Health care insurance cost cripple our gross national product growth. The cost of health care insurance is crippling the United States economy. Past and current Congressional efforts to repeal the Affordable Care, stripping the protections to insurers for insurance corridors, and the current President of the United States created instability and have not solved the problems with the Affordable Care Act. Instead The President and Congress increased instability among health insurance providers to provide affordable plans to the United States. This leaves insurers unable to operate within their revenue margins and over 22 million United States citizens without health insurance – essentially one accident from catastrophic financial ruin. There is a better solution to providing health care for United States citizens and registered aliens without extracting such a substantial portion from individuals and employers that provide health care insurance for their employees. Removing the profit motive from health care promotes the common welfare as much as our military promotes the common defense of our nation.
Real Cost. I quickly reviewed the health insurance plans at my YourHealthIdaho.org. The lowers cost Bronze plan is $1,257.27 per month with a $13,100 deductible. The second lowest cost Silver Plan is $1,564.78 per month and a $4,300 deductible with a $14,300 out of pocket maximum.
My employer sponsored plan cost $1,233.92 per month. My employer pays $1,018 while I pay $216.
Finally, I am also covered by retired Tri-Care and pay for Tri-Care Prime. The total cost per year for that plan is $565 for me and my wife for health care insurance, and another $822 for dental.
Health Insurance Plan Annual Cost to Me Cost to Employer Deductible
Lowest Cost Bronze Plan $15,309 $0 $13,100
2nd Lowest Cost Silver Plan $18,777 $0 $14,300
Employer Sponsored Plan $2,795 $12,216
Tricare-Prime with dental $1,387
One sixth of our economy. The health care insurance industry is 16.67% of our national economy (one sixth). The health care insurance industry replaces the cost of a house payment, car payment, retirement and investment planning and many other consumables that could add to gross domestic production on the individual side. Employers retained earnings, shareholder dividends, and capital investment are crippled by the cost of providing employee health care insurance.
The Remaining Question. Is there a better solution to health care than the current health care insurance centric model? We have a profit centered health insurance model. One alternative is a government solution. But there is a fear of government costing more and not managing effectively. I would argue that private insurers have proved they cannot offer a product that is affordable and still maintain satisfactory operating profit margins. Arguments center around a market based health insurance solution as opposed to a single payer government health insurance solution. Capitalism versus socialism. We need to examine our concept of market based employer provided health care insurance as opposed to a single payer system without a profit motive. It needs to be a Republican and Democrat solution. I’m ready to examine solutions instead of rhetoric.