Friday, October 14, 2011

U.S. Health Care Costs

An unconscienable system.
According to the Bureau of Economic Analysis, health care costs accounted for just 9.5% of all personal consumption back in 1980.  Today they account for approximately 16.3%.  The cost of a health insurance policy for the average American family rose by a whopping 9% last year, and according to a report put out by the Kaiser Family Foundation, and the Health Research and Educational Trust, the average family health insurance policy now costs over $15,000 a year.  One study found that approximately 41% of working age Americans either have medical bill problems or are currently paying off medical debt.  An all-time record 49.9 million Americans do not have any health insurance at all at this point, and the percentage of Americans covered by employer-based health plans has fallen for 11 years in a row.  According to a report published in The American Journal of Medicine, medical bills are a major factor in more than 60% of the personal bankruptcies in the United States.   Of those bankruptcies that were caused by medical bills, approximately 75 percent of them involved individuals that actually did have health insurance.  I've said it once, and I'll say it again, what is needed in Canada and the U.S. is a hybrid of our two medical systems.  The U.S. system is unconscienable, and the Canadian system is unsustainable.  A good place to start would be to collect healthcare premiums based on net income as part of (and via) federal income tax, and to immediately institute a small user fee for every appointment.

The Good News:  Congratulations to CIB on closing the biggest deal of his career as lead counsel!