> Are you saying that the same populations are getting more and more sick and ill? Citation needed for that. Or are they costing more and more money? And if so,

> Are you saying that the same populations are getting more and more sick and ill? Citation needed for that. Or are they costing more and more money? And if so, why? The citation is the population pyramid flattening out and turning upside down eventually. That means more and more old (and hence sick) people, and fewer and fewer care providers (young people). Also, there are a lot more treatment option, and sick people being kept alive longer. > Wouldn't be health insurers setting up middlemen of their own (PBS, etc.) to get around legal caps on their own profit margins, would it? No, absent enormous fraud, all revenue and expense is reflected on a company’s 10-K. UNH/Elevance/Cigna/Humana/CVS/etc all have multiple lines of business (like most other large businesses), but the final profit margin figures are what they are including all lines of business. Thanks for the info on tail insurance, I didn’t know that.