You're watching...
FBN’s market experts discuss the state of health care in America and how new regulations are impacting the economy
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
So will this lower the cost for businesses it's supposed to.
Hey look I think -- thanks so.
Hello.
Bring our people -- -- do work with us it was our company health insurance and recently we have our annual -- you pain meeting which is resuming at -- OK hey your agony and the essence of pain.
It hasn't.
We don't just -- -- like -- ten minute synopsis of how this thing's gonna impact might -- company.
And they looked -- -- -- -- you can -- to you soon as soon we going to seminar after seminar and might we can't tell you.
I think that tennis comes up loosen the certainly.
The uncertainties souvenir afraid to hire people because you don't know what they'll cost if I.
Trying to get to fund the new business I started and you asked me what my payroll was gonna be.
Three years from now per employee.
I would have if I went to the deepest specialist in the industry you can't tell me what it's actually -- cost.
Well -- -- I'm going to be responsible for.
It could have bills also in concluded if it may -- within its.
If you think something that's sick who would at least be clear as to what the specifics were but a lot of this is the secretary will determine that some people are -- annualized we will know what the -- -- we can read it and and campaign and that there was put together and that -- What what we also know frankly that it won't work in this sense.
The panel be used to -- -- pan out it's only like seven and a half percent.
So -- this -- it's about 2000 dollars right so buying for your employee health insurance policy might cost you.
101020000.
Well -- -- more like -- 6000.
So don't in New York for me again and ask people what that means is in theory every company ought to dump -- -- and -- the government -- -- the -- -- NN and -- -- what that means is that invaluable right.
So so you don't really know what the cost is could you know its desire.
And the fact -- Specifically states for example which are playing much -- and -- half percent dubbed it almost plan is -- fail.
So you're suggesting maybe that was the or intentional -- -- have everybody would give it up go to an all government plan and I would think you business people.
Might like that because I heard one of the arguments Michael Moore -- in Europe.
They had -- -- -- have an advantage because unlike you.
They don't have to pay for their employees health insurance government takes care of it has Michael Moore -- what's happening in Europe has hit headquartered data -- -- -- didn't work out well the west Texas -- about the taxes pay for because it's an underfunded programs extraordinary experience.
Almost any business it's competitive differences -- employee base.
So if I don't see if we're not serving our employee base case well and are not served well in relationship to health -- that is not in our best interest.
And -- someone who's created a business that employs a 180000.
People -- every time you hesitate to expand.
That really slows job -- yes we just talked to and I hop on -- it's sort of close to your business and he's owns twelve.
I hops employs 800 people.
He says this'll just prevent me from expand because I can't make money pay in the 2000 dollar penalty.
I can't make money -- Insure all my employees to that links that they domain.
Well I think that -- -- the passes have a believes it is never tipping point.
In terms is stopping jobs they have no business will complain they always do every time we had a regulation.
Life goes on they -- jobs.
But I think this is -- true husband or your job or lose -- but we had an agreement in this country.
Can unwritten for the last fifteen years it would spend about eighteen to 19% of GDP in the federal government.
This is a tipping point this takes is to 25 to 30%.
-- when he comes out of the private sector that means fewer jobs this is a game changer.
And you just put in health savings accounts for your compassionate and and there was resistance they -- saving -- we should explain to people that that this is.
Like -- high deductible insurance policy so you're covered for the catastrophe.
But below a thousand or to whatever it is it's your money in humidity so what happened.
Well people that have been used to even some of my executives.
Particularly their spouses -- listen you know we never -- to have to look at this and we don't proceed.
That I was imposing my political ideology.
The company.
About a month later one of the people who object to the -- came back and -- -- -- -- Italian.
My wife got a very expensive prescription today.
-- admitted to me that for the first time ever she asked if there was a generic and of course -- was about a fifth the price.
It's not just in the her own book she's senator own money consumer driven health care works.
Saving.
80% if the price -- people even ask what things cost under the current system obamacare makes health savings accounts tougher because every item.
-- and end it has to cover every penny of preventive care.
So health savings accounts don't really fit into that.
Who right now and -- consumers who.
Spends fourteen cents out of every health -- dollar directly to -- it's out of twelve now.
How is and how many 100000 dollar cars and we saw in this country if you only had to spend 121000 dollars of your own money.
We've -- -- need to have a lot of 100000 dollar cars and that's exactly what we're getting.
We do we get our health insurance from you guys -- work anymore.
I look at my reward clothing -- shelter for a case just the tax aberration.
Star and World War II.
But this is not a good idea right it discourages people from being a lot of job to job it's a terrible idea -- much better.
If you were tax neutral and consumers -- around purchase decisions in just like Mike says what we've done is destroy the pricing mechanism.
But next business and in markets working people get prices -- she's if you went to the grocery store.
You know what -- bottle.
That was particularly Ford and you and you're getting your insurance company might -- To mix -- type of -- your groceries and -- not how what would I didn't -- call Holtz that's what we think nobody has any idea what the medical care costs that is.
And I've been at best five -- big companies this might help you because you must have executives say you know again another job offer but I'm afraid to leave -- I like my health care.
It didn't happen very often because if you're employed most certainly fulltime job most doesn't offer pretty good health care.
And at Best Buy we offered a menu of choices in terms of health -- so.
The one the one thing that is good about it is we have a standard health care costs are on the board of Mayo Clinic we have the standard of health care in the United States it's very very good.
In spite of its being innocent structural inefficient -- to make its record -- patient 20% free market the rest of the world is even less to.
-- -- -- -- -- -- -- -- We -- their -- -- providers compete with each other.
It but -- the competing and sometimes irrational ways because the governments the Payer or big and big companies Payer.
But but they they -- they compete with each other and it's really -- lousy service would have to go to that medical provider.
Thank you Brad Anderson -- -- and John Allison.
