The Benefits of Free Market Healthcare Over Typical Health Insurance
For years, the subject of health care costs has been a topic of debate in the health care system. It goes without saying that health care costs affect its quality inadvertently, limiting individuals to its access. Additionally, high health care costs also lead to low coverage of health insurance, especially for those that can hardly afford it.
Health care leads to improving the quality of life for individuals across the globe, not to mention, a decrease in mortality rates. Its importance to society, and therefore its accessibility and availability cannot be overemphasized or dismissed.
The on-going debates have brought about a new reform that is formerly referred to as the free market health care. To better understand this reform, it is imperative that we first define it. Yet, before we get into that, we need to take a look at health care insurance in America.
Health Care Insurance
Health care insurance has been found to focus less on providing health care than providing insurance. In other words, it’s not only expensive but inefficient in securing health care to those that need it.
Insurance dictates that you pay for health care services every month, regardless of whether you are using it or not. For those that cannot afford the insurance prices that keep increasing over time, there’s a barrier between them and accessing services. Notably, health insurance takes out the need for competition, which inadvertently leads to lower quality services.
It is important to keep in mind that health insurance is not useless. However, as many critics and analysts are quick to point out, health insurance should be used for life-threatening conditions that demand too much pay.
Health insurance presents another problem: employer-based health insurance. This type of insurance exempts employers from tax, and of course, is an advantageous premium. However, this premium is only advantageous to those that are employed. In other words, if you lose your job, you also lose your health insurance.
What is Free Market Health Care?
The free market health care is a reform or a system that requires little to no government regulation. It’s based on the premise that with little to no government regulation, health care providers are not limited to provide quality services to those in need. This is because the government tends to impose strict regulatory standards requiring that health care facilities comply with restrictive government licensing.
The system is also based on the belief that the purpose of health insurance is not properly understood by health care providers and carriers. Critics and supporters of the system state that health insurance should be what individuals fall back on when they are faced with tremendous charges.
Why is it that so many critics, analysts and experts support this type of system? Well, the free market health care system presents numerous advantages that the public could benefit from. Below, we take a look at these benefits.
Provision Of High- Quality Health Care Services
The privatization of hospitals and the reduction in health care costs means that the public will have health care options. The more options they have, the more freedom they have to choose the health care institute that they prefer. The only factor that will help a health care institute set itself apart is the quality of services.
The higher the quality a health care practitioner provides, the more competitive he/she becomes.
As mentioned above, consumers have more options when it comes to selecting health care providers and services. Additionally, with the free market health care, consumers also have a choice between having insurance and not having it. If you do choose insurance, you also have the choice to select which services you want to be covered.
The freedom of choice plays a huge role in customer satisfaction and facilitates accessibility.
Reduction In Health Care Costs
In an effort to attract more patients and increase accessibility, the cost is lowered. Apart from the improved quality of health care that is system encourages, this is one of the top benefits. Decreased costs also encourage competition in the health care sector, boosting quality service provision.
Notably, the health care insurance model is the reason health care systems are unable to lower costs. This is because, with the insurance model in place, competition is lowered significantly.
Increased Access To Health Care Services
America boasts of an admirable health care system. In fact, the American health care system is among, if not at the top as compared to other countries. This is largely due to the high number and availability of hospitals, doctors and health care providers. Hence, treatment rates are increasingly high.
However, with health insurance and increased cost, health care providers can only treat a select few. By lowering the costs of health care services, health care providers will be able to reach a high number of consumers and vice versa.
High levels of innovation
The free market health care system in this country has been proved to outproduce and outperform that of other countries. This is largely thanks to the constant development of drugs and advanced technology. Yet, access to such advanced treatments is often regulated and controlled in terms of access to the public.
Regulations not only manage to keep certain medical drugs out of reach of consumers, but they also do much more. For instance, regulations are able to increase the cost of developing and creating medicine.
Free market health care system is based on limiting and completely removing this type of regulations from the picture. This would help increase innovation, as well as ensure that consumers have access to better medical drugs.
In conclusion, the free market health care system seeks to solve the cost factor that has crippling the health care system. By ensuring that health insurance is used correctly and lowering the costs, people will get the treatment they need and experienced quality life.