The ‘billed rate’ and the paid rate by medicare AND insurers with agreements are vastly different. From what I’ve seen in my own bills from hospitals the actual payoff is less than 10% of the billed amount.
Yes, that dime on the dollar is my experience, too. But someone has to be paying a LOT higher, or the hospitals would all go bankrupt yesterday. I have tried and tried to get the facts, but no cigar.
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you think that the Rx prescription side is the bigger racket?
They're hard to figure. I have Part D but it's next to worthless on some drugs. Other more common drugs (ones that have gone beyond the patent time limit, I guess) are free.
Where they make out is when their expense on certain drugs gets too high they reclassify it into another category requiring you to pay more for your part.
I also think government, like Biden and his plan that went into effect to make insulin cheaper just raised the cost on other drugs significantly. Politics.
In the end, I just count prescriptions I have as out-of-pocket and have the Part D only because I am required to have as part of Medicare. In any case, I still treat MA or MediGap insurance like the plague because of all pitfalls they have if you don't closely follow the rules and precoordination.
It's a contender.