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That is my opinion and I am extremely frustrated because Mark and I are on the frontline of healthcare costs spiraling out of control while we increase deductibles to levels never imagined. For example, diabetes is one of the oldest and most common ailments with an estimated 9.4% of Americans affected by this awful disease. After all these years and all the medications created, why does insulin cost $500 per month (Reuters)?
I am writing this because a story just came out that Nancy Pelosi and the Democratically controlled House of Representatives is expected to pass legislation that would allow Medicare to negotiate drug prices with the pharmaceutical companies. The Republican controlled Senate is expected to oppose it and not pass the bill. This is expected to save tax paying Americans $500 billion dollars over the next 10 years. More importantly, private insurance companies would be able to piggy back on the discounted prices.
The Republicans say it's best left to the private insurance companies to negotiate the prices. What we need to remember is private insurance companies pay on average 40% more for all healthcare than Medicare. It is going to take the Government to intervene to get any kind of price control in place. Unfortunately, because of the strong Pharmaceutical lobby and political donations to super PACs, I don't much changing in the short term.