Health Care Costs Explained

Health Care Costs Explained

Actually I mispoke. The monthly premium on the major medical policy my father sold in the 1960s was only $2 per month, not $5. Adjusted for inflation, that w…

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Midcal9 says:

We don’t have free healthcare market in Holland. The whole thing is largely subsidized by insurance companies and the government. The government’s policies and regulations affect the whole thing.

flyingdutchman4you says:

In the Netherlands we have free healthcare markets and guess what? Prices are going up like crazy,not down, and it is all about profit making for the health insurers but also the for the care providers. It is NOT a guarantee for lower prices, maybe better quality (if any).

Jan jansen says:

But to get to the point: stay out of the sun Peter !
At our middle-age getting sun-tanned like that makes your skin wrinkle. 

Jan jansen says:

Saying that I feel that it’s somewhat beneath Peter’s mind level capacity to involve himself into talking people into (his) gold (fund). A one-eyed king shouldn’t lower himself into luring the blind into buying a set af glass eyes.

Jan jansen says:

The human race is no different from the primates. Basically it’s all animal interaction, alpha-males, tribal power, psychosis. Enlighted people like Peter Schiff take a look at it from a distance. It’s a bless when one has reached a level of realizing those things and being able to personally taking advantage of it. Placed in that perspective socialists, democrats, whatever you name them, have still several stages of mins conciousness to go through.

Jan jansen says:

A good example of how finel an open free market can benifit to humanity is air travel: Nowadays you can fly from London to Rome for $29, while it costed a fortune in the 60s (same Boeing, fuel prices much lower back then). I wonder how much a London-Rome ticket would cost, and how well safety would be, if government had ruled that air travel is too important to leave it to the private sector…

Jan jansen says:

Besides, in a free market people will get more involved in politics: When your insurance bill skyrockets because of too many unemployed people or non-contributing immigrants, you will get motivated to vote for a party which truly solves those primary causes. When everything, from health care, unemployment aid to education is “free” and “paid” by the government, nobody cares what to vote for.

jeffiek says:

unfortunately for you, Moore’s Law isn’t a law. It’s an observation.

It makes no statement at all about causality.

Not only that, but it doesn’t even address other advances, such as SMT, connectors, cables, and automated assembly.

In other words, you’re full of it.

Jan jansen says:

To start with, like Schiff says, insurance must be kept to a minimum: only insurance for “catastrophic” things like a heart transplant must be insured.But if you want a pimple removed, your ears syringed, simply pay it yourself, no big deal. Even the poorest can pay that, certainly when those things are in a performed in a free market: You can get your ears syringed for $15 instead of the $200 the doctor now bills to public health care.

DavidVonR says:

I never said competition had nothing to do with it, but rather that the main reason technology prices have gone down is because of Moore’s Law. Some capitalists seem to think that the primary reason why computers continually improve and go down in cost is because of free-market competition; this, however, is not the case. Competition only plays a relatively minor role in explaining improvements in computers.

romanmir01 says:

Moore’s Law is not really a law, it’s an observation (just so that people don’t get confused about such things) and the observation doesn’t have to hold true forever, unlike real laws of physics for example.

However here is a market law that holds true: people want stuff that costs less and the free market is always searching a way to satisfy people’s demands, that’s why free market will always be the best thing for the poor, not collectivism and central planning.

Jack Sprat says:

@AsgerJon- you have my respect for being fat, admitting the problem and changing your life. Avoid extremism though. Exorcise as you’re able and eat sensible. Viel Glück Fruend.

jjenson2006 says:

You haven’t a clue of what you are talking about. Competition has a lot to do with it. How many companies manufacture cell phones? Computers? Competition drives prices down. If your competitor sells for less you won’t sell a thing. Technology advancements also drive it down. Going from thru-hole technology to surface mount technology means pick n place machines do in seconds what people used to do in hours. I know all about this because I’ve been in the electronics industry for over 30 years.

noway63244 says:

Yeah. I think I know what you mean.

Scott F says:

Interesting, how much longer can this continue?

Scott F says:

Absolute imbeciles smile and applaud obama care.

Henry Wright says:

Well, with all your facts, and all the quotes from Schiff to support your stance, how could anyone doubt you??

LOL

UnholyUnderwear says:

Don’t let the Republicans off the hook. Who passed Medicare part D? It costs many times more than Obamacare. Name one Republican congressman who is calling *publicly* for repealing Medicare, Medicaid, and government controls on insurance & medicine.

capotegabriel says:

Yes! First they destroyed the free market (It is done), now they are trying to destroy the free press and freedom of speech. Only government’s friends have the right to use the a free market (they do not pay all taxes and employer costs and government do let them do it). But the ordinary businessman and workers pay almost 50% of their profits for the government. Americans do not let liberals do the same with USA. USA and Israel are our last hope. European Union become a big liberal Congress.

MrMatthewlh says:

What is wrong with your parents? How could they not want to pay more for healthcare? Don’t they want to help out the economy?

Predatorfoxxx says:

Affordable healthcare act just means we have to buy insurance or receive a fine, fuck that

Jason42ist says:

The gov. pays very little to doctors who take Medicare and Medicaid patients. Lawyers make as much as $1,500 an hour, while doctors are tied to $25 per patient visit on Medicare, etc. No one is going to want to be a doctor anymore. The new surgeries and expensive tests that exist today did not exist when the gov. came up with the idea of Medicare. People pay a tiny bit for Medicare and then get it for decades, big expensive care. Medicare now has $85 trillion in unfunded promises.

DavidVonR says:

Because many people think technology prices go down primarily because of competition, when mostly it’s because of Moore’s Law.

keltingr says:

I’m a doctor, I get paid $500 a day to see and treat a cancer patient in hospital. The pharmaceutical companies get thousands of dollars for just a SINGLE pill used to treat cancer. To treat Acute Myelogenous Leukemia is $120,000 Dollars, just for the pills!!!!

billp4 says:

And while we are at it why don’t we get rid of the medical insurance companies also. At this point, whatever the private sector came up with would almost have to be better than having the greedy insurance companies in the middle just taking a big bite out of every transaction.

Ipso80 says:

Imagine if people had to pay for flat-screened TV’s, 20 megapixel cameras, and cellular phones with multi-core processors and 4G wireless internet. Oh wait… All of these advancements have taken place and while they were introduced at higher prices for “early adopters,” they’ve always fallen to levels that the average consumer can afford. Healthcare and education, however, have done the opposite. What do they have in common? Government intervention reducing competition for consumer money.

Tom Giannos says:

Peter sometimes you use the Government numbers as factual and sometimes you don’t use them factual I have notice …

Frederick Bastiat says:

“Couldn’t afford medical care today.” It’s more expensive precisely because of the state managed care system.

All of the technology and productivity gains would have lowered health care costs if not for all of the central planning.

The third party payer system removes people from cost. So: They overutilize. Providers don’t have to compete on cost so they don’t worry about it when insurance picks it up.

State mandates and govt. created insurance cartels also drive up cost.

Frederick Bastiat says:

“Helps the poor.” How would $20 monthly insurance premium hurt the poor?

It’s the govt.’s welfare state that is hurting the poor and everyone else.

Before the state managed care system was erected in the mid-60’s cost weren’t out of control relative to people’s wage. Insurance was affordable to most. Many just payed out of pocket.

Those that were indigent relied on pro bono care or reduced cost care dispensed by doctors and nurses. It was expected of them. It worked fine.

Frederick Bastiat says:

Exactly. When the consumer is removed from cost (partially or in full) he will overconsumer. Providers know that people are removed from cost they so prescribe the most expensive drugs. They run unnecessary tests.

The third party payer system needs to go.

We also need to get rid of restrictions on purchasing medical insurance across state lines.

Insurance mandates are another factor that drive up cost.

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