Health Economics Quotes
The economic law of supply and demand does not really operate in most of the health care system as most people cannot place an economic value on their life and/or health. If we need an appendectomy to prevent death from infection, we do not consider doing the operation for $5,000 but say that if the price were $25,000 we would prefer to die. We will pay whatever we have to. Existential issues do not lend themselves to economics.
At the time in America, the insurance companies only paid out less than 80 percent of all the money they took in for health insurance. More than 20 percent went into their high overhead and profits. In contrast, to the 20 percent or more that it costs with insurance companies to administer health insurance payments, the agency that performs the same function for Medicare doe so with only a 6 percent cost Sanders argued that by getting rid of the insurance companies, the nation could save about 14 percent of the entire insured medical bills for the nation—many billions of dollars which would reduce average health insurance premiums by 14 percent. Opponents argue that the would be a socialist system and give too much potential control of individual health matters to a government operated or government controlled organizations. Politicians, in order to look good with the voters, would lower premiums and also pay out less either shortchanging doctors and hospitals or rating medial care somehow.
