"Why doesn’t the market work here? Ken Arrow explained it all half a century ago. Patients by and large don’t have the information to evaluate medical treatments; in any case, they mainly buy insurance rather than medical care directly; and insurers profit not by providing the most cost-effective care, but by trying to insure people who won’t need care." Paul Krugman. Ron Wyden, Usefull idiot, New York Times, December 17, 2011
The market does not work because it is not free. In addition, it is not properly regulated. In many states one health insurance company, not always the same one, controls over 80% of the market. This is not a free market. Further, the industry needs better regulating.
Free markets exist to help meet the needs of society. It is not societies responsibility to meet the needs of free markets. Adjust the regulations of the industry to have the same criteria that medicare has to cover their clients.
Free Markets need to be regulated for the good of society. One regulation not used today is anti-trust laws. This is not happening because the oligopolies controlling some of our markets are buying off our politicians. This must end and here is how to do it. More: http://bit.ly/qTIUyF