NEXT to the economy, polls show health care is Americans’ top concern as they choose a president. Small wonder considering the spiraling cost of medical services and nearly 46 million uninsured.
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Barack Obama and John McCain would take different paths to address those concerns. Both plans would cost taxpayers billions of dollars.
Obama, given to big-government solutions on the economy, energy and other issues, proposes another on health care.
His plan is characterized by Washington mandates — employers must offer insurance, all children will be covered and insurers must accept people regardless of pre-existing conditions. Businesses not offering insurance would have to pay into a national insurance fund that also would address the uninsured.
It would cost $50 billion to $65 billion a year, Obama says, paid for by ending the Bush tax cuts for Americans who earn more than $250,000 annually. Other analysis says the cost could be as high as $6 trillion over 10 years.
Even then, independent reviewers say Obama’s plan would cover just half of the uninsured.
McCain’s plan would accomplish about the same, but through expanded private coverage.
The plan would eliminate the current health insurance tax break that employers get as a first step in creating a private insurance market to be shopped by individual Americans.
His plan calculates that in a competitive labor market, employers would give what they used to contribute on health care to employees as additional salary. That would be taxable, but McCain would cover it with a refundable tax credit — $2,500 for individuals and $5,000 for families.
Between the additional income and McCain’s tax credit, Americans could afford their own insurance. They could buy products tailored to their needs, generating competition that would drive down costs. Workers would own a policy to keep even if they change jobs.
There are many assumptions, and McCain would spend tax dollars to create high-risk pools for the hard to insure. McCain says the plan is budget neutral over 10 years, but experts say it will cost more than $2 trillion over that period.
Health care isn’t easy or cheap. Yet the Heritage Foundation says Obama’s plan lacks cost-controlling features. McCain’s at least offers the potential of lower costs through competition.
Given the choice between a plan that increases government’s stake in health care and one that uses the free market to lower costs while creating choice for workers, Americans would be better off with McCain’s plan.
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Eliminate the notion that health care must be provided through insurance companies. our country spends more money than any other country, yet can't crack the top twenty in the care it offers.
Doesn't appear that Medicare is broke yet. I wonder what stock they refer to and who has interest in same?
NASHVILLE, Tenn. (AP) - Health insurer HealthSpring Inc. said Friday its profit rose 31 percent in the third quarter as Medicare premium revenue climbed.
HealthSpring posted a profit of $29.4 million, or 53 cents per share, up from $22.4 million, or 39 cents per share a year ago. Revenue climbed 44 percent, to $527.7 million from $366.3 million, as the company's Medicare revenue jumped 51 percent, including greater revenue from Medicare Advantage plans due to higher premiums.
On average, analysts expected a profit of 51 cents per share on $533.6 million in revenue, according to Thomson Reuters.
Both plans have their problems--in fact the same problem. They leave insurance companies controlling our health care system. The facts are this--we pay considerably more than any other nation on earth for our health care and we get considerably less in terms of health. We have third-world levels of infant mortality, massive numbers of people who go bankrupt when they end up sick, massive numbers of uncovered people, poor preventative care use, and more. Around a third of our health care dollar goes to the insurance companies and their bureaucracy. And yes, their bureaucracy is many times that of public systems or hospitals as a percentage of cost. A large chunk of your doctors costs go to playing the insurance company game of billing paperwork, and trying to find any and every excuse to deny payment or shift the cost to you or somebody else. We pay much more for the same pharmaceuticals, even those manufactured here in the US, than those same medications cost when shipped to Canada. The basic problem is that the insurance companany's profit is not tied to giving you better health care or saving you money--its tied to denying care, denying payment, shifting the costs, and cutting you off if you get really sick. Thats their mantra. It doesn't really work like a true free-market system focused on serving the customer. Check out consumer satisfaction with health insurance companies--everybody hates their insurance company. And with good reason. Taking care of you doesn't pay for the insurance industry. And, you have no real alternative to buying health insurance, so there is very little true competition. McCain wants to de-regulate the insurance industry even further. Horrible idea. If you like the airlines, the mortgage lenders and the credit card industry, you'll love the McCain system. Every other major industrialized nation on earth has some form of universal coverage and public health care system. Except us. That is why we're not even in the top ten when it comes to health. The US is a great place for health care if you are a Saudi sheik who needs a heart transplant--the best specialists in the world are here. But in terms of keeping citizens healthy, we should be embarrassed.
Perhaps the insurance companies will stop charging premiums, doctors will work for free and employers won't have to pay for workers. ppfftt...health care will become free and the taxpayers will not be out a dime. Welcome to never never land America.
McCain's agenda is a thinly veiled attempt to relieve employers responsibility to provide health insurance. For those of us with a few health problems, like getting older, McCain's plan is an absolute disaster. $5000 a year to buy health insurance for your family may sound like a lot, but ask your employer how much they are paying for your monthly premiums and you will get an education in a hurry. My employer pays over $1100 a month towards a family insurace plan. If we elect McCain, we will wake up without health insurance, needing medical care, and no way to pay for it. If you want to give up your health insurance, vote for McCain.
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NASHVILLE, Tenn. (AP) - Health insurer HealthSpring Inc. said Friday its profit rose 31 percent in the third quarter as Medicare premium revenue climbed.
HealthSpring posted a profit of $29.4 million, or 53 cents per share, up from $22.4 million, or 39 cents per share a year ago. Revenue climbed 44 percent, to $527.7 million from $366.3 million, as the company's Medicare revenue jumped 51 percent, including greater revenue from Medicare Advantage plans due to higher premiums.
On average, analysts expected a profit of 51 cents per share on $533.6 million in revenue, according to Thomson Reuters.