Affordable Healthcare in America — Fighting Fiction and Facing Facts - Page 3
This dynamic is the driving force behind the fact that, while we trail most other Organization for Economic Cooperation and Development (OECD) nations in almost all healthcare metrics, we also spend twice as much on healthcare — currently 17% of GDP.
Ironically, the main people really benefiting from continuously escalating healthcare costs are the very same people now asking for rate increases — the medical insurers. While the nation is struggling under the weight of average insurance rates that have climbed 131% since 1999, the insurers have enjoyed a ridiculous 250% increase in profits. Even in the current economic times, the nation's five biggest for-profit health insurance companies posted record profits, booking $3.2 billion in the first three months of this year, a 31% increase over the same period in 2009. They’re doing so well that the top 10 firms have been able to raise CEO pay to an average $23 million each, a 167% increase in 2009 alone.
Unfortunately, the Affordable Care Act didn’t address most of the issues responsible for driving up healthcare costs, and at present, there is no movement in Washington to do so. Until these issues are given the focus they need and fee-for-service is replaced with some sort of managed care system, more emphasis is placed on preventative medicine, and a system is created to provide real competition amongst both insurers and providers, costs will continue to skyrocket and insurers will keep smiling all the way to the bank.
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