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Health Insurance; Do We Need More Competition?
By Bartosz Borkowski
While many acknowledge various forms of reform such as the abovementioned, maybe allowing and enticing new small carriers to enter the market and offer different types of packages will also help to keep prices fair and service high.
In Florida for example, the governor recently allowed certain health carriers to offer no-frills plans to Florida consumers. These plans do not include all of the mandates required by Florida in order to provide healthcare coverage as an company. Yet, in order to reduce the growing number of uninsured Floridians, these types of plans were allowed. They are less pricey, but are also less rich in benefits.
One issue with this approach is that only a few select companies were allowed to promote these types of plans. Of course it included Blue Cross & Blue Shield of Florida; they are probably the largest carrier in the state.
Health needs to be understood better in the sense that its objectives need to be clear. For example, if the objective is to provide against catastrophic protection then that is the objective of that particular plan. If the objective is to allow coverage for ongoing routine services and preventative, then that is it. The problem as it appears is that health insurance,
health companies, and even the state regulators try to do too many things at once and confuse consumers, agents, and at times themselves.
The system would be better served by allowing for different plan designs
intended to provide for different types of services and expectations. At the same time, more competition needs to be encouraged amongst carriers so that no carrier controls a particular market.
Competition will increase our choices and maintain prices fair and balanced. Consumers will reap the benefits. There is already competition in many places around the country, but in many others there is not. There are many factors that add to create impediments, but government regulations are at the top.
Again, to use Florida as an example, the governor with a simple change to the system injected new competition, new choices and availability into the market. The same can happen elsewhere. Yet, Florida also should have allowed more companies to offer these types of plans.
States across the country are really trying to address their health issues and bring more people into the insured column. The psychological perception by a consumer that they have
health insurance, even if not with the richest benefits, allows them feel that they have access to our healthcare system. This is a real problem, but also a fact.
A person without healthcare coverage really does feel like an outside and for the fear of not knowing costs or understanding the system will simply not attempt to access medical treatment.
In conclusion, competition is a good thing, it is a needed thing. In the same manner that the government needs to stay out of the private sector, so does the private sector need more effective players.
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