The medical marketplace, free and unfree

posted by
June 19, 2011
Ludwig von Mises Institute
by Andrew Foy, MD  
Posted in Commentary

"Prior to the advent of Medicare and Medicaid, individuals paid for the majority of medical goods and services out of their own pocket and utilized health insurance as a rational tool for mitigating financial risk posed by catastrophic events. During this time a real market existed for the vast majority of medical goods, and services and prices were reasonable. However, after the advent of these programs, third-party spending on routine medical services increased, and out-of-pocket spending fell dramatically." (06/17/11)  

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