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Florida proves that public health insurance is doomed to be unsuccessful

Economist state that there could have been a lot more done to help our health care deficit, for example breaking Medicare up into smaller companies and allowing health insurance competition from state to state. But that is not the solution being proposed in the reform bills. Instead congress wants to expand health care spending to an additional 50 million people in an undefined, taxpayer financed, and government run plan. The House is proposing over $900 billion in new spending. Congressional democrats are guilty of hiding the costs in the public option proposed bill. It took Medicare more than 50 years to experience deficits based on revenue losses. It has been said that the public option will looses billions within 6 years.

 

Florida tried a very similar tactic with hurricane and property insurance, developing a public option to compete with private insurers. This causes private insurers to flee the state and the public option did not have sufficient reserves to pay for a major hurricane. In other words tax payers would end up footing the bill. This hurricane public option proved to be unsustainable and forced Floridians off private insurance which basically created unfunded liability.  Is this where we are headed with if the proposed public option becomes a reality?

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This entry was posted on Tuesday, November 24th, 2009 at 1:02 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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