What do the affluent believe about health care?
Citigroup Smith Barney
Affluent Investor Poll
May 17, 2006
The cost of health care is a major concern for affluent investors, more so than quality of care available perhaps because investors believe they will bear the brunt of on going drug and insurance costs while they discount the probability of being subject to an on going need for doctor and hospital care. The national health care issues of greatest concern are the cost of prescription drugs, the cost of health insurance, and the cost of long-term care (with about half of all investors saying they are very concerned about each of these issues). Only about one in four express strong concern about the quality of care provided by doctors or hospitals.
Health insurance companies, pharmaceutical companies, lawyers, and the federal government all share some of the blame for what investors see as the problems in the nation’s health care system, with the largest shares naming attorneys (23%) and the federal government (21%) as most responsible. The most affluent group of investors are noticeably less likely than others to assign blame to health insurance companies or pharmaceutical companies, and are noticeably more likely to say that lawyers are a major contributor to the problems in the health care system.
Vast majorities would support any type of change to the current health care system, with most saying they strongly favor the idea of malpractice limits (56% strongly favor), allowing small companies and individuals to join together to purchase health insurance at better group insurance rates (69%), and allowing low and middle income workers to deduct the cost of health insurance premiums from their taxes (50%). Nearly as many favor easing restrictions on imported prescription drugs and establishing tax incentives for those who use high deductible health plans.
Affluent investors were also asked about the health insurance reform recently passed in Massachusetts, in which all citizens are required to have some type of health coverage. While two out of three overall express support for this type of plan, the most affluent do not necessarily feel that way. Those who have assets of $1 million or more are more likely to oppose this idea (46%) than they are to support it (43%).
http://www.smithbarney.com/pdf/pollMay06.pdf
Comment:
By Don McCanne, M.D.
Since the wealthy have greater political influence, it is important to understand their views of our health care system and its reform.
It is not surprising that affluent investors are not well informed on the problems with our health care system, as their biased views reflect those that are prevalent in the pages of the Wall Street Journal and other similar resources.
What is clear is that, like the rest of us, they do want affordable access to comprehensive care. The solutions they support fail to address the real cost drivers and will leave them facing ever escalating costs. Those costs will not be contained until we agree to adopt structural reform of health care funding that addresses the actual inefficiencies and waste in our system.
The problem is that the affluent do not know what they do not know. It is our task to educate them on the real problems and the various policy approaches available. It just happens that the most effective policies that would achieve their goal of health care value are the same policies that would achieve our additional goals of universality, comprehensiveness and equity. They need to understand that.