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Health Care’s Waiting Room Problem

Health care has been a great investment. Aging baby boomers need more medical services, and ObamaCare greatly increases the demand for them without doing much to increase the supply of health professionals.

Further benefiting that industry, America’s medical delivery system is designed to be the least cost-effective. Most people get the bulk of their medical expenses covered by the government or employers, so they’re insensitive to costs. And to the extent they pay their own premiums and deductibles, they want to get their full money’s worth. Also, today’s wonderful medical technology is hugely expensive, but when it’s your life or mine, the best is none too good.

These two problems are being addressed by formularies that limit reimbursements for high-cost drugs, impose higher patient co-payments and encourage health savings accounts.