We really have a system in which taxpayers foot the bill for around 80 of health insurance, but this taxpayer money flows through private companies that take a cut, spend a lot on admin, and do their best to deny care to people who need it. 

https://paulkrugman.substack.com/p/health-insurance-is-a-racket

 #Healthspan Advocates 
 #Leverage Your Biology 
 #Biohackers Connect

ScholER

Health Insurance is a Racket

Healthspan Advocates

Leverage Your Biology

Biohackers Connect

We really have a system in which taxpayers foot the bill for around 80 of health insurance, but this taxpayer money flows through private companies that take a cut, spend a lot on admin, and do their best to deny care to people who need it.   https://paulkrugman.substack.com/p/health-insurance-is-a-racket   #Healthspan Advocates   #Leverage Your Biology   #Biohackers Connect

Todd Smith

Excellent analysis. But it is even worse, much worse, than described. Insurance companies inject monopoly power into our medical system. A few huge insurance companies, including UnitedHealthCare, control most of the insurance market, which gives them great power over providers. Through mergers with pharmacy companies (e.g., CVS and Aetna) even more power is consolidated. Insurers also control pharmacy benefit managers (PBMs). PBMs are so powerful that, as the NYT reported, pharma companies are willing to pay kickbacks to PBMs to ensure that patients can buy their drugs, even to encourage addiction to drugs like opioids.

It astounds me that people who are afraid of government controlling healthcare are happy to let a small number of monopoly insurers and major healthcare providers control our healthcare.

Excellent analysis. But it is even worse, much worse, than described. Insurance companies inject monopoly power into our medical system. A few huge insurance companies, including UnitedHealthCare, control most of the insurance market, which gives them great power over providers. Through mergers with pharmacy companies (e.g., CVS and Aetna) even more power is consolidated. Insurers also control pharmacy benefit managers (PBMs). PBMs are so powerful that, as the NYT reported, pharma companies are willing to pay kickbacks to PBMs to ensure that patients can buy their drugs, even to encourage addiction to drugs like opioids.  It astounds me that people who are afraid of government controlling healthcare are happy to let a small number of monopoly insurers and major healthcare providers control our healthcare.

Nate

I was getting physical therapy. Insurance paid $80 per hour though the EOB always said the "real" cost was $320. When my prescription ended, I asked the provider if I could continue and I would pay personally. They said "only if you pay $320 per hour. If we charge you less than that, the insurers will kick us out of the network".

This must change! Cash payers and uninsured patients should pay the same rates the insurance companies pay.

I was getting physical therapy. Insurance paid $80 per hour though the EOB always said the "real" cost was $320. When my prescription ended, I asked the provider if I could continue and I would pay personally. They said "only if you pay $320 per hour. If we charge you less than that, the insurers will kick us out of the network".  This must change! Cash payers and uninsured patients should pay the same rates the insurance companies pay.

Bobby

The day we implement “Medicare for all who want or need it,” is the day every American worker becomes a free agent. And that is why the US Chamber of Commerce lobbies against any single-payer program. The way it stands, employers are in control of their employees mobility, aka, The American Way.

Tasia

Sad Reality.   In the US, private insurers act as intermediaries that increase costs without improving care quality. Healthcare systems in other countries, on the other hand, government involvement leads to more efficient and equitable outcomes.

The U.S. could benefit from adopting similar models to reduce administrative overhead and enhance patient care, but everyone knows that already.

Sad Reality.   In the US, private insurers act as intermediaries that increase costs without improving care quality. Healthcare systems in other countries, on the other hand, government involvement leads to more efficient and equitable outcomes.  The U.S. could benefit from adopting similar models to reduce administrative overhead and enhance patient care, but everyone knows that already.

Todd Smith

A group of likeminded people in Biohackers Connect are talking about this.