Why medical care is a potentially inefficient market?

Why would we want the so called "free market" to run health care?

  • If people get sick and the free market gets to decide how to ration, then people with serious disease wouldn't get treatment. It is simply inefficient in terms of money vs results. Just as it is inefficient to treat anyone who shows up at the ER in terms of money vs results. Government regulation actually does have some use. It dictates when insurance and doctors can't just say "go away and die". And then I don't get why people who think that the "free market" is an answer to health care, also think that the "free market" shouldn't be the answer to medical malpractice.

  • Answer:

    The free market almost always does a better job than the government

i_was_my... at Yahoo! Answers Visit the source

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The free market doesn't really work for most situations involving healthcare. Does anyone shop around for the lowest prices on doctor visits, hospitals, drugs, etc. In most cases there is little or no competition to choose from, and it is difficult or impossible to find and compare prices. People with insurance also don't really care about what things cost, in many cases, they are only responsible for a co-pay that represents only a fraction of the actual price of the service. A three hundred dollar office visit costs the same co-pay as a $3000 cat scan, so there is no price information or incentive to guide purchases. Even those who contribute to their employer provided plans probably have no idea what their coverage costs in total, or that they are in many cases receiving thousands of dollars per year in benefits tax free. Healthcare is also like oil, lacking any alternatives, you will pay almost any price to buy it.

I've seen some of your answers on here. I sincerely doubt you believe the free market is the answer to anything.

The free market is also regulated by various Federal, State and Local laws. The free market has responsibility inherent in it--where a government option becomes provider, judge, jury, prosecutor vs the consumer (techincally altered to be recipient). Consumers pay; "the customer is always right". Where a regulated and mandated policy that is overseen as described above has only biased oversight.

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