EPI: workers’ health insurance premiums are rising much faster than wages Dan Crawford | October 12, 2020 3:22 pm US/Global Economics This chart can be found here at EPI: Figure 1 Comments (5) | Digg Facebook Twitter |
Less than my wife’s $8676 for a Bronze HD HSA plan from Kaiser.
By the way, don’t blame Obamacare. We started paying our own premiums in 2000 and prices went up a fair amount every year.
I notice the chart does not show an Obamacare inflection.
although we all know what we are paying, few of us completely understand what we are buying for our specific amount of money. add to that, because of a growing economy of scale, the prices on technical equipment are slowly dropping. our capacity utilization of expensive Imaging equipment is low because we are over buying the equipment in order to increase our economy scale. To wit — we live with the trade-off between high capacity of utilization vs. lower prices from greater scale.
as wages rise, % of wages spent on subsistence shrinks as the percent of wages spent on Healthcare balloons Upward, indicating our prosperity. as Health knowledge explodes faster than the Big Bang, our health care delivery system becomes ever more complex so that no one person understands the entire thing. as the entire thing becomes more baffling, it becomes more and more difficult for the government to do something constructive without damage one hell of a lot. yet there are some very helpful things that only government can do. Ceu!
Government can legislate things like health bars. Local, State, or federal government could say something like, “all new restaurants must be health bars until 10% of restaurants in this area are health bars or sodium free restaurants, so further, so forth, and so on.
governments can say, “all new streets must have Lane’s for skateboards, bicycles, and jogging”
Governments can say you have to wear a mask in public places you can’t smoke in public places?
Physicians do not have the power to make these rules. government people can do much more at preventing disease than Physicians can do, and yet we need physicians to pull us out when we do get into trouble. we need to pay physicians for their expenses ,their quality education, and their top quality fixed capital and working capital
How about price price increases beyond the value delivered magnified by the 15-20% Overhead cost for insurance? JAMA. Health Affairs. Some Thoughts:
While Considering Medicare For All: Policies For Making Health Care In The United States Better
A Look at Drug Pricing 2020, Costs, and Why – “Redux”
You probably would not know this, I write on healthcare and the topic of pharmacy and the cost of healthcare. The second item has several references near the end which come from JAMA, Health Affairs. ICER. etc.
The incentives in the for-profit system are completely misaligned to controlling costs. The 80/20 rule means that insurers can only increase their revenues when costs go up. Drug companies and for-profit hospitals have no check on what they charge and patients have practically no ability to resist even if they are willing to wade into the Kafkaesque realm of medical billing. The medical system has become a parasite feeding off the rest of the country. Only a complete makeover can bend this curve.
October 12, 2020 5:55 pm
How about price price increases beyond the value
believe it! the price gouging, the unnecessary surgery, and charges for re_operations have all spiraled out of control. to date everything that feeds into the defense department and everything that feeds into the medical sector have been marked up 9 times. the remedy? special regulations for these two sectors of the economy. Within These two sectors we need maximum_wage_regulation no crook inside these sectors is worth more than $100,000 a year above the table. money under the table should carry hard time, one to two years in minimum security.