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Country
1000+ Penny Miser Member
USA
3121 Posts |
 Posted - 08/23/2009 : 11:29:36
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"There is a serious problem with the lack of competition among insurers," said Republican Sen. Olympia Snowe of Maine, one of the highest-cost states. "The impact on the consumer is significant."
Wellpoint Inc. accounted for 71 percent of the Maine market, while runner-up Aetna had a 12 percent share, according to a 2008 report by the American Medical Association.
One of the problems of "free market" competition is that monopolies can arise, as one or two companies buy up all the competition. Competition is completely lost and the consumer suffers. When it is in the public interest, government needs to break up monopolies. Teddy Roosevelt did it when he broke up the oil monopolies in the early 20th century. Our government should legislate policies that would break up the health care monopolies today, either single payer or another plan, to provide new competition and to lower health care costs.
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Competition lacking among private health insurers
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