Tuesday, February 7, 2012

A Viable American Health Care Plan

There is no doubt that we need universal coverage, but at a lower, not a higher percentage of gross domestic product. We need to provide health insurance to more Americans without increasing the demand on doctors, nurses and hospitals that would drastically increase costs. Therefore the increase use of medical services for the newly insured must be matched by a decrease in the use of these services by those that are presently insured. Health savings accounts along with high deductable insurance have shown to dramatically decrease demand and costs while maintaining excellence in care (Mitch Daniels. An Indiana experiment that is reducing costs for the state and its employees. The Wall Street Journal, New York, New York, March 1, 2010).
These accounts could be funded by tax credits for those who pay income taxes, the earned income tax credit, and federal subsidy for the truly needy providing funding for all Americans. These accounts would be created at birth, grow tax free and provide care throughout one’s lifetime. All Americans would then also have the resources to choose from several nationally offered high deductible insurance to cover especially expensive items. Thus, each generation would be accumulating the capital to care for itself when elderly instead of depending on ever shrinking succeeding generations. Upon death the accumulated unspent capital would be passed on to their beneficiaries. By giving every citizen the authority to spend their own money for health care without the burden of the elaborate bureaucracy of central planning and price controls would allow this nation to insure all its citizens at significantly less cost.

1 comment:

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