Medicare Advantage is a 15-year failed experiment in privatization. Running Medicare through private insurance companies was supposed to save money through the magic of the marketplace; in reality, private insurers, with their extra overhead, have never been able to compete on a level playing field with conventional Medicare. But Congress refused to take no for an answer, and kept the program alive by paying the insurers substantially more than the costs per patient of regular Medicare. All the ACA does is end this overpayment.So the Romney/Ryan plan to convert all of Medicare to this scam system will surely work, right? Right?
Thursday, August 23, 2012
The Failure of Medicare Advantage
Paul Krugman calls a spade a spade.