Insurance companies are the cost driver of healthcare

[ET180]

but does little to increase the supply of services...

A friend told me that the AMA restricts the number of doctors or at least they did in the past. Not sure if that's true today.

https://skeptics.stackexchange.com/...-doctors-to-increase-current-doctors-salaries

Regardless, even if more doctors were imported, the problem is that it takes a lot of work and risk to become a doctor and practice medicine. Those factors will need to be compensated in order to increase the supply of doctors OR reduce the qualifications and risks associated with being a doctor. There are legal things that could be done to address the second factor.

I'm not exactly sure how... but I'd be willing to bet that with the continued evolution of artificial intelligence, in 10 to 15 years we could (in theory at least) make general practitioners obsolete. Could probably be done now in all reality. In fact I know it could. They don't do much when you think about it. They're just gatekeepers really.

It's being done to some degree. My brother-in-law is a radiologist and they use some AI to detect tumors and unusual patterns from imaging. I think we're a long way from the point where your smart phone replaces your doctor for diagnosis. Even if the smart phone could do the job better, faster, and more accurately, there are invested interests that don't want to lose their market.

 

[DaveV]

Let's address a few falsehoods. First, allowing health insurance across state lines is not going to reduce the cost of insurance. This is a Republican talking point to try to trick the voters that this is the root problem, while the politicians continue doing nothing. There are already 6 states that allow health insurance across state lines, and last year the State of Georgia admitted that after allowing it for 10 years, not even one insurance company has asked to see the application forms.

Second, Obamacare did not break health care. It was broken long before that, and if Obamacare was rescinded tomorrow, U.S. health care would still be broken.

Folks, this is Economics 101. In order for the price of health care to go down, someone (doctors, health insurance companies, hospitals, drug companies) has to be paid less. And all politicians are too afraid of targeting any occupation or industry and saying you are going to have to be paid less.

 

[ironchef]

Imagine the following social-economic system:

1. I pay a small monthly premium, I can own and drive any type of car I want.

2. I pay a small monthly premium, I can own and live in any house I want.

3. I pay a small monthly premium, I can eat any type of food I want.

I would be driving a Ferrari, live in Beverly Hills and eat caviar, lobster and drink champaign every day.

With few exceptions, I can essentially have access to any medications, see any doctor, go to any hospital I want or needed to. This is especially true with drugs and medical equipments: There is nothing that stops me from demanding the latest and best. Price and affordability rarely enter the equation of my choice.

 

[newwurldmn]

The issue is the insurance and pharma lobbying cabals.

And ten layers of middlemen between the caregiver and the check writers all of whom are bound by patient confidentiality (read: opacity in the price of care giving).

 

[sle]

I would be driving a Ferrari, live in Beverly Hills and eat caviar, lobster and drink champaign every day.

Americans are paying more for healthcare by a few times, compared to the other developed countries. Yet the quality of medical care in the US, as evidenced by a variety of statistics, is on par or even inferior to the care people get in those countries. So in reality, we are paying a rather large monthly premium and end up driving a used civic, living in run-of-the-mill suburb and eating McDonalds.

 

[ironchef]

First of all sir, the statistics you referred to is not related to the quality of medical care but rather to many other factors like availability, patients education (how informed are they), drug epidemic, poverty (working poor), priority....

For those insured, Medicare, MediCal, traditional insurance, they are in good shape. they can essentially see any doctor, go to any hospital or have the latest/best drugs, medical implants... approved by the FDA. So, essentially they drive a Ferrari, live in Beverley Hills and eat at Spago every day.

If I make too much and cannot qualify for Medicaid but too little to afford health insurance, or think I have other higher priority items to spend my hard earned money, I am out of luck. For folks like that, by the time they seek medical help, it is usually too late and they are part of the bad statistics you referred to.

I think that is how unfair our system is. I admit I have a narrow and bias view but I am quite sure some of my fellow full time retail traders on ET face the situation I mentioned at least part of the time.

Best wishes.

 

[murray t turtle]

You want costs to go down? The simple solution is encourage competition by allowing insurance companies to provide health insurance across state lines! Car insurance is cheap nowadays because there are so many companies now offering car insurance. That is the way to cut down costs! Obamacare is a huge disaster except, for the few that get subsidies! Everyone else's insurance premiums and deductibles have gone thru the roof. Someone else has to pay for it! There are no free lunches! The same way big screen TVs are dirt cheap now when they are being mass produced. More supply cuts down the cost. Less supply drives costs higher!

%%
Exactly+ get the gov out of ACA TRAINWRECK======================================================================.And a no deductible health car policy is asking for waste,waste, waste.WHO is dumb enough to have a homeowners policy with NO deductible???????????????????????????????????????????????????????????

 

[smallfil]

And if you think Medicare for all is the solution, go watch The Un-American for the truth about the NHS of the UK and Cuba healthcare systems. Michael Moore portrayed those medical care systems as better than the US in his Sicko movie! Except, it was all lies! Find out the truth about socialized free healthcare because nothing is free! Everything has a cost, doctors, nurses, hospital staff, those doing medical billing, expensive hospital equipment needs to be bought and paid for. In addition, they will ration care and you will wind up waiting 6-12 months for surgery for life threatening illnesses! In other cases, they will just deny your request for treatment. What will you do? Look at Canada, their top officials coming to the US for medical treatment paying out of pocket to see a doctor. Why? They know they will die waiting if they don't! Cuba? That is even worst, hospitals with floors full of feces and piss and patients left to die in squalid conditions. These things can happen in the US if we get Medicare for all!

 

[destriero]

The healthcare industry fought Medicare as well. I left med school during the “HMO exodus” where med students and residents were terrified of HMO pay. Never happened.

Do Medicare providers make less? No.

 

[ironchef]

The healthcare industry fought Medicare as well. I left med school during the “HMO exodus” where med students and residents were terrified of HMO pay.

Any regrets?