Instead Of Being More Efficient, Private Insurers' Medicare Advantage Plans Have Cost Medicare Almost $300 Billion More Over The Life Of The Program

Medical News Today, May 14, 2013

A study published online finds that the private insurance companies that participate in Medicare under the Medicare Advantage program and its predecessors have cost the publicly funded program for the elderly and disabled an extra $282.6 billion since 1985, most of it over the past eight years. In 2012 alone, private insurers were overpaid $34.1 billion.

That's wasted money that should have been spent on improving patient care, shoring up Medicare's trust fund or reducing the federal deficit, the researchers say.