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BY IRENE C. CARD and BETSY CHANDLER
NEWJERSEYNEWSROOM.COM
YOUR HEALTH INSURANCE
A most interesting article came across my desk and I feel compelled to share much of it with you. It was produced by Independence Blue Cross Business Service Center in Philadelphia, Pa. and I will be extrapolating information directly from the article and adding my opinion here and there.
As Americans, we believe we should have access to the best of everything, and health care is no exception. This will, in all likelihood, change if Obama's plan goes through. We have world-renowned hospitals, top-notch medical schools, and our expected life spans exceed those in most of the world.
A recent report showed that the United States spent $2.1 trillion on health care, or about 16 percent of the gross domestic product in one year. It is estimated that costs will continue to increase rapidly with $4.4 trillion being spent on health care annually by 2018. Unless we slow the rise in the cost of health care, premiums will continue to rise at a pace far faster than inflation.What is driving these escalating costs? Advances in medical technology and the corresponding increase in utilization; lifestyle choices (an unhealthy and overweight population); historical drivers such as our aging population, prescription drugs, fraud and abuse, the uninsured, and cost-shifting from Medicare and Medicaid.
If you had to guess, what would you say is the leading contributor to the high cost of health care in the USA? The answer is technology! This counts for an estimated half to two-thirds of the spending growth. If we step back and think of all the ads on TV, radio and billboards promoting the latest advances in radiology and imaging, fertility services, and advance heart surgeries, it isn't hard to believe. As lay people we may not understand a lot of this terminology but we have all heard of gamma knife technology, open MRIs and the use of proton beam therapy, not to mention CAT scans, MRIs and PET scans. One reason for the increased utilization of this technology is the practice of defensive medicine. We are too sue-happy in this country. We have implantable cardiac defibrillators which regulate the heartbeat of patients who have suffered heart damage. Approximately 50 percent of heart attack survivors receive one of these devices and implementation can cost between $68,000 and $102,000. Wow!
There is no doubt in our minds that technology comes at a price. If a robot is used in bypass surgery, it adds $8,000 to the price. Did you know that we now have a gender-specific knee replacement joint? This is $10,000 more than a traditional device. A proton beam can cost as much as $200 million to purchase and install.
Lifestyle choices add to the problem. Smoking, poor nutrition, not exercising also plays a major role in the high cost of healthcare. These statistics are staggering: In the United States, obesity results in $117 billion in health care costs each year. Tobacco use costs America $180 billion annually and 78percent of health care spending in Pennsylvania pays for treating largely avoidable chronic conditions brought on by poor lifestyle choices.
Is it any wonder that the cost of your health insurance goes up every year? Are we ready to just say no to the use of some of these life-saving technologies? Health care costs in the USA exceed those of other world leaders because of the availability and the frequent use of everything I have just shared with you. Other countries put age restrictions on the type of care that can be received. I received a call from the family of a 73-year-old woman from England who came to this country to be treated for multiple myeloma. In England she was told she was too old to have the treatment and she would be kept comfortable and free of pain.
Next week I will share some more information with you from this intriguing and eye-opening article. If you would like to receive a copy of the document written by Independence Blue Cross, send me an e-mail at This e-mail address is being protected from spambots. You need JavaScript enabled to view it and I will be happy to forward it to you. I will only forward to you via e-mail.
Irene Card & Betsy Chandler are licensed insurance professionals working at MIC Insurance Services, a health insurance services company. If you have questions relative to this column or other related topics, we invite you to call (973) 492-2828, or visit our web site at www.micinsurance.com.
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