Healthcare Cost Inflation

Submitted by Administrator on Fri, 2009-06-19 11:55

An interesting analysis of how medical spending increased (2004 to 2007)

  • Average medical spending increased 34%, from $545 to $729 for all adults.
  • Medical spending increased 42%, or $8,703, for the highest-cost 1% of adults
  • Medical spending increased 39%, or $3,364, for the highest-cost 10% of adults
  • Out-of-pocket spending grew 23%, or $85, for the lowest 50% of spenders
Source: "Trends In Underinsurance And The Affordability Of Employer Coverage, 2004-2007," Health Affairs 28 no. 4 (abstract only), June 2, 2009, 
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Sit on, Obfuscate,

Submitted by Administrator on Sun, 2009-06-21 07:35.

Sit on, Obfuscate, Bureaucratize

Senator Bernie Sanders (Vt) attributes most of the exorbitant cost of health care to the contemptible profits being made by the health insurance industry.  With their incentive to Sit on, Obfuscate, Bureaucratize, these S_B'ing "insurers" deny or delay the payment of claims, it's no wonder.

 

Sanders states: "In recent years, while we have experienced an acute shortage of primary health care doctors as well as nurses and dentists, we are paying for a huge increase in health care bureaucrats and bill collectors. Over the last three decades, the number of administrative personnel has grown by 25 times the numbers of physicians. Not surprisingly, while health care costs are soaring, so are the profits of private health insurance companies. From 2003 to 2007, the combined profits of the nation's major health insurance companies increased by 170 percent. And, while more and more Americans are losing their jobs and health insurance, the top executives in the industry are receiving lavish compensation packages. It's not just William McGuire, the former head of United Health, who several years ago accumulated stock options worth an estimated $1.6 billion or Cigna CEO Edward Hanway who made more than $120 million in the last five years. The reality is that CEO compensation for the top seven health insurance companies now averages $14.2 million."

"Health Care Is a Right, Not a Privilege."The Huffington Post; June 8, 2009

The Senator proposes establishing a government run health insurance program where those who insure you aren't profiting by delaying or denying medically necessary or appropriate care.

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