Intermarkets' Privacy Policy
Support


Donate to Ace of Spades HQ!





Recent Entries
14 Americans Dead In Afghanistan Helicopter Crashes | Main | Weak-Sample Club for Growth Poll Puts Hoffman Ahead
October 26, 2009

Health Insurance Companies Are Racking Up HUGE Weak Profits. Meanwhile Super Awesom Government Run Medicare Is A Fraud Magnet

When politicians and activists need a villain, facts aren't at the top of the list of things are concerned about. So it really shouldn't come as a surprise that health insurance companies aren't exactly the profit machines liberals have made them out to be.

According to this AP Factcheck story, health insurance companies had a 2.2% profit margin on average which puts them in 35th place on Fortune's top 500 industries. By comparison, railroads return a 12.6% profit margin. Somehow Free Rail Shipping for Everyone! hasn't become a political hot button.

In other health care news...Medicare, which is supposed to be the shining example of how the government can run health care better than anyone is ripped off of about $60 BILLION a year in fraud.

How can that be? There's a simple explanation according to this 60 Minutes interview with Medicare Director Kim Brandt.

Well, it really does come down to the size and scope of the Medicare program, and the resources that are dedicated to oversight and anti-fraud work. One of our biggest challenges has been that we have a program that pays out over a billion claims a year, over $430 billion, and our oversight budget has been extremely limited.

Oh, it's too big now so obviously the way to get costs down is to add tens of millions of more people to the system. What could possibly go wrong?

We may get to find out sooner than later as the Senate Democrats have cobbled together their two health care bills into a single Frankenstein's monster single bill. It's being sent out for CBO scoring and will be unveiled later this week.

Thanks to PA who has the health insurance profit story in the headlines.

BTW- What's up with the AP and 60 Minutes doing these kinds of stories on the eve of the health care showdown in Congress?


digg this
posted by DrewM. at 11:40 AM

| Access Comments




Recent Comments
MrScribbler: "[i]Israel calls up more Reservists Posted by: N ..."

Nevergiveup: "Time to start packing for the annual family trip t ..."

Nevergiveup: "Israel calls up more Reservists ..."

Village Idiot's Apprentice: "Morning. all.Time to start packing for the annual ..."

Mary Poppins' Practically Perfect Piercing: "Morning, all.  Looks like another lousy day. ..."

Nevergiveup: "Morning all. I got nothing ..."

Stringer Davis: "[i]He looks a certain way, and sounds a certain wa ..."

stace: "I'm a dufous, but I saw through Kerry as soon as I ..."

CrotchetyOldJarhead: "Hey, anybody here? Where's the coffee!? ..."

fluffy: "Vic, Kennedy was in the dumb & energetic Prussian ..."

Vic[/i]: "Kerry has risen to the heights he has for the same ..."

fluffy: "Wake up, Horde ..."

Recent Entries
Search


MuNuvians
Polls! Polls! Polls!
Frequently Asked Questions
The (Almost) Complete Paul Anka Integrity Kick
Top Top Tens
Greatest Hitjobs

The Ace of Spades HQ Sex-for-Money Skankathon
A D&D Guide to the Democratic Candidates
Margaret Cho: Just Not Funny
More Margaret Cho Abuse
Margaret Cho: Still Not Funny
Iraqi Prisoner Claims He Was Raped... By Woman
Wonkette Announces "Morning Zoo" Format
John Kerry's "Plan" Causes Surrender of Moqtada al-Sadr's Militia
World Muslim Leaders Apologize for Nick Berg's Beheading
Michael Moore Goes on Lunchtime Manhattan Death-Spree
Milestone: Oliver Willis Posts 400th "Fake News Article" Referencing Britney Spears
Liberal Economists Rue a "New Decade of Greed"
Artificial Insouciance: Maureen Dowd's Word Processor Revolts Against Her Numbing Imbecility
Intelligence Officials Eye Blogs for Tips
They Done Found Us Out, Cletus: Intrepid Internet Detective Figures Out Our Master Plan
Shock: Josh Marshall Almost Mentions Sarin Discovery in Iraq
Leather-Clad Biker Freaks Terrorize Australian Town
When Clinton Was President, Torture Was Cool
What Wonkette Means When She Explains What Tina Brown Means
Wonkette's Stand-Up Act
Wankette HQ Gay-Rumors Du Jour
Here's What's Bugging Me: Goose and Slider
My Own Micah Wright Style Confession of Dishonesty
Outraged "Conservatives" React to the FMA
An On-Line Impression of Dennis Miller Having Sex with a Kodiak Bear
The Story the Rightwing Media Refuses to Report!
Our Lunch with David "Glengarry Glen Ross" Mamet
The House of Love: Paul Krugman
A Michael Moore Mystery (TM)
The Dowd-O-Matic!
Liberal Consistency and Other Myths
Kepler's Laws of Liberal Media Bias
John Kerry-- The Splunge! Candidate
"Divisive" Politics & "Attacks on Patriotism" (very long)
The Donkey ("The Raven" parody)
News/Chat
Archives
Powered by
Movable Type 2.64