Earlier this week, Robert Pear of the New York Times reported:
"Private insurance companies participating in Medicare have been allowed to keep tens of millions of dollars that should have gone to consumers, and the Bush administration did not properly audit the companies or try to recover money paid in error, Congressional investigators say in a new report.The investigators, from the Government Accountability Office, said the money could have been used to reduce premiums or provide additional benefits to older Americans.
Under federal law, Medicare officials are supposed to audit the financial records of at least one-third of the insurance companies each year. But the investigators said the Bush administration had fallen far short of that goal and had never met the “statutory requirement.”
Many have criticized this administration's promotion of Medicare Advantage plans through private insurers.
Posted by schwitz at September 12, 2007 08:11 AM | TrackBackWhat is Medicare's Inspector General doing...sleeping on the job???? It's HIS responsibility to do the auditing...not the President's!
Posted by: Gary A. Fox, CPA, CMA at September 12, 2007 10:53 AM