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Thank you, Rep Pramila Jayapal. Now look at this:
Private Insurance Admin Cost: 25%
Private Insurance Profit: $13 Billion
Private Healthcare Quality: Best in the world
Medicare Admin Cost: 2%
Medicare Insurance Fraud: $48 Billion
Govt Healthcare Quality: Ask vets covered by VA
Private Insurance Admin Cost: 25%
Private Insurance Profit: $13 Billion
Private Healthcare Quality: Best in the world
Medicare Admin Cost: 2%
Medicare Insurance Fraud: $48 Billion
Govt Healthcare Quality: Ask vets covered by VA
By the way, I used @RepJayapal's percentages for administrative overheads. They are quite wrong and misleading. First and foremost, it is grossly misleading to state overhead costs as a percentage of healthcare costs because admin overhead is not related to healthcare cost. 1/
Admin overhead is directly proportional to the volume of claims processed or number of people covered, not the cost of care provided. On a per beneficiary basis, Medicare administrative costs are 5 to 48% higher than those in the private health insurance industry. 2/2
