The Biggest Healthcare Myths, with an Insurance VP Turned Whistleblower

The Money with Katie Show

Money with Katie

Self-improvement, Education, Business, Investing, How To

4.8 • 1.3K Ratings

🗓️ 18 December 2024

⏱️ 70 minutes

🔗️ Recording | iTunes | RSS

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Summary

The recent coverage around the healthcare industry from major media outlets has left me...wanting. So given this news cycle, I wanted to talk about some of the most relevant misconceptions around healthcare (and what they teach us). I'm joined by Wendell Potter, an ex-Cigna VP-turned-whistleblower and healthcare reform advocate, and he shares some eye-opening insights from his time in the space. Transcripts, show notes, production credits, and more can be found at: https://moneywithkatie.com/healthcare. Money with Katie’s mission is to be the intersection where the economic, cultural, and political meet the tactical, practical, personal finance education everyone needs. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	We led Americans, our employers in particular, but also policymakers, to think that all of us needed to move into high deductible health plans.
0:16.0	We had a way of referring to them back then that was euphemistic. We call them consumer-driven health
0:22.4	plans. And we call this movement consumerism. So that was a way that we misled everybody into
0:30.7	thinking that Americans were just chomping at the bit to be moved into health plans that require
0:36.4	them to pay more money out of their own pockets
0:38.6	before their coverage kicks in. It was amazing that we were able to pull that off, but we did.
0:45.4	To the point that today, most Americans have to pay a lot of money out of their own pockets
0:50.4	before their coverage will kick in, even as they're paying more and more for the
0:54.5	premiums. So that's just one example of how we purposefully misled so many Americans to further
1:03.8	our agenda. And our agenda, frankly, the bottom line is to enhance shareholder value because most of these big companies
1:13.1	that dominate the health insurance market are for-profit companies and their stock is
1:18.7	traded in the New York Stock Exchange.
1:25.2	The regularly scheduled programming for this week was a thought-provoking conversation with the author of You Don't Need a Budget, Dana Miranda,
1:34.9	about how conventional personal finance advice can lead us to unhealthy outcomes.
1:40.6	But last Friday, my interest in the national conversation that was happening around our health care system reached a boiling point, and we decided on Friday afternoon to shift gears for today's show.
1:53.1	So you'll hear that conversation with Dana in two weeks for our next full-length episode on New Year's Day.
1:58.6	It is a great one.
1:59.7	But in the meantime, the discussion
2:01.9	that recent events have spurred about the state of our health care system has left me wanting.
2:08.7	I know, I'm very needy, but I did hear from a lot of you that you were feeling the same way.
2:14.0	Of all the personal finance conversations that I have with people, the number one black box
2:19.0	in their financial lives is their health and their access to health care. It's a big reason why
	...

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