Health insurers want you to keep smoking, Harvard doctors say
Health and life insurance companies in the US and abroad have nearly $4.5 billion invested in tobacco stocks, according to Harvard doctors.
It’s the combined taxidermist and veterinarian approach: either way you get your dog back,” says David Himmelstein, an internist at the Harvard Medical School and co-author of a letter published in this week’s issue of the New England Journal of Medicine.
The largest tobacco investor on the list, the 160-year old Prudential company with branches in the US and the UK, has more than $1.5 billion invested in tobacco stocks. The runner-up was Toronto-based Sun Life Financial, which apparently holds over $1 billion in Philip Morris (Altria) and other tobacco stocks. In total, seven companies that sell life, health, disability, or long-term care insurance, have major holdings in tobacco stock.
Why is it a big deal? “If you own a billion dollars [of tobacco stock], then you don’t want to see it go down,” says Himmelstein, “You are less likely to join anti-tobacco coalitions, endorse anti-tobacco legislation, basically, anything most health companies would want to participate in.”
But with $4.5 billion still invested in Big Tobacco, many insurers are reaping profits from a cancer-causing industry. As Himmelstein puts it, “Is this who we want running our healthcare system?”
Monday, June 8, 2009
Keeping The Patient Pool Large
I will leave the reasoning for universal healthcare to my much more knowledgeable blogging colleague Cory over at the Madville Times and his buddy Dennis Kucinich but I thought you might want to keep this story in mind the next time you are writing that huge check or looking at your pay stub seeing what is being sent to your health insurer (if you can afford it at all that is).