It IS possible to have an ethical for profit health insurance company, but difficult.
The ceo/board has an obligation to maximise profit for shareholders, there is such a thing as a “minority shareholder lawsuit” so even if you control 90% of the shares, if 10% of the shareholders decide that you arent acting to make them as much money as possible they can still sue. There are ways around this like having the companies mission statement be “95% of premiums will be paid out as customer claims.” Or similar. Making their money by having a larger market share or by vertical integration.
It could be done ethically, but it wont be.
I love when I hear this because people have absolutely no idea how hard I am to fire. I’m a union member in a government job with 15 years service. It took 2 years to get rid of a chronic alcoholic who was caught drinking on the job repeatedly because he was “getting help”
Id literally have to punch the customer and get caught on camera to lose my job instantly.