Most Americans — more than 65% — have private health insurance, but a new report has revealed a potentially very expensive drawback. Patients who have private coverage may end up paying significantly more for their medical care compared to those who have public health insurance, such as Medicare, according to recent data from RAND Corp. in Washington, D.C.
Several states — California, Florida, Georgia, New York, South Carolina, West Virginia, and Wisconsin — had medical costs that were more than 300% higher than Medicare prices, the report stated. The researchers analyzed medical claims data from a 'large population' of privately insured patients who were treated at over 4,000 hospitals across the country between 2020 and 2022. The report also included the names and prices of each hospital. 'Calculating 4,000-plus U.S.
Hospitals in some states charge less than 200% of Medicare rates, while others exceed 300%,' he said. 'Due to its size, Medicare can negotiate lower payments — but private insurers lack this leverage.' 'This discrepancy is due to some hospitals' market power, making it hard for employers to avoid them. Due to its size, Medicare can negotiate lower payments — but private insurers lack this leverage.' The doctor also called for greater price transparency from hospitals.
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