personal medical accounts: an alternative to compulsory health insurance michael f. cannon director...
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Personal Medical Accounts:
An Alternative to Compulsory Health
InsuranceMichael F. Cannon
Director of Health Policy Studies, Cato Institute, USA
Seminario Internacional FIAP 201006 y 07 de Mayo, Viña del Mar, Chile
• New treatments• Error reduction• Secure health insurance• Greater accessibility• Electronic medical records• Coordinated care• Effectiveness research
Life-Saving Innovations
Source: Cato Institute
Source: Institute of Medicine
Annual Preventable Deaths, United States
48,000
18,000
98,000
Lack of health insurance Medical errors
• Maryland Medicaid– 16% of dentists accept – 30% of kids get dental
care
• Mother could not find dentist willing to accept Medicaid
• Infection from abscessed tooth spread to brain
• $250,000 spent on hospitalization, brain surgery
• Died in 2007, at age 12 “for want of a dentist”
Deamonte Driver
• Financed by reduction in each worker’s tax burden
• Investment rules similar to personal retirement/unemployment accounts
• Funds may be used to purchase health insurance or medical care directly
• Preserve freedom to save rather than purchase insurance
Designing Personal Medical Accounts