Private or Public Health Care?
99% of the population has no idea where the closest maternity store is. Once pregnant, all of a sudden it matters and while one could have passed the store for years, it wasn’t noticed until needed.
Insurance is the same way. We buy life insurance in case we die. How morbid is that? "Sure, give me a Million bucks worth, what the heck!" We buy auto insurance in case we get into an accident. We buy disability insurance in case we can’t work. We buy homeowners insurance in case of fire or disaster.
In short, we spend thousands of dollars for insurance and we pray and hope we never need to use it. What a great industry to be in.
However many of us don’t buy any insurance unless mandated. We take our chances. Plenty of people in their 20’s opt out of health insurance because at that age, they know they won’t get sick. Others don’t buy insurance because they don’t see the value.
Our bodies unfortunately are like a car. They need regular tune-ups. New cars off the lot can be lemons that need constant repair or in some cases, major overhauls. It’s no wonder that hospital emergency rooms are the #1 place people go without insurance. Naturally, they are triple the price of regular doctor offices.
Private health care is what has made the USA. Can you imagine life without Blue Cross? When we need medical attention, we want it now. Not in one month, not in 3 months, not in 6 months like it is in Canada and most other countries with public assistance.
I’m not here to debate the pro’s and con’s of private and public health care. As an entrepreneur and business owner, I favor private. Which do you favor?
Obama Motors and Obama Financial has decided running banks and auto companies isn’t enough so he also wants Obama Medical. How is he going to pay for this? In part, through a 5.6% surcharge on the wealthy. He has decided that the wealthy have had it good enough in the past and it’s time to pay up.
Warren Buffet and Bill Gates each worth some $250 Billion are wealthy. Oprah is wealthy. Tiger Woods is wealthy. But $1 million a year? Most small and medium private businesses in the USA are Sub-S meaning that all income flows down to the owner. The owner has to pay taxes whether or not there is cash in the bank. The 5.6% surcharge will be paid by the owners as an added tax on their business profits, the same profits needed to stay in business.
In effect, we will need to raise prices by 11% or cut costs by 5.6% just to break even. The possibilities of companies doing this is the same as Obama Medical reducing medical costs. So something will have to give. And it won’t be easy.
We have found the solution at TNG. Create wellness opportunities and let everyone be accountable for their own health and let each individual pay based on their accountability. Smoke? Pay more. Don’t increase your annual metrics? Pay more. Take care of yourself? Pay less.
In the past two years, we have raised premiums less than the rate of inflation. Imagine that. Bottom line: Do you want to decide your health or let the government decide your health?
Happy Monday!
July 27th, 2009 at 3:32 pm
I want to decide my health and I am all for private, I do not think people understand what public health care really means and how it could affect us. My father is in the insurance business i.e. health, life and disability so I know all to well what this means.
July 27th, 2009 at 4:07 pm
I, too, am all for private health care.
July 27th, 2009 at 4:48 pm
I agree…private is the way to go and once you are accountable for yourself, you realize what people are talking about when dealing with the costs of insurance.
July 27th, 2009 at 5:09 pm
The government has no business in business. They are the worst example of how to run a successful business. Last time I checked most of them are lawyers not Doctors. Fact is tort reform would go a long way to funding most any program new or existing- Problem is the laywers are making the laws. Point is they need to fix their own entitlement systems. I want the golden whatever it is they get. (That we pay for by the way) Hey LG -dont most Canadians come to the US for quality health services??
Wonder how long it will be before Obama pushes a one world currency!!!
July 28th, 2009 at 8:27 am
I prefer private insurance as well. But remember, Obama’s public insurance is not replacing private insurance, it’s in addition to it. And, it creates competition between public and private insurance companies, encouraging them to lower costs. Ideally, the increased costs to pay for the public system could be offset by the decreased costs of the healthcare system.
July 28th, 2009 at 8:38 am
Sorry Ryan, but I don’t trust Obama with anything he says. He so far has done nothing to benefit anyone but his friends and the $$$$rich.
I would also say private insurance.
July 28th, 2009 at 9:01 am
If Obama gets it his way, we will be hurting at every aspect of life. He is also trying to put in effect to enter your social security number at the gas pump and be taxed on gas according to your income. Thats a bunch of crock, if your one that is fortunate enough to have a great paying job, congrats to you. But I don’t agree with taxing them more. I don’t even make enough money to say it is due to a full time job. but one should not be taxed more because they are fortunate in life.
Also, what about the police that is paid to protect. Did you see the crap he said about those officers that was called out to a 911 call about a possible B&E. The police did their job and Obama said they were idiots. This is our President? I think we all are in trouble if we don’t take a stand and prepare ourselves.
July 28th, 2009 at 9:01 am
I prefer private insurance. I was born in Canada and my grandparents had OHIP. They waited forever to see a doctor, and the older they got, the sicker they got, the longer the wait to get an appointment. And then the treatment was minimal. No Thank-you!!!!
July 28th, 2009 at 12:14 pm
I think insurance should be private. However, I would like to see more programs available to make insurance more affordable for those that do not have access through an employer.
My sister and brother-in-law are both self-employeed and they pay $24,000 a year in premiums for a family of four. They are lucky enough that they can manage to pay this but this is more than some people make in a year. They could also gamble on the fact that they probably won’t have $24,000 of medical expenses in one year but it’s a risk they choose not to take.
July 28th, 2009 at 7:47 pm
That is why there is a need for Aflac now more than ever. Not only does it save the company 7.5% in FICO taxes, (b/c the deductions are done pre-tax) it also doesn’t cost the business a penny to offer. Another words free. The plans are 100% employee funded and they are customed tailored to that person’s lifestyle. The employee simply selects what planwork for them and/or family. No blacket-take-it-or-leave-it plans here.
Oh, Aflac will also include a wellness program free for the first year as well as covers (pays out a lot of money!!) for maternity leave on four different policies.
July 29th, 2009 at 11:29 am
I don’t know the details of AFLAC, but that doesn’t sound like a bad idea at all.
I wish we could customize our plans. We would all save a lot of money that way.
August 1st, 2009 at 8:24 am
One question that was brought up to me recently really got me thinking – do you know how much a doctor visit, hospital stay, or other medical item costs? I recently had ear surgery. I don’t remember seeing a detailed, itemized, list of what the costs were. Granted, these costs were billed to my health care provider. But – I can’t help but wonder what the opportunity for overbilling (unintentional perhaps) is in this matter. A friend of mine showed me an itemized bill they had received from an outpatient procedure. One item was for tylenol. $12 a pill for plain old tylenol. (Not one of the more fancy blends – just your run of the mill, OTC pill) It gets you thinking…
By the way, has anyone checked to see what the taxes are those living in socialist countries? You might be surprised.
Finally – Since when did living in America mean the government was responsible for everything?