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What Health Care in the United States May Look Like in the Future

According to president-elect Donald Trump, Americans have suffered under the weight of a massive economic burden brought about by the Affordable Care Act (ACA).

Apparently the Affordable Care Act was passed into law without much foresight, resulting in out-of-control costs, non-functional websites, higher premiums, less competition in the insurance industry and a greater rationing of care. As a result of the legislation, every American was allegedly faced with uncertainty of the ACA collapsing, causing even greater economic concern and hardship when it came to health care.

President Donald Trump’s administration suggests that on day one of a new administration free market reforms would be introduced into the health care industry by completely repealing the ACA. Replacing the repealed legislation would be the next task and the administration indicates it would have such reforms ready that closely follow free market principles geared to restore certainty and economic freedom to all Americans. Free market principles combined with sound public policy are intended to broaden health care access, improve the quality of care and make it more affordable.

The proposed seven-point plan touted by president-elect Donald Trump to make health care more affordable for all Americans will allegedly:

  • Lower health care costs for every American
  • Remove uncertainty about health care
  • Offer financial security for Americans
  • Tackle other policy revisions to lower the cost of health care
  • Enforce immigration laws to relieve economic pressures on Americans in health care
  • Stop fraud and waste and energize the American economy
  • Reduce the number of people accessing programs such as Children’s Health Insurance, Medicaid
  • Work on growing the economy by bringing jobs and capital back to the United States
  • Reform mental health services

It appears that the plan to reform health care in the United States is ambitious and may result in some significant changes for Americans. While it is not precisely clear how many of the proposed reforms are to be implemented and what may be designed to replace existing health care legislation, there are many industry pundits who feel that change may be a good thing to stimulate the economy.

The country is on the brink of a new era and it appears that approaching health care with a different point-of-view may produce some interesting results, not only for the people, but also for the insurance industry as a whole.

Posted on Tuesday, January 31st, 2017. Filed under Health Insurance.

Does a free market benefit the individual or the health care provider?

The insurance industry is complex and adjusting how its products are marketed may have a negative impact on consumers. Economists swear by a free market environment as being beneficial to all who participate in it.

But would a free market environment work for the insurance industry? To answer that question, a group of economists studied Medicare Advantage, where beneficiaries chose from alternative cost-sharing arrangements and restricted provider networks. A healthy 32 percent of seniors have opted for Medicare Advantage where the government pays insurers a fixed fee to cover patients, not a separate service fee as in traditional Medicare.

Based on the growing numbers of seniors opting for Medicare Advantage, it appears they find the competition for their business and the choices they are offered to be very appealing and beneficial. According to House Speaker Paul Ryan, choice and competition are better options when it comes to selecting health insurance. It appears research supports his contention.

What does the future hold? It may be interesting to see what happens when the transition from one administration to another completes.

Posted on Monday, January 30th, 2017. Filed under Health Insurance.
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