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Former President Barack Obama’s signature healthcare law is facing criticism from an economist who argues that greater price transparency is needed to bring down healthcare costs for Americans.
Heritage Foundation chief economist EJ Antoni joined FOX Business’ Taylor Riggs on “Big Money in the Morning” to discuss rising healthcare expenses and what Republicans could do differently.
“You cannot have competition, and therefore you cannot have that downward pressure on consumer prices if you don’t have price transparency. That’s the first thing we need to do,” Antoni said when asked what Republicans should pursue.
Antoni pointed to making healthcare prices easier for patients to see before receiving treatment, arguing that meaningful competition requires consumers to be able to compare costs.
Price transparency requirements already exist for hospitals and insurers, but Antoni’s comments underscore the continuing debate over whether those rules give patients enough useful information to shop for care.
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The Affordable Care Act expanded coverage, but disputes over premiums and out-of-pocket expenses remain central to the healthcare debate.
Antoni blamed Obama, arguing that the law failed to deliver on its promises to patients.
“He’s the one who fundamentally broke the healthcare system, who gave us the system we have right now where people are paying more in premiums and getting less in terms of actual care,” Antoni said.
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His criticism comes as Sen. Bernie Sanders, I-Vt., continues advocating Medicare for All, a proposal to establish a national single-payer health insurance system. The proposal would replace most existing private health insurance coverage.
Antoni argued that older Americans could lose insurance plans they prefer under such a system, though the effects would depend on the legislation ultimately adopted.
“Seniors, ironically, are the ones who stand to lose the most from this because they’re going to be forced off of plans that they actually like, typically,” he said.
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