The health insurance industry has transformed its business model from providing insurance to selling a gamble, with claim denial rates increasing significantly over the last decade.
Ten years ago, insurers rarely rejected claims. By 2022, the denial rate soared to an average of 15%, with some companies denying almost half of all claims.
The Affordable Care Act mandates monitoring of claim denials, yet government oversight has failed, allowing insurers' denial practices to flourish unchallenged, jeopardizing consumer protections.
The recent assassination of UnitedHealthcare CEO Brian Thompson has stirred public outrage towards insurers, highlighting widespread perceptions of corruption and greed within the health insurance sector.
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