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> Insurance companies don't make much in the way of profits. Those greedy pigs have profit margins roughly the same as home improvement stores, textile-apparel
by anamax 16y ago
> Insurance companies don't make much in the way of profits. Those greedy pigs have profit margins roughly the same as home improvement stores, textile-apparel clothing and slightly less than packaging and containers.
And, their total profit plus executive salaries is a small fraction of the amount of admitted Medicare fraud.
I mention medicare because it's supposedly more efficient, but that's based solely comparing their cost to cut a check to the "overhead" of private health insurance companies.
Note that folks who have disputes with medicare are less likely to win than folks who have disputes with private health insurance companies.
- yummyfajitas 16y agoAnd, their total profit plus executive salaries is a small fraction of the amount of admitted Medicare fraud. Do you have a citation for this? It doesn't sound implausible, but a citation would be nice.
- anamax 16y agoI remember, but can't find, AG Holder saying that the number is between $120 and $150B. http://abcnews.go.com/Nightline/medicare-fraud-costs-taxpayers-60-billion-year/story?id=10126555 http://abcnews.go.com/Nightline/medicare-fraud-costs-taxpaye... says that the govt admits to $60B/year in medicare fraud. http://issa.house.gov/index.php?option=com_content&task=view&id=271&Itemid=92 http://issa.house.gov/index.php?option=com_content&task=... says that the number is closer to $150B . Meanwhile, the govt recovered $4B in 2010. http://www.publicbroadcasting.net/kwgs/news.newsmain/article/0/0/1764514/US/U.S..charges.111.in.largest.Medicare.fraud.crackdown http://www.publicbroadcasting.net/kwgs/news.newsmain/article... . IIRC, the total profit by private healthcare companies was less than $10B in 2009 and the executive salaries total was under $1B. You've said that the 2010 numbers are somewhat better.