THE FEDERAL government came together in October with unprecedented speed to pass a $700 billion dollar bailout package for Wall Street. But what about healthcare? Shouldn't there be a bailout for this impending disaster?
The United States reportedly spends roughly 16 percent of its Gross Domestic Product – an estimated $2.26 trillion at $7,439 per capita – on healthcare, more than any other nation. Health insurance costs are rising faster than wages and general inflation, and 47 million Americans have no health insurance.
Experts at Buck Consulting in New York say it's not as simple as a new president coming in with a great new plan to fix things. In a white paper published before the election, Buck consultants Anthony Rienzi and Chantel Sheaks said Americans seem to like the plan we have. They want government to play a limited role. They want free choice of providers and care settings, low out- of-pocket expenses and heroic, life-saving treatments for all, And they want third parties to stay out of healthcare decisions.
"Most reformers and economists would agree that these values are substantially opposed to a sustainable healthcare system," they said.
The Commonwealth Fund has issued a plan for reform that, it claims, would insure 44 million of the estimated 48 million uninsured. The plan builds on the current U.S. mixed private–public system and provides a pathway to universal coverage with a minimal increase in total national spending, according to CWF President Karen Davis, who co-authored the plan.
According to the CWF, the nation could save $1.6 trillion over 10 years if it adopts payment reform, healthcare IT and initiatives to improve public health.
But 10 years is no quick bailout.
One thing seems fairly certain: No matter which expert you ask, time is of the essence when it comes to fixing U.S. healthcare.
"Stay tuned for the election of 2016," the Buck consultants said. "If medical trends continue at historic levels, we may be paying twice as much for health insurance by then. That would put the average cost of family coverage around $25,000 per year. Who knows what may be possible at that point."