In the spirit of Thanksgiving, I'm sure the nation's insurance industry and drug-makers are giving thanks to the politicians in Washington who've helped them enjoy another prosperous year, at my expense.
As a Medicare recipient, I am paying $24 more each year in premiums to subsidize overpayments to insurers, whether I'm enrolled in a private plan or not. Thanks to this sweetheart deal, Medicare pays private plans about $1,000 more than it costs traditional Medicare to cover the same senior.
That adds up to $54 billion in overpayments over the next five years and $149 billion over 10 years.
These government subsidies will cut two more years of solvency from Medicare's trust fund. The continued privatization of Medicare is helping insurers reap record profits while seniors are footing the bill. Now you can understand why private insurers have so much to be thankful for this year. It's time Congress eliminated these ridiculous industry subsidies.
Seniors are thankful for the traditional Medicare program they trust and depend on. Unfortunately, that program is being destroyed in favor of industry profits.