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              McCain’s Plan - Millions Will Lose Insurance Coverage
Saturday, May 24th, 2008
In the effort to create his health care policy, McCain appears to have turned to his financial supporters in the health care industry for advice and direction. What they have come up with is an extremely ideological plan based on the premise that the problem in our health care industry is that we have too much insurance. Their thoughts is that if we have to buy our health care with money directly out of our pockets instead of through employers we will force physicians, hospitals, and insurance companies to become more efficient. That’s their theory. Here are the facts. Most Americans already pay at least a part of their premiums out of their own pockets. There are also the ever increasing co-payments that we are running into more and more. This is already resulting in people who have what is considered “good insurance” to carefully weigh each doctor visit. The end result is that even now millions of Americans aren’t getting the health care they need. This is driving health care costs up, not down. McCain also has a plan to tax workers’ health care premiums that are employer provided. The consensus among both conservatives and liberals is that this will likely result in employers ending the health care benefits they provide for their employees. Here’s the kicker. McCain doesn’t argue these facts. The huge ordeal that would result because of his health plan (millions of families losing their insurance coverage and needing to find alternative coverage) is not an unintended consequence. He would prefer that Americans purchase insurance as individuals. McCain would also like to do away with regulations that require companies to insure patients with pre-existing conditions, require benefits to be provided that do not exclude certain medical conditions, and prevent companies from charging exorbitant premiums for substandard benefits. He would give you the “freedom” to buy your insurance through private companies that may be in other states with differing regulations. Obviously many of the big insurance companies are doing their homework right now to determine which states would be the most advantageous to place their corporate headquarters if McCain wins the presidency. Part of McCain’s plan is a refundable tax credit to help pay for health insurance ($2,500 for individuals and $5,000 for families). Last year the average annual expense for the most common type of insurance plan was $11,765. This means that the average family would pay roughly $6,765 after subtracting the $5,000 tax credit –- approximately double what the average employee pays for their share of their current premiums. To reiterate, McCain’s goal is for Americans to pay more for their health care because he believes this will lead them to think harder before seeking medical care. McCain and his supporters in the insurance industry would also create something they are calling a Health Savings Account. This is a savings account attached to an insurance plan with very high deductibles making it essentially a catastrophic health plan. For normal doctor visits, you would deduct money from your savings account until it’s empty. After there is nothing left are you wondering how you will pay for your health care? Good question! This combination is known as “consumer-directed health care.” Although it is promoted as a way to save money, the impact on our economy and society will not be positive. This will leave millions of people with substandard medical coverage, more health problems, and higher incidences of health cost-related financial problems. It would also place the insurance industry and the drug industry in ever more control of America’s health care system. The release of McCain’s health care plan is a test for our country’s mainstream media. Health care experts who are grounded in reality will have to tell reporters that there is nothing to support McCain’s claims that his plan will reduce health care costs. Will the media get to the bottom of the story? The bottom line is this: McCain’s health plan is set to greatly increase the number of uninsured Americans and it will likely do nothing about high health care costs. The number of Americas who cannot afford good health insurance for their families is going to increase. Will the mainstream media get this story right? Have Your Say: McCain’s Plan - Millions Will Lose Insurance Coverage Please read our posting guidelines before posting. Alternatively you can discuss this report here. One Response to “McCain’s Plan - Millions Will Lose Insurance Coverage”
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By Jo Hartley
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I take it you have not had a health savings account before. I’ve had one for the last few years, and I’ve never felt so empowered when it comes to what medical providers I choose, what procedures they perform, and how much I’m willing to pay. When you combine an HSA with a high-deductible insurance plan, you pay your medical costs (or a large portion of them) up until the deductible, but once you reach that deductible all of your costs (or most of them, depending on what plan you elect to have) are paid for by the insurance provider.
The main benefit of HSAs is that they make consumers price-sensitive to health care costs, which means doctors, hospitals, eyeglass-providers, etc. can’t keep jacking up prices without losing some of their business. Eventually that will mean lower prices for everyone. Contrast that to traditional insurance plans, Medicaid, etc., where it doesn’t really matter to individuals how much procedures cost because they’re not directly paying for them.
And perhaps the greatest thing is that the money is yours to keep, which gives you an incentive to live a healthy lifestyle with a focus on prevention.