A Promised Land

by Barack Obama

Meanwhile, defenders of the status quo could point to the many innovations brought to market by the for-profit medical industry, from MRIs to lifesaving drugs. Useful as they were, though, these innovations also further drove up healthcare costs. And with insurers footing the nation’s medical bills, patients had little incentive to question whether drug companies were overcharging or if doctors and hospitals were ordering redundant tests and unnecessary treatments in order to pad their bottom lines. Meanwhile, nearly a fifth of the country lived just an illness or accident away from potential financial ruin. Forgoing regular checkups and preventive care because they couldn’t afford it, the uninsured often waited until they were very sick before seeking care at hospital emergency rooms, where more advanced illnesses meant more expensive treatment. Hospitals made up for this uncompensated care by increasing prices for insured customers, which in turn further jacked up premiums.