Well, it’s about time. Perhaps it’s 20 years too late, but not too little.
Buffett long ago has described the US HC system as a tapeworm on the economy. I wondered if this old man has the courage to take on his own portfolio company, UnitedHealth. These industry incumbents are too politically powerful to overcome. They will not give an inch of their power. It will take some kind of shocking reversal for these top 5 to change into non-profits and shed their bloated staff, streamline payments systems, and give everyone coverage. Only the Federal gov. has that power. Amazon/JPM/Berkeshire may give a good try tho, but at the end of day, they are still profit driven corporation with lots of shareholders to please.
Not much good will happen if the “for Profit” insurance business model and the “fee for service” reimbursement system are totally abolished by law,
Major employers, from Walmart to Caterpillar, have tried for years to tackle the high costs and complexity of health care, and have grown increasingly frustrated as Congress has deadlocked over the issue, leaving many of the thorniest issues to private industry. About 151 million Americans get their health insurance from an employer.
But Tuesday’s announcement landed like a thunderclap — sending stocks for insurers and other major health companies tumbling. Shares of health care companies like UnitedHealth Group and Anthem plunged on Tuesday, dragging down the broader stock market.
Nationwide, average premiums for family coverage for employees rose to $18,764 last year, an increase of 19 percent since 2012, according to the Kaiser Family Foundation. Workers are increasingly paying a greater share of those costs — they now pay 30 percent of the premium, in addition to high deductibles and growing co-payments.