Medicare fraud >insurance profits ?

Discussion in 'Current Events' started by Mr.Fitnah, Dec 22, 2009.

  1. Mr.Fitnah
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    Mr.Fitnah Dreamcrusher

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    I heard that recently, is this so ?
    where are the facts on this?

    since there is no link to what you're talking about, I found this one for you, assuming that's what you meant-EZ

    http://medicare-fraud.net/
     
  2. Mr.Fitnah
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    Mr.Fitnah Dreamcrusher

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    [ame]http://www.youtube.com/watch?v=GUY_01n1XWQ[/ame]

    \According to 60 Minutes, cocaine trafficking has now given way to Medicare fraud as the number-one illicit enterprise in South Florida. Both 60 Minutes and the Washington Post report that nationwide Medicare fraud now costs American taxpayers $60 billion a year.

    The 60 Minutes story is fully of juicy anecdotes about government incompetence. There's the criminal who says that stealing from Medicare is so "easy" that "it was ridiculous." There's the lady who for six years has been telling Medicare officials that strange and extravagant charges keep showing up on her explanations of Medicare benefits--charges that officials still have yet to prevent from accruing, and from being paid by tax dollars. And there's the man on Medicare who used his own hands and arms to open up his explanation of benefits, only to read that Medicare had been billed--and had paid--for two new (prosthetic) arms on his behalf.

    Even 60 Minutes says that the rampant nature of Medicare fraud raises "some troubling questions about our government's ability to manage a medical bureaucracy."

    Given all of this, it's no wonder that since 1970 the costs of Medicare have risen over 25 percent more, per patient, than the combined costs of all other health care in America. And that's even without counting the Medicare prescription drug benefit.

    Sixty billion dollars in Medicare fraud is a lot of money, but how can we really put it into perspective? President Obama talks a lot about insurance companies and their "record profits." Let's compare those numbers.

    Fortune 500 tallies show that last year's profits for the ten largest private insurance companies in America were $8 billion--combined. Even the single most profitable insurance company didn't make five percent as much as what Medicare lost to fraud.
     
  3. Mr.Fitnah
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    Mr.Fitnah Dreamcrusher

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    The Weekly Standard

    Annual Medicare Fraud: $60 Billion; Annual Profits of Top Ten Insurance Companies: $8 billion

    As 60 Minutes reported last week, Medicare fraud is rampant and has now replaced the cocaine (ahem) business as the major criminal activity in South Florida. Both 60 Minutes and the Washington Post report that Medicare fraud now costs American taxpayers roughly $60 billion a year. That may sound like a lot of money, but surely it pales next to the extraordinary profits of private insurance companies, right?
    Well, let's see.... Last year, the profits of the ten largest insurance companies in America were just over $8 billion -- combined. No single insurance company made even five percent of what Medicare reportedly loses in fraud.

    While we're making comparisons, in its real first ten years (2014-23), the Senate Finance Committee bill would cost $1.7 trillion. At the rate of last year's profits, the combined ten-year profits of America's ten largest insurance companies would be $83 billion -- five percent of the costs of the Senate Finance Committee bill. Eighty-three billion dollars may not buy you much in comparison with BaucusCare, but -- on the bright side -- that ten-year tally is somewhat more than what Medicare loses each year in fraud.

    So, the next time someone alleges that government-run health care is cheaper because of "lower administrative costs" -- a truly preposterous claim on its surface -- these numbers would be good ones to have at the ready: $60 billion in annual Medicare fraud, $8 billion in combined annual profits for America's ten largest insurance companies.


    Well hell let turn everything over to the government
     
  4. garyd
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    garyd Senior Member

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    And 60 billion is almost certainly a gross under estimate.
     
  5. uscitizen
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    uscitizen Senior Member

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    Da MOB is back in town.
     
  6. garyd
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    garyd Senior Member

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    When did it leave?
     
  7. Mr.Fitnah
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    Mr.Fitnah Dreamcrusher

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    I dont see this getting better.
     
  8. Neotrotsky
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    Neotrotsky Council to Supreme Soviet

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    Don't worry the ones in power will do a good job.
    I am sure it will go as well as the Porkbill did on creating jobs and the Cash for Clunkers
    :eusa_whistle:
     
  9. Neotrotsky
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    Neotrotsky Council to Supreme Soviet

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    Love the "dancing girl" pic
    What is she saying?

    :eusa_angel:
     
  10. Granny
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    Granny Gold Member

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    Actually, insurance companies are not the big beneficiaries of all this fraud. Medicare and Medicaid is paid out of government funds - in otherwords, our tax money. There's so much red tape and paperwork and no real government oversight that SOME, not all, but SOME doctors "specialize" in Medicare/Medicaid coverage. A good number of doctors refuse to see Medicare/Medicaid patients because the red tape aggravation, delays in payments, etc. are not worth the hassle. Nursing homes, hospitals, etc. also have Medicare/Medicaid patients.

    Since these two programs ultimately pay so little for medical care in the scheme of things, the insurance companies are hit with the difference in loss of profits for hospitals, nursing homes, physicians. The hospitals, etc. pass these losses on to insured patients, their insurance companies pick up the (higher) tab and then they pass their losses on by way of highter premiums in order for themselves to stay profitable and keep enough money in the till to be able to cover all these claims. Bottom line is that in addition to the taxpayers having to pay taxes to the government, they then pay a second time by way of higher insurance premiums.
     
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