June 22, 2016

TREAT IT LIKE A NORMAL CONSUMER GOOD...:

The US is spending trillions less than expected on health care -- and uninsured rates are at an all-time low (Sarah Kliff, June 21, 2016, Vox)


The United States is spending trillions -- yes, trillions -- less on health care than government forecasters expected when Obamacare passed in 2010. [...]

Budgeteers will likely cheer the slower health cost growth. Less spending on health care means more money for the government to spend on other things like education or infrastructure.

But for individual consumers, slower health spending likely doesn't feel cheaper at all. In fact, it probably feels more expensive: One big way private insurers have held down costs is by asking consumers to pay a larger and larger chunk of their medical bills.

Deductibles and copays have steadily grown over the past decade. Separate research shows that patients use less health care when they have to pay more. Sometimes they cut out unnecessary care -- but patients will also skimp on the care they need, too.


...and it behaves like any other consumer good.

Posted by at June 22, 2016 12:55 PM

  

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