More Videos From Scott W. Atlas
Broad access to quality health care starts with making it less expensive. In order to lower cost and improve quality, we should not only eliminate harmful regulations but provide consumers with the incentive to consider different costs. Expanding the supply of medical services would also stimulate competition. Effective reform would put patients in charge of their own spending, while giving them a way to gain from paying less.
The American health care system is on an unsustainable path characterized by government-dominated insurance. Fixing health care begins with changing the incentives and empowering consumers to seek value with their money, while increasing competition among providers. Liberalized HSAs, insurance with lower premiums and fewer mandates, and more options for Medicare and Medicaid enrollees will improve access, choice, and quality of health care.
More patient control over health care spending will lead to more price visibility and lower costs. But contrary to popular belief, legislation isn’t necessary to make prices more visible in the health care system. The most compelling reason for doctors and hospitals to post their prices would be because they are competing for patients’ money.
Health Saving Accounts (HSAs) are an effective and proven method of reducing healthcare prices for everyone, not just those with HSAs. When patients are motivated to compare prices, prices for everyone decline significantly. While HSAs are effective in making health care more affordable, they should be expanded and allowed with any healthcare plan.