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16 April, 2024

How to make millions denying health insurance claims

icon ACA,health insurance,Obamacare
How to make millions by denying health insurance claims

How do health insurance CEOs make millions while rejecting more claims from patients?

How do health insurance firms that reject the most claims also tend to pay their CEOs the most? Spend the most on lobbying for more healthcare cutbacks and tax cuts for the wealthy?

What are the claim rejection rates of ten of the largest health insurance CEOs? And how much do their CEOs make? What are some of the tricks that insurance companies use to deny claims? Which states have the highest claim rejection rates? What would happen to health insurance with the Republican plan to rollback Obamacare (ACA)?

How health insurance companies have rigged the system to make more money by rejecting more patient claims
How the system has been rigged

Dirty tricks to deny claims

"The U.S. insurance industry has trillions of dollars in assets, enjoys average profits of over $30 billion a year, and pays its CEOs more than any other industry. But insurance companies still engage in dirty tricks and unethical behavior to boost their bottom line even further.

The same insurance companies that spend billions on advertising to earn your trust try to deny claims, delay payments, confuse consumers with incomprehensible insurance-speak, and retroactively refuse anyone who may cost them money." - Tricks Of The Trade

Big Pharma price gouges Americans with high drug prices

Healthcare lobbying surges

"Health industries' spending on federal lobbying rose 70% from 2000 to 2020, largely driven by drug and device makers and activities surrounding the Affordable Care Act, according to new research in JAMA Health Forum. A small number of firms spent disproportionate sums on lobbying, which researchers said could lead to some constituencies being underrepresented in policymaking. The industry as a whole spent $713.6 million lobbying federal policymakers in 2020, compared to $358.2 million in 2000. - Axios

  • Growth on spending was steeper in the early 2000s, as players adjusted to the ACA and tried to influence its implementation.
  • Spending was highly concentrated, with the top 10% of firms accounting for 70% of lobbying outlays among payers, 69% among manufacturers and 59% among providers, researchers found.

Trump promises to repeal Obamacare and give tax cuts to billionaires

"U.S. billionaires have seen their collective fortunes surge by more than $2 trillion since the enactment of the 2017 Trump-GOP tax cuts, according to a new analysis as Republicans work to extend the law's expiring provisions. Using Forbes wealth data, the progressive advocacy group Americans for Tax Fairness (ATF) calculated that the combined wealth of the nation's 748 billionaires exceeded $5 trillion this month—up 77%, or $2.2 trillion, since the Tax Cuts and Jobs Act took effect in 2017. - Common Dreams

"Trump is doubling down on his vow to repeal Obamacare if he wins the White House again, even though an increasing number of Americans have embraced the landmark health reform law in recent years." - CNN

TakeAway: Vote for President Biden and Democrats to protect your healthcare and lower insurance costs.

DISCLAIMER: ALTHOUGH THE DATA FOUND IN THIS BLOG AND INFOGRAPHIC HAS BEEN PRODUCED AND PROCESSED FROM SOURCES BELIEVED TO BE RELIABLE, NO WARRANTY EXPRESSED OR IMPLIED CAN BE MADE REGARDING THE ACCURACY, COMPLETENESS, LEGALITY OR RELIABILITY OF ANY SUCH INFORMATION. THIS DISCLAIMER APPLIES TO ANY USES OF THE INFORMATION WHETHER ISOLATED OR AGGREGATE USES THEREOF.

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