— FOX Business (@FoxBusiness) August 4, 2016
Wow, check that out.
Obamacare premiums are going to surge 13-54% in 2017 although US inflation rate is… 1%.
Fantastic. I just love Obama and Obamacare, don’t you? /sarc (No, I hate Obamacare and I think it is one of the biggest dumb policy ever implemented)
As big of a proponent I am for capitalism, I do recognize that some socialism projects can be a positive to society if crafted and executed correctly (I’m a big fan of Workfare). Obamacare is a perfect example of a horrible crafted and executed socialism project that probably set back the country in medical care access and affordability than progress it.
It ain’t rocket science why it wouldn’t work. I refuse to explain it because I know it would be an insult to all of my readers’ intelligence.
Oh, but wait wait wait! Doesn’t Singapore also face RISING HEALTHCARE COSTS? We hear that in the media all the time, right? Doesn’t your insurance agent tell you that too?
In all honesty, I do believe that healthcare costs are increasing, but so is the quality of the care as well. Perhaps it’s just me and I’ve only experienced my adult life in this period of low/negative inflation, but so far that is not something that I have personally experience, and there’s stats to back me up.
I’ve pulled out CPI stats from SingStat and guess what I found for healthcare? Since Jan 2014 and Jun 2016, healthcare costs has increased a massive… 0.7%. And no, that number is NOT annualised. That is the absolute increase over the past 30 months. Runaway healthcare inflation? I think not.
Now, one rebuttal that I expect to hear is that the CPI stats are not reflective of “real life” medical costs (ie. your medical bill). To that, please flip to page 39 and we shall see that the categories that are being covered are… very broad based. They even include spectacles and contacts for our very myopic society. Yes, hospitalization fees are counted. Yes, health insurance is counted. You think they don’t count all these things meh?
The biggest shortcoming of my stats that I have to admit is that my dataset is small. I haven’t been able to find stats going further back, although I am pretty sure they do exist. I’m just kinda lazy to search very hard. My current effort for searching for more data is about 7/10. More than average, but not maximum effort.
That said, I think that my point is still relevant. Core inflation is up 1.1% over the past 30 months while healthcare lags it and is only up 0.7%. Which, by all means could be considered as negligible in the short term.
My healthcare costs is increasing because of my AGE and not because of inflation. It’s simple logic. Older people have more medical needs. If you are comparing medical costs right now as a 40 year old to back 20 years ago when you were a PES A fighting fit soldier, I really don’t think that is a good comparison. Of course your medical costs would have gone up. But as a result of your age, not because hospitals are out to fleece you.
I’m always glad to be living in Singapore where medical costs are not out of whack. Medical costs take up a HUGE chunk of American’s salary and we pay a fraction of it while enjoying high standards as well. Is cheap and good possible? If the USA is our comparison, then yes, it does seem so.