Why is healthcare so expensive in the U.S.?
Here you go!
An American (John Green) with the facts about American healthcare versus global healthcare and it surprisingly comes down to negotiation……
A quick summary of the salient facts by John Green in the video:
- Costs in taxes come to almost $7300 USD per person for healthcare, for not having any healthcare (irony!)
- Other comparable countries are at around half that cost or less (e.g. Canada)
- U.S. spends 18% of its GFP on healthcare costs versus comparable countries at 9% (Australia) yet go to fewer doctors!
- Only about 28% of Americans get healthcare funded by the government, which includes Congress (politicians)
- What kills it all is the cost: $124/month for Lipitor in the U.S. only costs $7/month in New Zealand
- Americans pay a LOT more for healthcare but the differences are not noticeable and they are 33rd on the list for life expectancy (I reckon way past the other countries listed on the graphs above who pay less)
- Higher healthcare costs attributed to malpractice suits only accounts for 2% of the cost of healthcare
- Relative to the size of the U.S. economy: Americans spend about $75 billion more on higher salaries, $100 billion more on marketing and admin, and $90 billion more on medications because it simply costs more in the U.S. rather than it being due to taking more medication (quantity), and patient care is $500 billion more than other countries due to a lack of centralized negotiation with healthcare providers and medical manufacturers (except for Medicaid)
(which was of no surprise to me)
Americans pay more in healthcare because those being paid can get away with it and therefore, charge as much as they want because healthcare is an actual NEED.
(Click to embiggen images)