View Poll Results: Why are Medical Costs, so high?

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  • Nature of Capitalism

    10 31.25%
  • Insurance Companies

    16 50.00%
  • Medicare, Medicaid

    6 18.75%
  • Specialization

    5 15.63%
  • All the Above

    10 31.25%
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Thread: Cause of Medical Costs?

  1. #21
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    Re: Cause of Medical Costs?

    Quote Originally Posted by Mason66 View Post
    I think malpractice is the main cause.

    Why is it so much cheaper in other countries for the same level of care? The USA has lawyers and the other countries don't.

    Why does it cost $20.00 for an asprin in a hospital?

    Because many other countries have socialized medicine with lower quality of care.

    Quote Originally Posted by MaggieD View Post
    Jesus, Grip. A lower deductible doesn't LOWER your premium, it raises it.
    LOL,,,, that's what I meant.
    Einstein, "science without religion is lame, religion without science is blind."

  2. #22
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    Re: Cause of Medical Costs?

    Quote Originally Posted by Risky Thicket View Post
    Don't leave out pharmaceutical costs, which are astronomical.

    In the OP, I did say medicines.
    Einstein, "science without religion is lame, religion without science is blind."

  3. #23
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    Re: Cause of Medical Costs?

    Quote Originally Posted by CanadaJohn View Post
    I don't have the answers - just wanted to share that this is a reality world-wide and getting increasingly so as first world economies find themselves with an ever increasingly aging population and fewer young people working.
    The problem happens everywhere we see a third party payer for this guts the price discipline that consumers exercise. Here's PJ O'Rourke channeling Milton Friedman:

    "1. You spend your money on yourself. You're motivated to get the thing you want most at the best price. This is the way middle-aged men haggle with Porsche dealers.

    2. You spend your money on other people. You still want a bargain, but you're less interested in pleasing the recipient of your largesse. This is why children get underwear at Christmas.

    3. You spend other people's money on yourself. You get what you want but price no longer matters. The second wives who ride around with the middle-aged men in the Porsches do this kind of spending at Neiman Marcus.

    4. You spend other people's money on other people. And in this case, who gives a ****?"

  4. #24
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    Re: Cause of Medical Costs?

    Quote Originally Posted by grip View Post
    Because many other countries have socialized medicine with lower quality of care.



    LOL,,,, that's what I meant.
    Obviously I am talking about the same level of care and the same type of system.

  5. #25
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    Re: Cause of Medical Costs?

    Quote Originally Posted by RiverDad View Post
    The problem happens everywhere we see a third party payer for this guts the price discipline that consumers exercise. Here's PJ O'Rourke channeling Milton Friedman:

    "1. You spend your money on yourself. You're motivated to get the thing you want most at the best price. This is the way middle-aged men haggle with Porsche dealers.

    2. You spend your money on other people. You still want a bargain, but you're less interested in pleasing the recipient of your largesse. This is why children get underwear at Christmas.

    3. You spend other people's money on yourself. You get what you want but price no longer matters. The second wives who ride around with the middle-aged men in the Porsches do this kind of spending at Neiman Marcus.

    4. You spend other people's money on other people. And in this case, who gives a ****?"
    This is very true - the simple example is that in the US, in the run-up to get Obamacare approved, people claimed that in order to reduce healthcare costs, more people had to pay into the system because too many were getting "free" healthcare at hospitals, etc., increasing costs for everyone - here in Canada, where everyone has basic and hospital coverage, a large number of people use hospital services for scrapes and scratches, the sniffles and upset stomaches, and use doctors to prescribe Tylenol and other OTC medications.

    As a result, with everyone in the system, funded through taxes, we're all paying more for services that are needed because too many people are abusing the system for services they should fund themselves.
    "Liberals claim to want to give a hearing to other views, but then are shocked and offended to discover that there are other views." William F. Buckley Jr.

  6. #26
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    Re: Cause of Medical Costs?

    Quote Originally Posted by grip View Post
    Little out of pocket is not the problem I've noticed or it wouldn't be so expensive. Maybe too little out of pocket for a millionaire?
    BTW, medical insurance is part of your 'out of pocket' expenses.
    Only as of late. Some very affordable insurance premiums are coupled with much higher deductibles, aka catastrophic coverage. If one must pay for an "all you can eat" option then why not consume as many, and the most expensive, items available? The PPACA exchange premiums are based on (limited to?) your ability to pay with the balance of the bill picked up by Uncle Sucker. Folks use their homeowners, renters and auto insurance policies very rarely and premiums are more based on actuarial risk, like insurance should be, not used to cover routine maintenance costs and with a 3X premium cost limit for the highest risk (relative to the lowest risk).
    “The reasonable man adapts himself to the world: the unreasonable one persists to adapt the world to himself.
    Therefore all progress depends on the unreasonable man.” ― George Bernard Shaw, Man and Superman

  7. #27
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    Re: Cause of Medical Costs?

    Quote Originally Posted by Mason66 View Post
    Obviously I am talking about the same level of care and the same type of system.
    What country has the same level of care and system, with much lower costs?
    Einstein, "science without religion is lame, religion without science is blind."

  8. #28
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    Re: Cause of Medical Costs?

    Quote Originally Posted by grip View Post
    What country has the same level of care and system, with much lower costs?
    I t doesn't have to be the whole country.

    I had Hepititus B 10 years ago.

    I was in the hospital for 1 week, a private hospital. The cost was 13,000 pesos which was about $1200.00 US for the week stay and my doctor charged me around 4,000 pesos for his work to cure me.

    How much would a 1 week stay plus the doctor and all the medicine for the same thing in the US?

  9. #29
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    Re: Cause of Medical Costs?

    Quote Originally Posted by grip View Post
    What country has the same level of care and system, with much lower costs?
    In 2011, we were spending over 17% of our Gross Domestic Product on healthcare, dwarfing country #2 by a full 25% in dollars. And we are #1 in this percentage. Next closest is spending 9.3% of GDP. And $3,000 less per capita. Do you think we have the best healthcare in the world? I don't.

    List of countries by total health expenditure (PPP) per capita - Wikipedia, the free encyclopedia

  10. #30
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    Re: Cause of Medical Costs?

    Quote Originally Posted by ttwtt78640 View Post
    Only as of late. Some very affordable insurance premiums are coupled with much higher deductibles, aka catastrophic coverage. If one must pay for an "all you can eat" option then why not consume as many, and the most expensive, items available? The PPACA exchange premiums are based on (limited to?) your ability to pay with the balance of the bill picked up by Uncle Sucker. Folks use their homeowners, renters and auto insurance policies very rarely and premiums are more based on actuarial risk, like insurance should be, not used to cover routine maintenance costs and with a 3X premium cost limit for the highest risk (relative to the lowest risk).
    If medical insurance weren't a problem there wouldn't be a need for Obamacare. Even with higher deductibles the medical insurance costs have been extreme. If you have a $5000 deductible, in which case you almost don't need insurance, you still pay over $75-$150 a month.

    When I was healthy in my 30's, I purchased a good PPO plan thru my employer for $12 a month in 2000 with a $500 deductible. It quickly after the next few years went up to $270 a month and $1500 deductible, which was cutting into my paycheck. The reasoning explained to us was that insurance companies weren't making enough money.
    Einstein, "science without religion is lame, religion without science is blind."

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