It was in 2010, Obama’s Affordable Care Act was passed. Since then, Congress has done everything to stop it. They even shut down the government for a couple of weeks. Nevertheless, Obama Care exist only cause of astronomically high healthcare costs. Time and again, it’s proved that U.S has the most expensive yet least effective health care system. . Medical bill is the number one reason why Americans file bankruptcy. Tweets by Bernie Sanders cannot attack the government more. The average citizen is intimidated about falling sick outside the insurance coverage. So, why exactly is healthcare ridiculously expensive in this part of the world?
One of a kind healthcare system
Healthcare in U.S is totally different from rest of the world. Surprisingly, U.S is the only developed country without universal healthcare. More often than not, healthcare is seen as a commodity, rather than a social need. Prices are not entirely determined by procedure costs. Hospitals and insurance companies negotiate the prices. It’s more based on bargaining power of different entities. Patients have no say on the costs. They don’t have effective alternatives to the healthcare system too. Like it or not, they have to be treated in such unfavorable settings. Labeling the system as crony capitalism wouldn’t be farfetched either.
Why insurance costs are high?
Unlike other commodities, health care