Thursday, May 09, 2013
The cost of medical insurance is now so high that a lot of companies have completely dropped medical insurance coverage for their employees. Those that still provide insurance coverage are asking their employees to shoulder more and more of the cost by increasing the amount of premiums that their employees must pay for their coverage. Even those employees who still have insurance through work are finding that they are having to pay an increasing percentage of their medical costs out of their own pockets--copays and coinsurance amounts are going through the roof. Any sort of medical emergency can completely devastate a family’s finances, and medical costs are now a leading cause of personal bankruptcies. The present system threatens to bankrupt us all.
The need to provide medical insurance is one big reason why employers are reluctant to hire new employees, re the problem that Dean Dad mentions about some colleges cutting adjunct hours in order to avoid hitting a threshold under the Affordable Care Act at which they would have to provide health insurance.
Perhaps if businesses and corporations would lobby Congress for the establishment of a single-payer national health insurance system, we might actually get one. Wouldn’t corporate interests really like to get this monkey off their backs? I think that the introduction of a single-payer medical insurance would result in a sudden burst of hiring in the economy.
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The only thing I can think of is that businesses are run by wealthy people who fear their personal taxes would go up if we had a single payer system - and they recoil in terror so thoroughly from this prospect that they make poor business decisions. Which doesn't inspire a ton of confidence about their other business decisions, frankly.