Healthcare

Some perspectives on health care costs are hard to believe. 

When I first read this Facebook post I thought it was a joke. Actually I’m not sure now it wasn’t a joke, but the many replies that followed it sure thought it real. And, many thought what was said was a good idea. 

It’s hard to believe anyone in the US could take this seriously, but that is the reality of Americans understanding of health care and health insurance. 

I think my favorite part is “there will be strict reform to drastically lower the cost of everything medical.” Do you think anyone knows what that means? 

One of my favorite comments to this post was the person who claimed the real problem was primary physicians earning $1 million a year 🤑. In fact, the average primary care physician earns $217,000 while the average specialist earns $316,000. The highest compensated specialty is orthopedists at $489,000. 

We are never going to solve the health care cost problem in the midst of so much ignorance about health care, the health care system and health insurance. Much of that ignorance is fostered by politicians and has been for many years. 

Here are a few easy fixes. If you are an insurance company in the USA, you must cover everyone, no exceptions. If you are an insurance company, you must cover everything medical. If the doctor says you need a $500,000 surgery, you must cover it. No medical procedure, device, consult, test, medicine or anything medical shall ever be denied. Over the counter products will end and insurance shall pay for them. Your monthly deductible will be 10 percent of your monthly income, your copay will be $1 per item and there will be strict reform to drastically lower the cost of everything medical. When you pay your monthly deductible to the insurance company, all the deductibles everyone pays will go into a high yield group savings account earning daily compound interest at a minimum of 25 percent interest compounded daily and claims will be paid out of that group pot of funds. Insurance companies are not there to make billions of dollars and pay out big bonuses to an elite few at the top who do nothing to earn them. Insurance companies should be there first and foremost for the welfare of the patient.

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3 replies »

  1. The 25% interest and 10% of monthly income comments come from the same ol same ol concept regarding high cost services that many believe should be a “right” that someone else, preferably the “rich” should pay for … “don’t tax you, don’t tax me, tax that guy behind the tree.”

    You want to solve the health care cost challenge, start by distinguishing between health care and health insurance. Limit health insurance to coverage for catastrophic events – meaning, make health insurance affordable by allowing all of us to pay for health care (what we use) directly, out of pocket, limiting financing to that which no individual, no employer, but society should pay … funded by society, otherwise known as taxpayers.

    Then, if individuals want to finance the everyday, recognize that it will only increase their cost by adding a 3rd party to the equation. Think of “home repair insurance”, where everyday repairs to a dishwasher or a clothes dryer are covered, by buying an insurance policy. These policies likely have a 50% or less claims loss ratio; just like cancer insurance or accidental death insurance.

    It makes no sense for you to contribute towards the cost of my preventive medicines so that I can obtain them at no out of pocket cost, nor for me to contribute towards the cost of your preventive medicines, so you can obtain contraceptives without out of pocket cost, nor to put both and other predictable, affordable stuff into a financial pool and call it insurance.

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  2. 25% compound interest? I wonder what the inflation rate or a mortgage would be in their world. I didn’t know that a company was required to do the function of government and care for the welfare of its citizens. If companies did the function of government then what would the government do? The politicians would never go for giving up their power, unless we elect them to the board of directors and then the companies would go out of business.

    I do like the income based copay or premium but I have not been able to make that work either. The cost of treatment is always equal but earning power of the patients is not and never will be. The only way that could ever work is a complete government takeover of healthcare which would cause prices to skyrocket to whatever the government will pay (think student loans and housing) or quality of care to drop to only what the government is willing to reimburse or require only the low bidders to give care.

    But really, where can I send my money for the 25% earnings? Bernie Madoff care of Butner Correctional Institution, N.C.?

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