The Truth about Health Care
Dr. Lawrence Huntoon has written a great article about health care costs. He says pretty much what I’ve been saying for years, so naturally I think him a genius. Medical insurance is no longer insurance at all, but rather inefficiently pre-paid medical care. Since it is generally obtained through an employer (due to tax laws dating back to the Second World War), it is more inefficient and harder to keep. The uninsured face a nasty tax liability ($19,000,000,000 per year). The way to fix rapidly-escalating health care costs is via a market mechanism using medical savings accounts.
Of course, this applies to just about everything. We’d all be better off if the money we’d spent on Social Security all these years were in a 401(k) or IRA or other investment vehicle.
