A few data points that show why we need better oversight over private insurance companies.
Big insurance companies are ripping us all off.
This spring: During a congressional hearing, Katie asked experts about the cost differences between private insurance companies and Medicare. They told us that Medicare is a far more efficient steward of taxpayer dollars. Private insurance companies spend 17% more on administrative costs than Medicare does. That’s because private insurance companies spend money on things like marketing, commercials, and stock buybacks.
This summer: The Justice Department found private insurance companies were falsifying patient records to profit off of Medicare, which means they’re essentially stealing taxpayer dollars.
Just recently: A new federal audit found that Big Insurance makes millions each year by claiming Medicare Advantage patients are sicker than they really are.
In 2021, our country’s largest insurer—UnitedHealth Group—made nearly 75% of their money off of taxpayers. Meanwhile, they just reported they made over $5 billion in profit just between July and September of this year.
Katie is pushing for stronger oversight of these taxpayer-backed plans so we can finally hold these corporations accountable for their greed. Our healthcare system should serve patients, not insurance companies profit margins.
—Team Porter
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