One New Study Finds it Could Save Some Money for MedicareAug 2007
A new study released in the New England Journal of Medicine finds that making
affordable health insurance more available to Americans could actually
save the federal government some money by offsetting Medicare costs. Could this lead to a new formula for providing individual health insurance to the masses?
The study, which followed 5,000 older Americans, some insured and some not, discovered that those who were not insured racked up higher costs once they were eligible for Medicare. How much higher? A whopping 51%, and these costs continued until the average respondent was aged 72.
The link to providing more affordable health insurance comes based on the type of illness that cost Medicare the most; almost all of them were classified as treatable when caught early on, namely those related to cardiovascular disease and diabetes.
For those respondents who did not have individual health insurance or employer based insurance before joining Medicare, quality of life was also an issue. Those who were uninsured were more likely to be depressed and take poorer care of themselves.
This has many specialists and doctors wondering if perhaps by offering more affordable health insurance to the average American, they could save the federal government money in Medicare spending, which is predicted to top $500 billion by the year 2011.
Facts on:
Affordable Health Insurance
Did you know...
51% of seniors racked up higher costs when they became eligible for Medicare?
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Others argue that the savings wouldn't be enough to cover the costs of insuring everyone, but such arguments are also more so against the idea of universal coverage, not so much against the idea of offering individual health insurance at better prices.
And if there's a way to meet in the middle - to offer
individual health insurance and save the federal government costs - this might provide the solution that many uninsured Americans have been hoping for.
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