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Millions of Americans are in over their heads with medical expenses. According to a Gallup and West Health study, 44% of adults (some 112 million people), are struggling to pay for healthcare.
Politicians on either side of the spectrum may drastically differ in their approaches and ideas, but generally agree that America needs a healthcare system that works — and that means one that doesn’t send folks into debt over essential medical costs.
What can our country do to fix this mess for its people? GOBankingRates spoke with Mariano Torras, professor of finance and economics at Adelphi University, to find out what he deems necessary to make healthcare affordable in the U.S. Here’s what he thinks below. Also, take a look at the 10 most affordable states for healthcare.
Torras didn’t mince words when assessing our healthcare system, calling it “severely dysfunctional.” Part of why he thinks this is because of how much the U.S. spends on healthcare while still not delivering as many health benefits to its people as other leading nations do.
“The United States spends far more per capita on healthcare than other industrialized countries, yet it trails most in social indicators like longevity and life expectancy,” Torras said. “The main difference between our system and those of other countries is that ours actually privileges profits over people’s health.”
The first step to making health insurance affordable to Americans is to make it “true,” in Torras’ opinion. What does that mean?
“Give people more choices and allow them to pay a much lower premium to insure them against unexpected or even catastrophic medical events,” Torras said. “It is what insurance is intended for. This way, the many healthy people in the country would save much money by not paying inflated monthly premiums, and instead paying a minimal out of pocket amount for the occasional doctor’s visit in addition to much lower premiums that only cover unexpected hospitalizations.”
To make healthcare more affordable, Torras champions capping the prices pharmaceutical companies impose on Americans’ wallets.
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“Much (if not most) of the fixed or up front cost for medical research is funded by the government,” Torras said. “There is therefore no reason that the large pharmaceuticals should be able to charge excessive amounts for their products, many of which save lives and promote health — basic needs, in other words, not luxuries.”
He continued, “Or if private companies wanted to justify charging higher prices to consumers, they should take on more of the uncertainty risk from research rather than have the public sector fund them.”
Some research suggests that we have more than enough non-primary care specialists, but not enough general practitioners. This creates a problem.
“Our country has a surplus of medical specialists and a shortage of general practitioners, and the problem is getting worse,” Torras said. “If the government is to intervene to make things better, rather than subsidizing big pharma, it should incentivize pursuit of careers in internal medicine which, by emphasizing preventive over curative medicine, is ultimately far more efficient in terms of costs and benefits.”
Right now, Torras sees the U.S. overspending on expensive technology. Of course, technology is important and can make a world of difference to patients, but Torras thinks some of the spending is excessive and should be curbed.
“Just because expensive and sophisticated technology exists to remedy certain ailments, does not mean it always needs to be used,” Torras said. “We would save much money if we restricted its use only to when necessary (it is kind of analogous to the unnecessary use of smartboards in elementary school classes). The same goes for overprescription of antibiotics and other drugs which, in addition to being expensive, potentially creates bigger health and ecological problems.”
Placing a stronger emphasis on preventive medicine — rather exclusively on treatments — could also help lower the healthcare cost for Americans.
“Design health plans that permit fewer specialist visits unless deemed necessary by the internist,” Torras said. “Have the latter place much greater emphasis on wellness and nutrition as a means of reducing the incidence of more intractable medical ailments. This is where vast sums can be saved. Most ailments do not require expensive treatments, merely a lifestyle change. The same goes for prescriptions; their use ought to be curbed by a substantial amount.”
It will take a lot of work and thought to make healthcare more affordable in the U.S., but Torras believes that attention to the above five tactics would save the country — and its people — a lot of money.
“It would, moreover, be difficult to imagine national health not improving considerably if such recommendations were followed,” he said.
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