A View of Healthcare Costs from the Inside
Summary of Contents
Are you thinking of buying a Medicare Supplemental insurance policy?
Don't Here's why
Each section has a short video presentation to highlight the main points (a must see if you don't have time to read it all).
(Click on Each Title to Read More)
-Almost all prices in health care are hidden from both doctors and patients. Any cost that’s hidden or confusing is easy to inflate.
-Most generic prescription medications aren’t 50% or 75% less expensive than their brand named equivalents, they are 95-99% less expensive.
-Most people can pay less for generic medications if they pay for them directly than if they use their insurance and pay a copay (people pay extra for the privilege of being overcharged).
-The Costco list is only partial but it's clear that $32.95 per year is a lot less than $10 per month.
-When medications are expensive, they can be Really expensive.
-The tips given at the end of the section would be useful to most people
-Pharmaceutical reps should be banned.
-Most doctors have no idea how much they’re paid for what they do.
-We give insurance companies discounts to abuse us every day while private payers (the uninsured) are overcharged.
-Most diagnostics tests and procedures are inexpensive to perform.
-The charges for these tests, however, have no relation to the actual cost (or expected reimbursement) of these tests.
-50 million people are denied access to basic healthcare in this Country, not because they can’t afford it, but because they’re not allowed to afford it.
-Just because you have health insurance, it doesn’t mean you’re necessarily getting a good deal on your health care.
-Concrete examples are given which show how health insurance companies can manipulate a patient’s out of pocket payments to make it appear as though health care is more expensive than it really is.
-Insurance companies sell security against financial risk. If no one really understands what that risk is (because all prices are hidden or deceptive) then the price of the security (insurance) can be grossly inflated.
-Hospital Bills are, for the most part, works of complete fiction.
-Inflating the charge on every service a hospital provides has two major consequences:
a. It gives an unrealistic (inflated) impression of how much health care really costs.
b. It further allows hospitals and insurance companies to abuse people.
-A comprehensive study was done of the annual financial reports for 387 hospitals over nine years. In doing it we discovered:
1) Hospital census is declining year over year
2) Hospitals give very little free care
3) Hospitals get a little more than 1/4th of what they bill from all payers
4) In spite of low average reimbursement rates, many hospitals are still making huge profits
-My medical malpractice premiums are a trivial amount and I posted my bill to prove it!
-The cost of medical malpractice has dropped dramatically in the last decade.
-If no one really understands a problem, it’s unlikely a good solution will ever be proposed.
-My family’s health insurance premiums cost almost three times what ALL of my other insurance policies (including malpractice) COMBINED cost me (for a family of four with no medical problems).
-Providing price transparency in health care would go a long way toward lowering health care costs since the price of most health care products have gone down in the last ten years.
12. Huffington Post Blogs: I've written several blogs for Huffington Post on various topics relating to health care cost and the links to the blogs are here