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The entire insurance industry should just get axed. USA is dumping twice as much money in as Canada/Europe for worst outcomes. Warren Buffet has described our

by kevmo 5y ago

The entire insurance industry should just get axed. USA is dumping twice as much money in as Canada/Europe for worst outcomes. Warren Buffet has described our insurance system as the "tapeworm of the American economy".

spaetzleesser 5y ago
Makes you wonder how many non rich people who could start businesses and stuff are working for corporations just fir the health insurance. I think it’s many and it’s a huge drain on innovation. On the other had it keeps the little guys dependent on corporations so I guess it’s a welcome feature for the upper class.
- heavyset_go 5y ago
  Rates of entrepreneurship are higher in Scandinavian countries[1]. I believe that comes down to the fact that in those countries, you don't have to already be wealthy enough to afford the $36k in premiums alone each year in order to just insure a family with one kid on the individual insurance market. That $36k doesn't include the $18k+ yearly deductible, nor the co-pays or cost of care or medicine when actually utilizing the insurance. [1] https://www.oecd.org/sdd/business-stats/EAG-2018-Highlights.pdf https://www.oecd.org/sdd/business-stats/EAG-2018-Highlights....
slownews45 5y ago
Part of this is we also agree to spend high amounts of money for things like end of life car. Other countries simply do not spend $10M on you at end of life - period.
- manuel_w 5y ago
  Well, they don't have to, because it simply doesn't cost $10M there. My understanding is that the United States medical system foremost goal is to generate profit (for shareholders?), and I think that artifically inflates the prices. Many people share the oppinion that there's no need for the medical system to make profit -- not incuring loss is enough for it being sustainable.
  - throwawayboise 5y ago
    Its not just profit. Yes doctors and health care organizations need to make a profit. But the prices are also inflated so that those who do pay (either out-of-pocket or via insurance) cover the costs for those who don't (those with no insurance and no assets).
- kzrdude 5y ago
  Is there statistics to support this? Northern europe also spends a lot of resources on end of life and other serious conditions.
  - slownews45 5y ago
    My only experience is really with places like Costa Rica / some Caribbean locations. My impression was they spent a lot less on health care - and end of life care was much more modest. That said, overall health didn't seem too bad. One thing I liked a lot - for basic health care - you could really just walk in and get near immediate service for a modest fee (doctors did not live in oceanside mansions). Prescriptions were laughably easy to get as well - antibiotics etc that in the US meant going to doctor, getting scrip, calling it into pharmacy, going to pharmacy etc - all that appears just much less regulated in some of these places. Basic imaging services / dental services also inexpensive. They just didn't have the super advanced stuff you see in the US. So I just don't think you could spent $10M during last 12 months of life there, they don't have infrastructure / equipment to do that even if you wanted. So folks probably die earlier as a result?
    - kzrdude 5y ago
      You should compare outcomes and expenses in the US with really well developed health care systems like UK, Germany, Denmark or others. US still ranks as spending almost double (in total) per person than any of those countries. Does it have better outcomes? Better late stage life? Does it even have the same level of outcomes, with the higher price?

by kevmo 5y ago

spaetzleesser 5y ago

Makes you wonder how many non rich people who could start businesses and stuff are working for corporations just fir the health insurance. I think it’s many and it’s a huge drain on innovation. On the other had it keeps the little guys dependent on corporations so I guess it’s a welcome feature for the upper class.

heavyset_go 5y ago
Rates of entrepreneurship are higher in Scandinavian countries[1]. I believe that comes down to the fact that in those countries, you don't have to already be wealthy enough to afford the $36k in premiums alone each year in order to just insure a family with one kid on the individual insurance market. That $36k doesn't include the $18k+ yearly deductible, nor the co-pays or cost of care or medicine when actually utilizing the insurance. [1] https://www.oecd.org/sdd/business-stats/EAG-2018-Highlights.pdf https://www.oecd.org/sdd/business-stats/EAG-2018-Highlights....

slownews45 5y ago

Part of this is we also agree to spend high amounts of money for things like end of life car. Other countries simply do not spend $10M on you at end of life - period.

manuel_w 5y ago
Well, they don't have to, because it simply doesn't cost $10M there. My understanding is that the United States medical system foremost goal is to generate profit (for shareholders?), and I think that artifically inflates the prices. Many people share the oppinion that there's no need for the medical system to make profit -- not incuring loss is enough for it being sustainable.
- throwawayboise 5y ago
  Its not just profit. Yes doctors and health care organizations need to make a profit. But the prices are also inflated so that those who do pay (either out-of-pocket or via insurance) cover the costs for those who don't (those with no insurance and no assets).
kzrdude 5y ago
Is there statistics to support this? Northern europe also spends a lot of resources on end of life and other serious conditions.
- slownews45 5y ago
  My only experience is really with places like Costa Rica / some Caribbean locations. My impression was they spent a lot less on health care - and end of life care was much more modest. That said, overall health didn't seem too bad. One thing I liked a lot - for basic health care - you could really just walk in and get near immediate service for a modest fee (doctors did not live in oceanside mansions). Prescriptions were laughably easy to get as well - antibiotics etc that in the US meant going to doctor, getting scrip, calling it into pharmacy, going to pharmacy etc - all that appears just much less regulated in some of these places. Basic imaging services / dental services also inexpensive. They just didn't have the super advanced stuff you see in the US. So I just don't think you could spent $10M during last 12 months of life there, they don't have infrastructure / equipment to do that even if you wanted. So folks probably die earlier as a result?
  - kzrdude 5y ago
    You should compare outcomes and expenses in the US with really well developed health care systems like UK, Germany, Denmark or others. US still ranks as spending almost double (in total) per person than any of those countries. Does it have better outcomes? Better late stage life? Does it even have the same level of outcomes, with the higher price?