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Essential Reform at a Time of Fiscal Crisis (Epub & Pdf)

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Bring Market Prices to Medicare: Essential Reform at a Time of Fiscal Crisis by Robert F. Coulam Details

The health care program is rapidly approaching insolvency, in part because the program pays a lot for the services it provides. In offering market prices to Medicare, Robert F. Kulam,…

Bring Market Prices to Medicare synopsis

The health care program is rapidly approaching insolvency, in part because the program pays a lot for the services it provides. In offering market prices to Medicare, Robert F.

Kulam, Roger Feldman, and Brian Dodd are a pioneering solution: using market-based arrangements to determine the prices of medical care plans. The authors emphasize that the federal government should pay only the cost of the most economical health plan in each market area.

To achieve this, both FFS and MAED offer government business; the federal contribution will be set in installments to equal the lowest bid in each market area. This competitive pricing system would penalize plans that offer a larger offer than the beneficiaries, which will pay a higher premium to provide incentives for best price plans.

At the same time, low bid plans will be rewarded with increased registration. Such an approach would reduce health care spending by 8 per cent, thereby enhancing program funding while enabling consumers to make reasonable choices about health care.

Creating a competitive pricing system for Medicare will also have disadvantages: In some markets, beneficiaries need to pay more to stay in the FFS Medicare plan, while others will lose the generous supplemental benefits currently offered by MA plans in areas where these plans are overstated. Both Kollam and Feldman argue that the best way to address the general and political opposition to this crucial reform is not to underestimate its challenges, but to carefully consider the needs and expectations of the beneficiaries and to establish a gradual transition that would alleviate most of the turmoil.

Beneficiaries may experience otherwise. Providing market prices to Medicare is not just a matter of strategy or political tactics.

This will require a fundamental shift in Americans' attitudes towards health care, beginning with the realization that Medicare's current payment methods can not continue. Competition.



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