{"id":13065,"date":"2016-03-31T00:48:32","date_gmt":"2016-03-31T04:48:32","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=13065"},"modified":"2016-03-31T00:48:32","modified_gmt":"2016-03-31T04:48:32","slug":"private-health-insurance-fails-to-deliver","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2016\/03\/31\/private-health-insurance-fails-to-deliver\/","title":{"rendered":"Private health insurance fails to deliver"},"content":{"rendered":"<p>From Leith van Onselen at <a href=\"http:\/\/www.macrobusiness.com.au\/2016\/03\/greens-offer-sensible-hospitals-funding-model\/\">Macrobusiness<\/a>:<\/p>\n<blockquote><p>The high financial overhead of private insurance in Australia means that only 84 cents in every dollar collected by private insurers is returned as benefits, with the rest going to administrative costs and corporate profits. By contrast, Medicare returns 94 cents in the dollar, even after the cost of tax collection is taken into account. In the United States, which is highly dependent on private insurance, only 69 cents in the dollar are returned as payment for health services.<\/p>\n<p>More importantly, competing private insurers have less ability to control prices demanded by powerful service providers. If one insurer tries to bargain hard with hospitals to keep prices down, the hospitals simply choose to do business with another insurer.<\/p>\n<p>By contrast a single national insurer has the market power to push down costs and improve utilisation. The below chart of health costs across 18 OECD countries highlights this point: single national insurers provide cheaper (and often better) health care than systems heavily reliant on private health insurance:<\/p><\/blockquote>\n<p><a href=\"http:\/\/www.macrobusiness.com.au\/2016\/03\/greens-offer-sensible-hospitals-funding-model\/?utm_medium=email&amp;utm_campaign=Daily%20MacroBusiness&amp;utm_content=Daily%20MacroBusiness+CID_4897de33679c9cdad11cdbd0ddb5a053&amp;utm_source=Email%20marketing%20software&amp;utm_term=Greens%20offer%20sensible%20hospitals%20funding%20model\"><img data-recalc-dims=\"1\" decoding=\"async\" class=\"alignnone size-full\" src=\"https:\/\/i0.wp.com\/thepatientinvestor.com\/wp-content\/uploads\/2016\/03\/screenhunter_1766-mar-20-14-45.jpg?w=525&#038;ssl=1\" alt=\"\" \/><\/a><\/p>\n<p>This is an argument for abandoning private health insurance, not private health care. Experience of Italy&#8217;s Lombardy region suggests a level-playing field, with open competition between public and private health care providers, delivers superior results. From Margherita Stancati at <a href=\"http:\/\/online.wsj.com\/article\/SB10001424052748704131404575118030576580248.html\" target=\"_blank\">WSJ online<\/a>:<\/p>\n<blockquote><p>Like other European countries, Italy offers universal health-care coverage backed by the state. Italians can go to a public hospital, for example, without involving an insurance company. The patients are charged a small co-pay, but most of the bill is paid by the government. As a result, the great majority of Italians don\u2019t bother to buy private health insurance unless they want to seek treatment from private doctors or hospitals, which are relatively few.<\/p>\n<p>    Offering guaranteed reimbursements to public hospitals, though, took away the hospitals\u2019 incentive to improve service or rein in costs. Inefficiencies were rampant as a result, and the quality of Italy\u2019s public health care suffered for years. Months-long waiting lists became the norm for nonemergency procedures\u2014even heart surgery\u2014in most of the country.<\/p>\n<p>    Big changes came in 1997, when Italy\u2019s national government decentralized the country\u2019s health-care system, giving the regions control over the public money that goes to hospitals within their own borders\u2026..<\/p>\n<p>    In much of the country, regions have continued to use the standards of care and reimbursement rates recommended by Rome. Some also give preferential treatment to public hospitals, making it more difficult for private hospitals to qualify for public funds.<\/p>\n<p>    Lombardy, by contrast, has increased its quality standards, set its own reimbursement rates and, most important, put public and private hospitals on an equal footing by making each equally eligible for public funds. If a hospital meets the quality standards and charges the accepted reimbursement rate, it qualifies. Patients are free to choose between state-run and publicly funded private hospitals at no extra cost. Their co-pay is the same in either case. As a result, public and many private hospitals in Lombardy compete directly for patients and funds.<\/p>\n<p>    \u2026..Around 30% of hospital care in Lombardy is private now\u2014more than anywhere else in Italy. And service in both the private and public sector has improved.<\/p><\/blockquote>\n<p>State hospitals have improved their service levels while private hospitals have lowered costs in response to the increased competition. A win for all &#8230;..except private health insurers.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>From Leith van Onselen at Macrobusiness: The high financial overhead of private insurance in Australia means that only 84 cents in every dollar collected by private insurers is returned as benefits, with the rest going to administrative costs and corporate profits. By contrast, Medicare returns 94 cents in the dollar, even after the cost of &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2016\/03\/31\/private-health-insurance-fails-to-deliver\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Private health insurance fails to deliver&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[40,5,33,34],"tags":[1661,2767],"class_list":["post-13065","post","type-post","status-publish","format-standard","hentry","category-australia-nz-countries-regions","category-economy","category-uk-europe-countries-regions","category-us-canada-countries-regions","tag-health-care","tag-private-health-insurance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Private health insurance fails to deliver - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Private health insurance fails to deliver - the patient investor\" \/>\n<meta property=\"og:description\" content=\"From Leith van Onselen at Macrobusiness: The high financial overhead of private insurance in Australia means that only 84 cents in every dollar collected by private insurers is returned as benefits, with the rest going to administrative costs and corporate profits. 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Capitalist\u2026","rel":"","context":"In &quot;Stock Markets&quot;","block_context":{"text":"Stock Markets","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/stock-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":12177,"url":"https:\/\/thepatientinvestor.com\/index.php\/2015\/08\/17\/what-are-we-afraid-of-universal-healthcare-in-market-orientated-health-systems\/","url_meta":{"origin":13065,"position":3},"title":"What are we afraid of? Universal healthcare in market-orientated health systems","author":"ColinTwiggs","date":"August 17, 2015","format":false,"excerpt":"From the new IEA (Institute of Economic Affairs) report on the UK's NHS (National Health System) by Kristian Niemietz 2 Apr 2015: .......The NHS is often unduly eulogised for minor achievements, because it is being held to unrealistically low standards. The NHS should not be compared with the state of\u2026","rel":"","context":"In &quot;Interests&quot;","block_context":{"text":"Interests","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/interests\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":12862,"url":"https:\/\/thepatientinvestor.com\/index.php\/2016\/02\/20\/is-it-time-to-get-long-the-australian-dollar-macrobusiness\/","url_meta":{"origin":13065,"position":4},"title":"Is it time to get long the Australian dollar? &#8211; MacroBusiness","author":"ColinTwiggs","date":"February 20, 2016","format":false,"excerpt":"From David Llewellyn-Smith at Macrobusiness: ....Even if the US dollar does fall for a period and adds a monetary tailwind to commodity prices and currencies, it is still pushing against the fundamental commodity price weakness driven by falling Chinese demand growth and excess supply. The latter should still win in\u2026","rel":"","context":"In &quot;Stock Markets&quot;","block_context":{"text":"Stock Markets","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/stock-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":3213,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/12\/29\/taxvox-blog-archive-a-medicare-reform-plan-that-just-might-work\/","url_meta":{"origin":13065,"position":5},"title":"TaxVox \u00bb Blog Archive \u00bb A Medicare Reform Plan That Just Might Work","author":"ColinTwiggs","date":"December 29, 2011","format":false,"excerpt":"Senator Ron Wyden (D-OR) and House Budget Committee Chairman Paul Ryan (R-WI) did a remarkable thing: They announced a bipartisan plan to fix Medicare, probably the most contentious of policy issues. And amazingly, what they came up with might just work....... Ryan-Wyden would work like this: Those 65 and older\u2026","rel":"","context":"In &quot;US &amp; Canada&quot;","block_context":{"text":"US &amp; Canada","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/us-canada-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/13065","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=13065"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/13065\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=13065"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=13065"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=13065"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}