Employers See Medicare Public Option as Much-Needed Respite from Rising Costs

Medicare public option, drug prices
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U.S. employers are getting on the bandwagon to expanded Medicare options. With hospital prices and drug prices shooting through the roof, employers are struggling to keep up with insurance costs.

What would it look like to have expanded Medicare that would cover all Americans? A public option might make life easier for many U.S. employers.

U.S. employers lean toward a public option

In a recent survey, more than three-quarters of employers said that government regulation of drug prices and hospital rates would be “very helpful” or “somewhat helpful”, according to an article in the Los Angeles Times. Half of the respondents said that a Medicare public option would be helpful to them.

Larger, public companies tend to be leerier of government involvement in healthcare, however, the high drug and hospital prices are affecting all companies.

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Hospitals have been consolidating and raising prices. Recent findings by the RAND Corporation have shown that U.S. hospitals are charging private insurers 2.5 times that what they get paid under Medicare. And the numbers are even higher than that in Georgia, Florida, South Carolina, and Tennesse.

Pharmaceutical companies raising drug prices with abandon; 90 percent of those employers in the survey said that drug prices are a “significant threat” to being able to offer affordable coverage.

Where the Presidential candidates stand

Presidential candidate Joe Biden has a Medicare Public Option on his healthcare plan. For those who do not qualify for other government healthcare coverage or can’t afford private insurance, this option could change lives.

President Trump is against expanding Medicare eligibility.

With these changing times and rising prices, a public option is not such a far reach for employers anymore. While Obamacare had its frustrations, a new plan might make healthcare simpler and more feasible for many.

What are your thoughts on the possibility of an option for all Americans to opt into Medicare? Follow us on Facebook and let us know.

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