This article is such a great round up of US vs International spending and insurance. The costs represented are both in terms of profits to insurance companies, health outcomes for individuals, and benefit to society.
This is particularly important to understand if you are questioning the Republican vs Democrat debate on how insurance should be managed in the USA. And the continuous votes by the US Congress over the course of 2017 relating to the repeal of the ACA and removing provisions and protections for consumers.
Looking at the most successful program globally (Japan) and the burden of cost on their economy VS what we are ALREADY paying as Americans. And how we have the highest per capita spending, and the largest private burden on the citizens.
Lets start the dialog by remembering that – it wasn’t until 1973 that making a profit was allowed in the healthcare industry in America when Nixon approved the Health Care Maintenance Act.
Health sector stocks are up 25% over the last quarter.
An analysis about 7 years ago concerning a 1 penny profit change comes to mind. And how that would net insurance companies a benefit of $375 BILLION dollar profit over 10 years. Basically enough to cover all the costs associated with these programs even if we didn’t change things to a system reflecting those of successful ones like Japan.
There is also the hidden cost to taxpayers in subsidies to health insurance companies on the order of $275 Billion annually – which is going directly to the bottom line of the companies. Paid to their bottom line with out any benefit to us as citizens.