- This year, the largest carriers have reported record profits, and the stock prices of major insurers have risen more than eightfold since 2010, greatly outperforming the S&P 500 index.
- Health insurers’ profit margins on Medicare and Medicaid enrollees in 2022 were more than twice as high as those on sales to employers and individuals.
- McKinsey estimates that public revenues will account for almost two-thirds of health insurer earnings by 2027.
- Although 74 percent of Medicaid beneficiaries are enrolled in private plans, the Congressional Budget Office notes that, while “states have argued that Medicaid managed care reduces spending and improves outcomes,” studies “have not found evidence to support those claims.”
- In 2022, 26 million of the 88 million Americans in Medicaid and the Children’s Health Insurance Program, for which insurers received monthly payments from the government, didn’t even know they were enrolled.
- Because nearly half of those enrolled in Obamacare exchange plans pay no premium at all, insurance brokers were able to fraudulently enlist tens of thousands into plans without their consent.
Source: Chris Pope, City Journal
It is not surprising to me that 26 million persons did not know they were on Medicaid.
The people who would have qualified, in large part, do not read their mail.
They want to avoid bills and collection agencies. (although not reading the mail does not get them off the hook. It just seems to.)
They also do not want to read most of the mail that comes from the government.
Finally — even if they do read the mail, they would have to understand the nuances that surround public coverage in many states.
I have a son who is on medical assistance in MN. He is not sure if it is called Medical Assistance (a name for Medicaid here), or Minnesota Care (a program for low wage workers), or the ACA.
This is in a household with tremendous insurance literacy,( i.e. me), and if he is confused, so are lots of others.