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Tackling the health care ‘tapeworm’

Prices keep rising, but value in the traditional fully-funded health plan seems to be shrinking, and the Affordable Care Act is one reason why.

By Alex Tolbert | Updated on March 26, 2018
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Warren Buffett once said, “Price is what you pay. Value is what you get.” Could this sentiment apply any better to health care, where prices and value are often completely unrelated?

According to the Health Care Cost Institute, health care spending per person rose 4.6 percent in 2016, up from 4.1 percent in 2015. Americans didn’t use 4 percent more health care—the institute reported utilization was flat or actually declined.

Was the care provided 4 percent better? Probably not. According to the Peterson-Kaiser Health System Tracker, the U.S. lags behind similarly wealthy countries across a number of health-related measures, despite paying more than double or triple for the same services.

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