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Just raise the executive compensation way high to capture those income gains and they become non profit. Or they have no profit to tax..

Essentially like any other big business.

The growth of employer-sponsored health insurance played a significant role in the development of the current for-profit healthcare insurance system in America, which emerged largely due to federally mandated wage freezes during and after World War II. Companies faced severe labor shortages and discovered that they could attract workers by offering health insurance instead. The commercialization of American health care began in 1912 when Teddy Roosevelt and the Progressive Party endorsed social insurance as part of their platform. In 1937, Group Health Cooperative in Washington, DC, was a non-profit cooperative of Federal Home Loan Bank employees with salaried physicians. The US health care system has been a for-profit industry for a long time, with the government’s social safety net not being a priority. In 1994, after state directors rebelled, the Blues’ board allowed member plans to become for-profit insurers, shifting the industry’s focus from profits to the social purpose of keeping Americans as healthy as possible. For-profit health plans act differently than not-for-profit plans in terms of performance, efficiency, and contribution to the safety net.

https://insuranceinformant.com/when-health-insurance-was-not-for-profit-in-usa.html#google_vignette