'The Affordable Care Act turned 13 last week, and I was asked to provide testimony before the House Committee on Ways and Means on how the law, as well as several recent expansions of it, failed to make healthcare more affordable,' brian_blase writes.
A woman walks past a sign advertising"Obamacare", Tuesday, Jan. 31, 2017, in Miami. The enrollment period for the federal health care law known as"Obamacare" ends at the end of the day Tuesday. The Republican-lead Senate has passed a measure to take the first step forward on dismantling President Barack Obama's health care law.on how the law, as well as several recent expansions of it, failed to make healthcare more affordable.
Since coverage is cost prohibitive, most enrollees need extremely large subsidies to afford these plans. Taxpayers pay for more than 80% of the premium on average and pick up almost all the cost of premium increases over time. This gives insurers significant pricing power and in turn leads to higher premiums — an inflationary spiral.
As government’s role in healthcare has expanded, prices have skyrocketed. Hospital prices have increased more than any other major economic sector, rising three times faster than inflation since 2000. By contrast, in sectors where government’s role is minimal, inflation-adjusted prices typically decline while quality improves.
Moving forward, lawmakers should keep two principles in mind. First, policy changes always have unintended consequences. We should evaluate the outcomes, not the intentions behind policies. For example, many ACA proponents said that it would reduce emergency room visits because patients would find a usual source of care. But the exact opposite happened: ER use surged, often for non-emergency care.
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