Health Insurance Giants and Their Impact on American Patients

The HealthCare.gov website, displayed on a laptop screen, has long been a gateway for Americans seeking health insurance. As a physician-legislator in Congress, I’ve spent 35 years caring for patients. Now, I confront the formidable lobby of health insurers in Washington. In 2025, the seven largest for-profit health insurance companies amassed nearly $1.7 trillion in total revenues, resulting in profits exceeding $54 billion. These figures may actually understate their earnings due to dubious accounting practices.

I believe in capitalism and don’t oppose profit inherently. Yet, these insurance giants rely heavily on taxpayer money. For instance, UnitedHealthcare receives over 77% of its revenue from government programs despite covering more individuals with its commercial plans. It’s surprising how vigorously they lobbied to maintain ObamaCare subsidies.

Since 2015, these top companies spent over $137 billion on share buybacks, inflating stock prices and executive pay while concealing financial vulnerabilities. Historically, stock buybacks were deemed market manipulation and were largely illegal in the 20th century. Although rewarding shareholders is expected, using profits for stock buybacks instead of reducing premiums burdens patients financially.

We’re witnessing an oligopoly extracting nearly $2 trillion annually from Americans while denying necessary care. The rise in profits coincides with an increase in pre-authorizations, denials, and out-of-network disputes, all of which hinder patient wellness. These measures primarily enrich executives and shareholders at the cost of access to care.

The vertical integration surge is intertwined with ObamaCare, a policy seemingly tailored for insurance companies. If possible, I would dismantle these corporate titans and abolish for-profit health insurance. The complex bureaucracy offers little to patient wellness, while basic medical needs, such as emergency room visits or cancer treatments, become financially daunting.

I’ll challenge any sector complicating patient lives. Health insurance companies, with their aggressive practices, are the primary culprits. Americans are waking up to this reality, and even Congress is starting to notice.

Greg Murphy, M.D., represents North Carolina’s 3rd District and co-chairs the Congressional Doctors Caucus.