America is the only industrialized country in the world that implements for-profit health care insurance industries. For those who are not aware, Medicare and Medicaid are not for-profit entities; they are government run health care systems.
American for-profit health care insurance companies have a net profit margin of around 2% – 3%, which may not seem like much. However that’s their profit margin after paying their CEOs and other executives' salaries and bonuses of tens of millions (and sometimes hundreds of millions) of dollars and the companies still have profits of hundreds of millions of dollars annually.
Of course these salaries are one of the many reasons why private health insurance companies have 25% to 30% total administrative costs compared to Medicare which only has about 3% in total administrative costs.
In addition we cannot overlook the fact that private insurance companies make millions more in profits by finding reasons not to pay the medical expenses of people who faithfully paid their insurance premiums.
Currently the public option is being discussed as an alternative to high insurance premiums. Tea Party activists have loudly opposed such an option and we hear from supporters when they tell their stories of pain due to lack of available health care for financial reasons.
Since this is such an important topic, it’s in your best interest to contact your representative. A hard copy letter is the most effective tool, and it helps our postal service stay in business!
Our government hears from lobbyist every day, but they also need to hear from you.
Click here to find where to send your letter.
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Comments
Thanks for the info!
Nice write-up!! Great information and something not only to ponder, but to ACT on as well!!
This is what I've been saying for yeears. Who's making all the money on healthcare!?. A simple outpatient exam such as a colonoscopy is being billed at over $5,000.00. Who is getting all the CA$H?????
What I want to know is why the cost of health care has gone way up a as percentage of total income. In the early 1960s, health care costs were on average, about 5 percent of the average American’s total expenses. Now it comprises close to 20 percent. And the cost of health insurance has gone up even faster.
Regardless of HOW our health care system is run, the USA still has THE BEST doctors and health care facilities in the world!! Over 90% of patients in the U.S. that require life-saving procedures are treated successfully and have a 5-year survivabilty rate of around 87%. The highest in the world! So we should change our whole health care system for the 10% that aren't so lucky to survive? (for whatever reasons). One BIG reason health care costs in the U.S. are so high is that the number of lawsuits brought against doctors/hopsitals has risen ten-fold in the past 40 years. As a result, doctors, hospitals, medical equipment manufacturers, etc. have to pay high premiums for malpractice insurance. So, it's the lawyers filing so many more lawsuits (resulting in sky-high settlements) that have driven up costs. Countries such as Canada, Great Britain, France, Germany, etc. have about 50% less medical lawsuits filed as we do in the U.S. (and their 5-year survivabilty rates are around 60%)
Jim B, I looked up the five year survival rate thing you talked about. I would like to know your source. The following is also an interesting source you might want to take a look at: www.pnhp.org/single_payer_resources/CAN_Comparison_Sheet.pdf
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