There’s no question that the healthcare industry is one of the most important in the U.S. But does it deliver the high-quality service customers expect, or is it more interested in making profits? Some would argue that this, too, is not a question.
Wall Street analysts note the industry enjoys rapid growth based on its total health spending, employment, and other measures. Armchair analysts also have a right to their opinions, and many see very different things—things that upset them.
The most obvious example is the Dec. 4th murder of Brian Thompson, the CEO of the UnitedHealthcare Insurance Company. Thompson was allegedly shot by Luigi Mangione, who viewed him “as a representative of what he perceived as a corrupt and parasitic industry,” in the words of AI Overview. But Mangione is not the only one who harbors such grievances—so, too, do many ordinary, law-abiding people, and they have reasons for feeling the way they do.
Getting Their Money’s Worth?
Healthcare in the U.S. has become incredibly expensive. In return for paying high premiums, customers expect quality care. Are they getting what they pay for?
Here’s how The End of the American Dream website answered this question: “People living in Albania, Panama, and Kuwait have higher life expectancy rates than we do. Residents of Belarus, Cuba, and Latvia have lower infant mortality rates than we do. We are the most medicated population on the planet, and yet we are also one of the sickest. If the U.S. healthcare system was a country, it would have the 6th largest economy on the entire globe, and yet rates of cancer, heart disease, and diabetes continue to soar.”
These are very powerful statements, and many others could be added to this list. Combined, they present convincing arguments that our healthcare system is not delivering as well as we expect it to.
The End of the American Dream website added, “Every year, health insurance premiums go even higher, but when it comes time to pay out, health insurance executives will deploy their ‘delay, deny, and defend’ tactics. They will search high and low for any potential reason that will allow them to deny a claim.”
Nevertheless, customers have no choice but to pay the high premiums they are charged because these days, having health insurance has become a necessity. Those who opt out of the system are putting both their health and financial futures at risk from the costs of serious illnesses. Even with health insurance, medical bills for serious illnesses are incredibly high.
A Different World
Years ago, some doctors reduced their fees for people who couldn’t afford to pay full rates or allowed them to pay their bills over time. We’re living in a different world today, and very often, patients are asked to pay for an examination upfront, and health insurance is not accepted. If they can’t afford to pay the fee charged by the doctor of their choice, they’ll have to find another practitioner.
The U.S. spends about $5 trillion on healthcare annually, more than the entire GDP of Britain.
Here’s another interesting statistic: Each year, the pharmaceutical industry rakes in about $1.7 trillion, which is more than the annual budget of the Pentagon. According to KFF, an organization that conducts research on health policy and related matters, “About six in ten adults say they are currently taking at least one prescription drug, and a quarter say they currently take four or more prescription medications.” Like him or not, RFK Jr. is onto something when he asks why so many people need so much medication.
Politics and Health
Politics and healthcare appear to be two different worlds, but actually, they are not; there’s a clear link between the two. “Our healthcare system is completely and utterly dominated by immensely powerful money-making institutions, and those institutions pour vast amounts of money into political campaigns in order to make sure that there will never be any serious reforms,” according to The End of the American Dream blog.
Other commentators have additional gripes. “At the risk of stating the obvious, American healthcare is a sham,” according to an Armageddon Prose article. “It is an abject failure at achieving its stated objective of improving health.” Rather, “its true, unspoken goal is generating lifelong customers (patients) by keeping them sick and sad.”
The author recalls an incident that happened to him back in 2012, one that many people can relate to. One evening, while riding a bicycle recklessly, “I wrecked and broke my wrist, which I immediately knew to be the case, having had broken bones in the past. When I went to the emergency room to confirm that it was indeed broken, the doctor looked at it for about 10 seconds, ordered a single X-ray, sent the nurse in to tell me I broke it, gave me two painkillers, and told me to go see somebody on Monday, this being the weekend. This whole trip took about thirty minutes. A week later, I got a bill for $10,000 (I didn’t have insurance). One X-ray, two pills, thirty minutes: $10,000.” This was 13 years ago, so the same situation today would certainly cost much more.
Following are some additional healthcare-related facts:
A study cited by National Nurses United says that some hospitals hike charges by up to 18 times their cost.
According to the Consumer Financial Protection Bureau (CFPB), about 100 million Americans owe over $220 billion in medical debt. And medical bills are often confusing and filled with errors.
About three in ten people do not take their medication as prescribed because of the cost.
On average, annual health insurance premiums for family coverage are $25,572.
It’s easy to find fault with the healthcare industry overall, but it should also be noted that many of the people it employs are capable, devoted, and idealistic, and sincerely want to help the patients they care for. Moreover, the industry has to comply with numerous regulations and cope with high and rising prices and numerous other challenges.
Hopefully, the industry will focus more on addressing these and related issues. After all, that would benefit us all.
Sources: AI Overview; bloomberg.com; consumerfinance.gov
Gerald Harris is a financial and feature writer. Gerald can be reached at This email address is being protected from spambots. You need JavaScript enabled to view it.
