Healthcare Cost Crisis - The World's Costliest Health Care

Alec Smith died of diabetic ketoacidosis, though it is probably fairer to say that he died from high healthcare costs. The 26-year-old from Rochester, Minnesota, had just moved out of his parents’ home and didn’t have enough money to afford his insulin. He decided to ration his remaining supply until his next paycheck, a week later. Alas, he was not able to make it. Alec died alone in his apartment, vomiting and having difficulty breathing, from a condition that never should have occurred.

Alec’s story is extreme in its outcome, but not in its outlines. Nearly half of Americans say they have delayed or skipped medical care because of the cost. People who face higher costs for medical care are diagnosed with cancer at later stages of the disease and take fewer medications. Even the very sick use less care when their out-of-pocket costs rise. Health suffers.

Allowing the makers of life-saving medications to price their products without constraint is a recipe for premature death. But the issue is more complex than just greed. Even if the United States cut every pharmaceutical price in half and eliminated all profits on health insurance, the gap between U.S. medical spending and that of other rich countries would fall by less than a quarter. Health care is more than just rapacious profits in drugs and insurance.

The reality is that the healthcare problem is multifaceted. But that is not the same as saying nothing can be done. On the contrary, it means there is even more to do. Three areas are essential to tackle if we want to reduce health spending to near the level in other countries.

https://www.harvardmagazine.com/2020/04/feature-forum-costliest-health-care

Medical bills should not be dreaded in a great healthcare system