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3 More Ways Health Insurance Companies are Bankrupting America
Below are 3 more ways health insurance companies are bankrupting America:
1) Exclude More than Include
As the only industrialized nation without universal health insurance, there is no legal requirement to purchase health insurance. This results in young healthy people not purchasing insurance, therefore making it more costly for health insurance companies to cover everyone else. This becomes a vicious cycle that inherently excludes more than includes.
2) Overhead on Claims
Health Insurance companies spend large amounts of money on the administrative side. All the employees that are hired to process claims become a huge cost and is built into high premiums. These individuals do not directly administer health care and instead reinforce the bureaucratic red tape that hinders effective health care. Multiple claims, multiple centers and multiple codes make processing claims extremely ineffective.
3) Lack of Communication
Each insurance company has their own claim forms, procedures and policies and often health insurance companies do a poor job at communicating with each other. Vital health records do not make it from one doctor or one provider to another which results in more tests and costs to the patient. As touched on earlier, different claims forms and procedures from one insurance company to another creates a huge bureaucratic mess and makes it more costly to operate. Health insurance companies and claims need to be streamlined to minimize the red tape.
Health insurance and health care reform is needed to make insurance and treatment more affordable and accessible because as it stand it is slowly bankrupting America.
The information supplied in this article is not to be considered as medical advice and is for educational purposes only.
|American Health Care6 May 2011|