In my opinion, this is the major issue why even after the implementation of Affordable Care Act, millions of people who could get insured still cannot afford the expensive healthcare services. The insurers are manipulating the Medical Loss Ratio to include the bookkeeping and other non-care activities as a medical expense. Lot of people are paying the premiums for the insurance but cannot afford using it due to high deductibles. By mandating that all health-insurance policies are supposed to cover all types of treatments, regardless of whether the patient really wants or needs them, the law is leading an increase in everyone’s cost across the board. As the costs increases, more and more fewer people want the plans, which is resulting in higher prices for everyone else. Consumers with Affordable Care Act plans have no escape from such skyrocketing costs. America’s health care cost-crisis is not just about getting the hospitals and doctors off the fee-for-service payment and aligning their interest with those who pay for their health care. But there are also other problems of costs that have nothing to do with the health care services provided by the hospitals or physicians. Pharmaceutical companies have been steadily boosting their profit margins which ultimately result in patients paying much more out-of-cost. Government should allow import of drugs from other countries where they are priced at a lower cost due to price controls. This will lead to more competition in the market to monopoly manufacturers and will result in lowering the costs of drug. Also, more generic drugs should be made available in the
In my opinion, this is the major issue why even after the implementation of Affordable Care Act, millions of people who could get insured still cannot afford the expensive healthcare services. The insurers are manipulating the Medical Loss Ratio to include the bookkeeping and other non-care activities as a medical expense. Lot of people are paying the premiums for the insurance but cannot afford using it due to high deductibles. By mandating that all health-insurance policies are supposed to cover all types of treatments, regardless of whether the patient really wants or needs them, the law is leading an increase in everyone’s cost across the board. As the costs increases, more and more fewer people want the plans, which is resulting in higher prices for everyone else. Consumers with Affordable Care Act plans have no escape from such skyrocketing costs. America’s health care cost-crisis is not just about getting the hospitals and doctors off the fee-for-service payment and aligning their interest with those who pay for their health care. But there are also other problems of costs that have nothing to do with the health care services provided by the hospitals or physicians. Pharmaceutical companies have been steadily boosting their profit margins which ultimately result in patients paying much more out-of-cost. Government should allow import of drugs from other countries where they are priced at a lower cost due to price controls. This will lead to more competition in the market to monopoly manufacturers and will result in lowering the costs of drug. Also, more generic drugs should be made available in the