MarketWatch details two policy changes that could end up saving “the United States … $2.4 trillion per year across individuals, businesses and the government”. The first policy described is the need for transparent pricing on services, a key issue in the industry as we have discussed. Policies like this have been discussed in the past and are a continued work-in-progress. Until we see policy changes, Medxoom is here to help. Medxoom’s proprietary pre-service price and quality comparison tool allows fast simple price searches based on any health plans historical payments data.
“These policies have been proven to work by ingenious companies like Whole Foods and innovative governments like the state of Indiana and Singapore. If they were rolled out nationally, the United States would save $2.4 trillion per year across individuals, businesses, and the government.
The first policy—price tags—is a necessary prerequisite for competition and efficiency. Under our current system, it’s nearly impossible for people with health insurance to find out in advance what anything covered by their insurance will end up costing. Patients have no way to comparison shop for procedures covered by insurance, and providers are under little pressure to lower costs.
The second policy—deductible security—pairs an insurance policy that has an annual deductible with a health savings account (HSA) that the policy’s sponsor funds each year with an amount equal to the annual deductible.”