Call for Reform in Health Insurance Industry

The HealthCare.gov website, a place to buy health insurance, showcases the complex landscape of U.S. healthcare. Over the past 35 years, my career has been dedicated to patient care. In Congress, I now confront the influential power of health insurers.

In 2025, the seven largest for-profit health insurance companies generated nearly $1.7 trillion in revenues and at least $54 billion in profits. It is likely their profits are even higher due to financial maneuvering. I support capitalism, but these insurers rely heavily on taxpayer dollars. UnitedHealthcare, a major player, receives over 77% of its revenue from government programs, despite covering twice as many people through commercial plans.

Since 2015, these top insurers have spent over $137 billion on stock buybacks. This practice elevates their share prices, inflates executive compensation, and conceals financial vulnerabilities. Historically, buybacks were seen as market manipulation and were mostly illegal for much of the 20th century. Instead of lowering premiums, these companies prioritize buybacks, worsening patients’ financial strain as they struggle with healthcare costs.

We are observing an oligopoly extracting almost $2 trillion annually from Americans, while often denying necessary care. Increased profits correlate with more pre-authorizations, denials, and network disputes, all burdening patients. Vertical integration has surged, aligning with ObamaCare’s implementation, a law shaped by and for insurers. I propose dismantling these corporations and removing for-profit motives from health insurance. The current system is unsustainable for patients.

No patient should face financial devastation from emergency room visits, cancer treatments, or essential medications due to inflated care costs. I aim to address every sector exacerbating patient hardships, and health insurance giants are a significant concern. As awareness grows, even Congressional attention is shifting towards these issues.

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