Exorbitant Health Care Cost Wastes Affecting Health Insurance Consumers, HealthCompare Warns

Institute of Medicine releases a new report reflecting how $750 Billion is squandered in the health care industry and it effect on health insurance consumers.

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Unnecessary Testing Leading Cause of Wasted Money in Health Care

Don’t become part of the health care waste. Don’t become a part of the statistic. Educate yourself and your family about what you can do to prevent over-testing and overcharging for yourself and your health insurance provider.

Orange, CA (PRWEB) October 08, 2012

A new [report released by the Institute of Medicine indicates that $750 Billion is wasted each year in the health care industry. The wastes outlined in the report come from everything from administrative overages to ordering unnecessary tests, impacting the viability of finding affordable health insurance.

The news comes amid the presidential campaign’s end where the hot ticket is the President’s and Romney’s differing views on the how to approach the health care issue in this country. With the Affordable Care Act on the table, all eyes have been on this industry.

But what’s disturbing are the findings that many people are paying for tests they don’t need to have run. In fact, the report by the IoM indicates that in 2009 alone, $210 Billion of the squandered $750 Billion was spent on unnecessary testing alone. Further investigation reveals a staggering $8000 per person is spent each year on health care.

Yet, countries who have a history of professional and quality care, such as Norway and Switzerland, pay as much as half of that each year.

With such costs going out the window, patients have to be diligent about their health care. Becoming proactive in their treatments can help avoid costly situations, like what Tara Parker-Pope of the NY Times experienced.

What seemed to be a simple twisted ankle cost her health insurance company thousands of dollars because doctors kept ordering tests and M.R.I.’s to have her daughter’s ankle repaired. And each test led to another test until the elementary school girl pointed out that after all of the blood tests and all of the M.R.I.’s (for her ankle and her hand - an irrelevant discovery made while investigating her ankle prompted the doctor to order those images), her ankle still hurt.

Tara.Parker-Pope’s daughter had been to several doctors’ offices and hospitals to have work done that never needed to be done in the first place.

The health care industry is far from perfect, that’s why it takes a team to manage the care of one person. Don’t become part of the health care waste. Don’t become a part of the statistic. Educate yourself and your family about what you can do to prevent over-testing and overcharging for yourself and your health insurance provider.

Visit HealthCompare today to start your education.

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About Health Compare: HealthCompare was launched in 2009 to work with brokers and carriers to help individuals and families easily research, compare, buy, and enroll in the right health insurance plan at the right price. Based in Orange, Calif., it delivers accurate, customized, health insurance quotes for the country's diverse population.

Through a unique partnership with its sister company, CONEXIS, HealthCompare has the ability to quickly reach thousands of COBRA-qualifying consumers and provide them with COBRA alternatives at the moment they become eligible for COBRA benefits. This provides these consumers with an opportunity to enroll in individual or family plans and potentially save hundreds to thousands of dollars on COBRA premiums and, at the same time, rewards referring brokers with referral fee income for the life of each policy.

For more information, visit http://healthcompare.com/ or call 888.748.5152.


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