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Tuesday, August 25, 2009

Health Care's Core Myth

A core myth in the misinformation about U.S. health care is that private insurers administrative costs are lower" when in fact that simply is not true:

A common justification for Medicare is that the public health insurance system has an overhead cost which is about 2% of claims, while the private sector has administrative costs between 20%-25% of claims. Source is from an insurance industry website:

http://healthcare-economist.com/2006/07/27/medicares-true-administrative-costs/

Another excess of the private health insurance industry is CEO salaries. CEO annual salaries of private health insurance companies average over $10 million a year. The Head of Medicare’s salary was $150,000. The health of the country should not be in the hands of CEOs who get rich for non-performance and for denying coverage to be able line their own pockets at the public’s expense.

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