23
Sep
09

Health care cost scare

I’m still confused as to why so many people think a single-payer system is such a bad thing. When you consider the actual cost of health coverage vs. the sums of money made by  ALL of the different health insurance companies, it seems an awful lot of money is going to line the wallets of CEOs and board members of these companies.  Only 70% of every dollar spent on health insurance goes to medical care. Let’s think about that in terms of total expenditure: the total health industry costs about 2.3 trillion per year. That’s quite a chunk of change, but almost 30% of that cost is in administration in the hospital and another 12% of the cost to insurance companies. It has been estimated by several organizations that almost 20% of this administrative cost is “excessive” or “unnecessary” and could be alleviated quite easily. To put this in perspective, a 20% cost savings is roughly $440 billion annually, slightly less than the entire cost of the Department of Defense (at around $520 billion). Can we streamline this a bit? You know, cut off the fat? And by fat, I mean all of the redundancy in the administrative side.

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