And So I Go: Yesterday, Today and Tomorrow

‘Medicare Loses Nearly Four Times as Much Money as Health Insurers Make’

Posted on: March 5, 2011

‘Medicare Loses Nearly Four Times as Much Money as Health Insurers Make’ | Cato @ Liberty.

Just thought perhaps this statement of facts would interest you.  A government run program actually manages to lose four times more money than all the private insurance companies combined make in profits.  sort of explains why government run programs are bankrupting the country.  No private company could possibly survive if it was run so badly that it lost 4 times more than it made, but since the tax payers seem to have deep pockets why should government employees worry about loses or running down thieves.    In fact I can verify that at least three government employees don’t want to be bothered because that is how many times I have reported outright  thievery by providers of care who accepted Medicare.  I was told by all three that  there was no problem or it wasn’t any of my business.  The attitude was, “So what?  It’s not coming out of your pocket is it?”  BB




‘Medicare Loses Nearly Four Times as Much Money as Health Insurers Make’

By Michael F. Cannon

The latest from Jeffrey H. Anderson, which I’ll file under I-Wish-I’d-Said-That:

In a newly released report, the Government Accountability Office (GAO) estimates that, in fiscal year 2010, $48 billion in taxpayer money was squandered on fraudulent or improper Medicare claims. Meanwhile, the nation’s ten largest health insurance companies made combined profits of $12.7 billion in 2010 (according to Fortune 500). In other words, for every $1 made by the nation’s ten largest insurers, Medicare lost nearly $4…

Actually, it may have been even worse than that: The GAO writes that this $48 billion in taxpayer money that went down the drain doesn’t even represent Medicare’s full tally of lost revenue, since it “did not include improper payments in its Part D prescription drug benefit, for which the agency has not yet estimated a total amount.”


5 Responses to "‘Medicare Loses Nearly Four Times as Much Money as Health Insurers Make’"

We check every statement from Medicare and ChampVA to see what is paid. We have found dozens of “mistakes” which are not mistakes but blatant overcharges for services not rendered. Each time we informed Medicare we got NOTHING and when ChampVA refused to pay it because we had informed them, the Doctor billed us for the difference. We refused to pay on one such item and they threatened to have it take it from our SS. When we informed ChampVA they said they would pay it under protest to keep us from having to pay. That is how fraud continues. Medicare his their debt collector . Doctors know it and pile on the BS to the bill knowing that either Medicare will pay or secondary will have to pay or the patient will have to pay. They don’t give a rats butt cause either way they get their money.

Great article BB showing the fraud and incompetency of government run anything.

Ticker, Lew was dead when they took him from the apartment. I had to call 911 and they had to take him to the hospital to get a doctor to pronounce him dead. Moses Cone Hospital sent the insurance companies (Medicare and Tricare) a bill for $2885. Almost $300 of that was for drugs and IV’s and other medical supplies. Now tell me what did they do in the hospital for almost $3000 dollars? BB

Until and when, we privatize the servicing and delivery of Medicare and include in the compensation to the private company servicer, earnings from the reduction of fraud, we will never solve the problem. To solve the problem means to work harder. If the watchdog has no financial skin in the game, the watch would sooner sleep than work harder. If a bureaucrat is the watchdog and gets involved, then the bureaucrat would have to work harder – where is the incentive?

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Any government program is going to be wasteful in the extreme. History has proven this fact. The idea and in order to save our hard earned money for ourselves is to get government out of our pockets and let the free markets provide for people. Private charity and families will take care of people as they had for hundreds of years until this past century when President Franklin Roosevelt started the ball of socialism and big government on its way with his welfare programs. and then President Lyndon Johnson and his Great Society hung We the People with more and more unholy and wasteful government welfare programs. No one wins especially the poor who are held in bondage to government programs and eternal poverty now going into the third generation!

Another side effect of government programs has been the destruction of the families. People no longer feel responsible for their parents so you see children scattering and leaving their parents alone for society to care for them. This certainly was not God’s plan when He said “Honor thy father and mother.” BB

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