From Sean Masaki Flynn at Market Watch:
As the Democratic presidential candidates argue about “Medicare for All” versus a “public option,” two simple policy changes could slash U.S. health-care costs by 75% while increasing access and improving the quality of care.
These policies have been proven to work by ingenious companies like Whole Foods and innovative governments like the state of Indiana and Singapore. If they were rolled out nationally, the United States would save $2.4 trillion per year across individuals, businesses, and the government.
The first policy—price tags—is a necessary prerequisite for competition and efficiency. Under our current system, it’s nearly impossible for people with health insurance to find out in advance what anything covered by their insurance will end up costing. Patients have no way to comparison shop for procedures covered by insurance, and providers are under little pressure to lower costs.
The second money-saving policy links health insurance (with an annual deductible) to a health saving account (HSA).
Look, people. We gotta do something. There’s no way that healthcare in the U.S. should devour almost 20% of Gross Domestic Product. We can get it down to 5%. I know how.
Steve Parker, M.D.
PS: Reduce your need for healthcare via diet and exercise!