HEALTHCARE COSTS

On May 11, 2009 President Barack Obama launched an initiative with the healthcare industry to reduce the cost of healthcare by 2 trillion dollars.  White house offered the following a fact sheet for public information.  As members of the healthcare community let’s analyze the facts put forth by the White House and analyze what can be done by the healthcare community, insurance companies, private companies, and individuals to assist the Government in meeting its objectives.  If government is the only group championing this initiative, the results will be similar to every other government backed project.  All of us need to help resolve this issue even if we have to fundamentally change the healthcare system in the USA.

“Coming Together to Bring Down the Cost of Health Care Fact Sheet

RISING HEALTH CARE COSTS ARE BURDENING FAMILIES, BUSINESSES, GOVERNMENTS, AND THE ECONOMY: For years, rising health care costs have been a burden on families, businesses, and the entire economy. Since 2000, health insurance premiums have almost doubled and health care premiums have grown three times faster than wages. These rising costs have eroded the financial stability of all Americans as families have had to pay more for insurance coverage; have been exposed to a greater risk of personal bankruptcy as deductibles and co-payments increase; and have seen their actual benefits decrease as employers search for ways to rein in escalating health care costs. As families and businesses have struggled with these rising costs, states have also been forced to cut back on investments in areas that are critical to long-term prosperity such as higher education and infrastructure. Overall, health care is consuming an ever-increasing amount of our nation’s resources: at the current rate, health care will eat up more than 20 percent of GDP in 2018. Reforming health care is the key to restoring financial stability for American families and businesses and for securing our fiscal future.”  White House Press Release, May 11, 2009.