Putting Everything Out to Bid
One of the main advantages of Medicare FFS [fee for service] is that beneficiaries do not need a referral for any services and are not limited to certain provider networks. However, Medicare beneficiaries do not pay for these added benefits. In addition, even if HMOs are more efficient than Medicare FFS, Medicare FFS beneficiaries still pay the same Part B premiums.
The authors want beneficiaries to face the true price differentials between the lowest cost plans and less efficient plans, regardless if the plan is Medicare FFS or an MA plan. Thus, beneficiaries would be responsible for any premium differences due to choosing a more expensive plan.
This is from Jason Shafrin’s review of Robert F. Coulam, Roger Feldman and Bryan E. Dowd’s new book, “Bring Market Prices to Medicare: Essential Reform at a Time of Fiscal Crisis” (American Enterprise Institute).
Good idea. One small step toward making Medicare solvent years down the road.
Interesting idea.
Price transparency will never, ever work in a government program. Would it make the program more efficient and, yes, better benefit patients? Of course it would. That’s why the feds would never do it. It would topple the guaranteed markets all the third party payers currently enjoy. But, hey, Happy New Year!
Seniors (and everyone else) need an incentive to look for ways of cutting the cost of health care. Critics often complain the lack of price transparency makes comparison shopping impossible. But if more people routinely asked the price of a service, prices would soon be more transparent.
On a somewhat-related note: I’m kind of amazed that there hasn’t been more of a movement within the Medicare population to crack down on waste. My mom was sitting in a dermatologist’s appointment a few years ago and heard a guy bragging about how much he had cost Medicare (over $1 million). She and those around her were really angry with him for bragging about some of the wasteful procedures, but not one really did anything to stop his rant or pressure him to make better decisions.
Even for seniors, peer pressure goes a long way!
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