Cost of health insurance will surpass income by 2033
Apart from the fact that this is untenable, the article does not provide much in terms of the authors' assumptions. A recent Wall St. Journal article on this subject pointed out that real health care costs are not rising as the authors claim. A short list of health care cost mitigating factors is:
Technology is likely to reduce the cost of diagnostic procedures and treatment. For example, the first MRI machines were so expensive and of limited availability that an MRI was a major diagnostic cost. Newer, cheaper MRI machines using better imaging software have held the cost at or below the cost of 10 years ago. Likewise, robotic surgery is revolutionizing procedures such as arthroplasty.
Lifestyle improvements, such as smoking cessation, have already reduced the per-capita instance of smoking-related illness. As obesity inevitably declines, so will related disease like diabetes, heart disease and weight-related orthopedic problems. Indexing health insurance premiums to lifestyle (as does life insurance) will provide incentives to improve lifestyle.
Newer health care provider models can reduce costs by relying on nurse practitioners, physician's assistants and other para-professionals to treat minor and chronic ailments in medical groups and walk-in clinics.
Giving patients incentives to shop for the best care for the lowest cost by offering various insurance options as opposed to the "one-size-fits-all" model offered by insurers, Medicare and "Obamacare".
Reducing medical insurance premiums by litigation reform, including a workers compensation-type damages tables covering all but gross or criminal negligence claims.
