Are Health Care Costs a Financial Bubble?

In a previous post I compared my health insurance costs in Ohio with the lowest available plan in Massachusetts. The Massachusetts health care system is our best example of a fully implemented PPACA. The lowest available plan in Massachusetts would cost me an additional $991 per month or $11,892 per year. Now I see an article that says the average family plan for a municipal worker in Massachusetts is almost $21,000. I am 57 years old and our family has not spent $21,000 on health care in our lifetime and Massachusetts municipalities are paying that each year. Either Massachusetts has considerably more sick people than healthy people or something other than health care is going on! The health care cost saga is beginning to look like another chapter to Charles Mackay’s book, Extraordinary Popular Delusions and the Madness of Crowds.

WBUR: Report: Health Coverage For Municipal Workers More Generous Than State, Business Plans

The rising cost of health insurance is squeezing municipal budgets across the state. … The average family plan for a municipal worker is almost $21,000, 37 percent more than coverage companies buy, according to the report from the Boston Foundation and the Massachusetts Taxpayers Foundation (Oakes, 4/5).

State Roundup: Report Urges Mass. City Employees To Pay More Health Costs
Tue, 05 Apr 2011 13:12:00 GMT