There are two ways to discipline medical expenses: through government-enforced regulations, or with effective market competition. U.S. officials have never fully embraced either, which is why health spending has become an immense financial burden.
The Biden administration’s preferred method is clear but controversial. Its support of a new public option is aimed at extending the reach of Medicare’s price regulations. Consumers buying insurance through the Affordable Care Act (ACA) exchanges could enroll in a new government-run plan that uses Medicare’s rates as a starting point for paying hospitals, physicians, and others.
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