Dr. Gary Wolfram of Hillsdale College argues that market-based healthcare is possible, so long as medical insurance is run like standard insurance: the customer pays a premium and is then eligible for care. In order for this to happen, however, the federal government must stop telling the individual what healthcare to buy.
The following video is a clip from Hillsdale’s Online Course: “Public Policy from a Constitutional Viewpoint,” featuring Gary Wolfram, the William E. Simon Professor in Economics and Public Policy.
Transcript:
Gary Wolfram:
We can do that by moving health insurance to actual insurance, where you have an unexpected event, and it’s costly, and it’s paid for by insurance because you have paid the premium for that. We don’t need a system whereby you get any healthcare service that you want and you never have to ask how much that costs, and so I think that that’s the way we’re going to be moving in the future. We’re going to be moving towards health insurance is true insurance, and then having the consumer determine what they want to buy and how much they’re going to pay for this, and move the government out of the regulatory system where it tells you, this is the insurance you have to have, this is what has to be covered.