a fan
of universal Healthcare comment down below also drop a like if you hope United Health
group's Monopoly crumbles to the ground and of course consider checking out our Discord
Community such as future video ideas and consider subscribing to see more questions
are logically answered but until then I'm Hari and I'll see you guys on the next one