Health insurance is a substantial financial commitment for individuals and families. Many people need health insurance for medical treatment of fatal diseases, childbirth and other emergencies. The high cost of health insurance is due to the high cost of treating medical conditions and prescribing prescription drugs. The U.S. spends a lot on health care, yet has a lower rate of health compared to other wealthy countries. A free market would allow people to buy affordable health insurance, but the government limits competition by financing health insurance plans for federal employees.
Health insurance plans are currently paid for by the government. The Affordable Care Act, which was signed into law by President Barack Obama in March 2010, is intended to increase competition in the health insurance market. However, the legislation has not been very successful; many states have not expanded their Medicaid programs, so not all low income people can afford insurance under this system. In addition, doctors are not required to accept new patients on a health insurance plan, so low cost options are limited for people with expensive medical needs. The free market is hindered by bureaucracy and red tape when trying to provide affordable health care options for all Americans.
Health insurance plans are currently paid for by the government. The Affordable Care Act, which was signed into law by President Barack Obama in March 2010, is intended to increase competition in the health insurance market. However, the legislation has not been very successful; many states have not expanded their Medicaid programs, so not all low income people can afford insurance under this system. In addition, doctors are not required to accept new patients on a health insurance plan, so low cost options are limited for people with expensive medical needs. The free market is hindered by bureaucracy and red tape when trying to provide affordable health care options for all Americans.
