Monday, July 2, 2012

"Why Health Reform is Good News for the U.S. Economy"

The following is taken from Diane Francis' National Post column. Read full essay here.

"It works this way: If a worker in Canada or Europe or Japan loses his or her job, it’s a psychological and income blow. But if an American worker loses his or her job, the family faces financial ruin if sickness strikes any member because they are without health care coverage. Worse yet, if a major illness is diagnosed during a period of unemployment, a worker becomes unemployable, bringing about a life sentence of poverty.

1. The U.S. spent 16.2% of its GDP on health care plus up to 3% more on litigation concerning medical bills while other countries spend 10% and nothing on litigation because bills are paid by everyone. Lawsuits to recoup medical costs will slow because of Obamacare.
2. People with serious illnesses are uninsurable and are stuck in jobs they cannot leave or remain unemployed because they are unemployable. This will end if everyone’s covered.
3. Tens of millions of uninsured people in the U.S. end up with health problems that become a drain on society and economy. Under this reform, the 50 million uninsured people, mostly young healthy people, will have to be insured or pay fines, which will reduce overall costs because the paying base will be spread over the entire population.
4. Doctor, nursing, hospital and drug costs are out of control in the U.S. because of litigation and greed. American doctors over-service those with health insurance and fear of litigation has led to over-prescribing, testing and excessive costs. That fear has been removed."
Read full essay here.

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