These provide a way to lower medical and insurance costs, provide price transparency for competition, make payment as easy as today while reducing the role of insurance to not have to pay and be involved in every medical visit, and give privacy so insurance companies can pay bills as required while not knowing what the visits or treatments were for. Banks which now handle HSA and credit/debit card transactions can become trusted intermediaries to use computers to match billing information against the insurance policy coverage information stored as something like an XML file. Insurance companies would then get bills, not claims, from banks on behalf of batches of customers when payments were required and reimburse customer accounts. This makes self-pay with insurance payment as easy as now, though insurance can be much cheaper because people can tailor policies to themselves like they would auto insurance to not pay for coverage they don’t want. For doctors and hospitals, they would publish their lowest price which would be self-paid at time of service, so they would no longer have to wait weeks or months hassling with insurance companies to get paid. Large amounts of medical and insurance bureaucracy would suddenly be eliminated. Government insurance programs like Medicare and Medicaid could be reshaped in similar fashion. Company-paid insurance could be converted to customized individual policies with companies simply paying into HSA accounts from which insurance could be purchased by workers and bills paid. All that is needed is to repeal laws blocking this, and enact enabling laws.
Same Fix pricing for all procedures, surgeries, lab, X-rays, MRi /CT scan which is to used with all insurance providers. So make it illegal to charge one provider a higher price than another provider.
Every provider would publish their lowest cash price paid at the time of treatment. This price would be lower than what ANY insurance company pays so if any insurance company received a discount, the cash price would then be lowered. All insurance companies would then have this information.
Intergrative Medicine should be covered by Insurances. MD’S should be encouraged to use alternatives from medicines to treat illnesses; however, doctors receive $$ from big Pharma to push their vaccines etc.
If you look at the links in the article, insurance that pays for everything is very expensive while insurance narrowly tailored to a person’s needs where the deductible is higher can be 80% cheaper. This proposal doesn’t forbid expensive insurance plans. The proposal is to make these cheaper plans legal such that people can choose what they want. Without forcing everyone to subsidize the expensive plans, those wanting them would have to pay their full cost while others with plans customized to their needs and paid more of the costs themselves would save a lot. People should be able to choose what is best for themselves, like car insurance, without being forced to pay so much - like a car insurance policy that covered oil changes would be expensive if it were offered.
I agree! I have been in the industry for over 15 years and change is needed. I love the concepts you have included here. If interested check out some similar concepts I had posted. Thank you for posting!