Monday, October 26, 2009

'60 Minutes' Transcript: Medicare Fraud: A $60 Billion Crime

Medicare is no model for health care reform as some Democrats are arguing. That's why real reform would mean replacing it with something that does work. Neither party will do that. The Medicare program is too popular, even if we can't pay for it.

President Obama says rising costs are driving huge federal budget deficits that imperil our future, and that there is enough waste and fraud in the system to pay for health care reform if it was eliminated.

At the center of both issues is Medicare, the government insurance program that provides health care to 46 million elderly and disabled Americans. But it also provides a rich and steady income stream for criminals who are constantly finding new ways to steal a sizable chunk of the half trillion dollars that are paid out each year in Medicare benefits.

In fact, Medicare fraud - estimated now to total about $60 billion a year - has become one of, if not the most profitable, crimes in America.

This story may raise your blood pressure, along with some troubling questions about our government's ability to manage a medical bureaucracy.

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