- Rapid growth in the cost of U.S. health care has put sustained downward pressure on wages and incomes.
- [inlinetweet prefix=”” tweeter=”” suffix=””]Healthcare prices are still rising faster than overall prices. Premium prices in the employer-sponsored insurance system have risen rapidly over the past two decades[/inlinetweet]
- Prices have risen, allowing healthcare providers and insurers to extract a rising share of economic output.
- Among industrialized nations, the U.S. has the highest health care costs and below average quality and utilization.
While we continue the battle over prescription drug prices American’s are paying more for health insurance and medical care than ever before and it’s eating away at our economy. Health insurers continue to raise rates even though many of them received billions via the tax cut. [inlinetweet prefix=”” tweeter=”” suffix=””] Last year, UnitedHealth Group spent $4.4 million on lobbying in 2017. Their savings from the tax bill this year were 250 times that, and that’s just through the third quarter of the year.[/inlinetweet]
So what’s going on here?
1ne: Yes, some prescription drug price are indeed high, but other players within the healthcare market are making a lot of money.
2wo: The Presidents plan to include list prices on prescription drugs will do absolutely nothing to control drug prices.
3hree: Cancer costs exceed $80 billion in America each year, while 62 percent of cancer patients report being in debt due to their treatment.
4our: PBM’s are still making a lot of money at the patient’s expense.
Are things going to change?
Even though it’s been reported that Republicans have gone to war with big pharma the likelihood of lowering our health care costs is nil. [inlinetweet prefix=”” tweeter=”” suffix=””] Even if all prescription drugs were free our health care costs would be still be eating away at our economy.[/inlinetweet]
Whose to blame?
There is enough blame to go around. Health insurers are only concerned about profits and Wall Street and as such they are likely to continue raising rates. PBM’s are raking in tons of cash and hospitals are also padding bills by over charging for simple procedures and medications. Finally American’s have to share some of the blame for living unhealthy lifestyles which contributes to preventable health problems that cost us all money.
What we need is straight talk and someone who understands how to tame the rising costs of our health care system.