Free markets require
1) Price transparency
2) Many competitors - fosters innovation, efficiency, and diversity of offerings
3) Few barriers to entry
The health care insurance market is oligopolistic, run by a few huge corporations in bed with politicians and state regulatory agencies. In NC there is only one company, Blue Cross, writing policies in the private insurance market for individuals. There is no competition.
There is no price transparency in the health insurance market. It is time consuming and difficult to determine prices before services are rendered. Often prices bear no relationship to the cost of the service due to hidden subsidies and cost shifting. There are multiple tiers of prices depending no the status of the customer or the presence of government subsidies or controls.
Entry into the health care and health insurance markets is highly regulated by government at all levels. There are many barriers to entry.
Price transparency would fundamentally change the market and could be implemented quickly in today’s world of instant communication. Require all providers of services to clearly post all prices on a website. Let me sit at my computer and find the prices charged for a knee replacement by doctors, hospitals. Show all prices - list, individual insurance, cash, and negotiated costs with the provider by each insurance company. If pricing is open, there will be a huge incentive to drive costs down by all participants.
What has the GOP done to promote a free and competitive market? Nothing. GOP Congresscritters are owned by big Pharma and big Insurance. The campaign money flows to preserve the anti-competitive oligopoly that wants no new competition and no price transparency. As a result US citizens pay extraordinary prices and even subsidize the cost of pharmaceuticals for the world.
Until there is price transparency, the healthcare market will not improve.
One factor, though, is the free health care to illegals.
It needs to be stopped.
It’s costing too much and the hospitals are trying to recoup their losses through screwing over us taxpayers and citizens.
this dog and pony show is all about campaign finance for the coming elections-after which there will be enough beholden incumbents on Capitol Hill that even with a new Republican House nada happens.