As Obamacare continues to crater in the Midwest, new reports show who really cares about continuing to keep the poorly-conceived law around: health insurance companies. And that applies doubly for California health insurance companies.
The L.A. Times starts off a story like this:
Medicaid is rarely associated with getting rich. The patients are poor, the budgets tight and payments to doctors often paltry.
But some insurance companies are reaping spectacular profits off the taxpayer-funded program in California, even when the state finds that patient care is subpar.
California’s Medicaid program, known as Medi-Cal, is known for two things: having among the lowest doctor-reimbursement rates in the nation and being fraught with fraud by both doctors (who force patients to undergo unnecessary procedures to gin up their bottom line) and patients (who want free health care services).
Meanwhile, the Times reports that between 2014 and 2016, California’s Medi-Cal insurers hauled in $5.4 billion in profit. The report added that California’s Medi-Cal providers made more than their counterparts in 34 other states combined.