Title: Healthcare Market, Government Intervention, And The Need For A Single-Payer System
Authors: Aayush Timsina
Volume: 8
Issue: 10
Pages: 19-24
Publication Date: 2024/10/28
Abstract:
Even though the United States has the highest healthcare spending per capita, over 41 million individuals do not have health insurance and 37 million do not have access to adequate care. A worsening of health inequities and potential changes to the availability and efficacy of health care on a national level are consequences of repealing the Affordable Care Act. Private health insurance is more common than government-funded coverage, and more than 78 million Americans lack adequate coverage. Between 2021 and 2022, drug costs rose 8.4 percent to $405.9 billion. Laws prohibiting price negotiation of drugs, products, or equipment, and the political influence of the pharmaceutical industry preventing U.S. exports. The Medicare system model is one possible solution to the rising cost of health care: a single-payer system. Government subsidies were cut and enrollment in the Affordable Care Act plummeted, driving up insurance premiums. All hospitals and hospital services can be charged according to current Medicare rate schedules and cost reductions can begin. Unfortunately, private insurers often demand exorbitant rates for services that do not match their offer. Insurers can be encouraged to compete with new market rules and transparency requirements that make it easier for consumers to see the benefits of the health plan. Provider reimbursement methods for regulation are necessary to prevent demand compliance by suppliers and avoid abuse of services. Aggressive regulation of healthcare costs or expenditure targets by government policy would have devastating effects on all parties involved, including consumers, payers, and state and federal governments.