Stand alone Medicare which is sometimes accompanied with a Medicare supplement and Medicare Advantage Plans run by private insurance companies both lost money in 2013. Medicare lost $36 billion and Medicare Advantage plans lost nearly $12 Billion. It is reported that improper payments contribute to these losses. Is Medicare (run by The Center For Medicare and Medicaid Services) unable to control fraudulent claims? These numbers are raising questions and causing anger amongst the growing community of seniors.
There are indications that fraud has been reduced over the last 5 years but apparently it is not enough to keep these programs from losing money.
Read more here House demands fraud prevention.
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