As the cost of living rises, many Americans find that their health care expenses spike, too. Health insurance alone can cost up to $500 per month, on top of co-pays, medications, and treatment.
Younger Americans with medical disabilities and those 65 and older are eligible for government-subsidized healthcare through Medicare.
However, the recent budget proposed by Congress would mean widespread cuts to Medicaid and Medicare over the next 10 years, despite promises from the Trump Administration to safeguard the government services.
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The U.S. health care system has received criticism from both sides of the political spectrum, with many noting that privatized health insurance is too convoluted for most Americans to understand, and too bloated by paperwork and corporate interests to provide sufficient care.
Billionaire Mark Cuban entered the health care industry with the launch of his online pharmacy Cost Plus Drugs in 2022, and he has been an outspoken critic of health care and medical costs in the U.S.
Cuban shares a candid take on Medicare and health insurance in the wake of potential budgetary cuts to Medicaid from Congress.
Nearly 70 million Americans rely on Medicare to receive healthcare coverage, but Congress could move to cut its budget drastically over the next 10 years. Mark Cuban explains why the U.S. health care system needs an overhaul.
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Mark Cuban explains a major issue with the current state of health care amid threats to cut Medicaid
More than 68 million Americans are enrolled in Medicare, receiving free or heavily discounted healthcare coverage for those eligible. Marketplace insurance plans for individuals cost about $497 per month, while workplace plans cost around $114.
However, healthcare costs surge as people age, adding significant costs for retirees living on a fixed income and underscoring the need for affordable alternatives for seniors.
The U.S. House of Representatives recently proposed cuts of $880 million over the next 10 years to the department that oversees Medicaid, a move that the Congressional Budget Office notes would leave millions of Americans vulnerable.
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Mark Cuban made his thoughts on Medicaid known yesterday in a post on X, formerly known as Twitter. As an advocate of affordable health care, his views on reform focus on efficiency.
“I’m against a reduction in benefits for Medicaid recipients. In fact, I would like to see them get more benefits,” he wrote. “But the way the system is currently constructed to move dollars from the fed gov to states and then to beneficiaries, like much of our health care system, is backa**-halfwards.”
Mark Cuban highlights that Medicaid and US health care system in dire need of overhaul
Nearly two-thirds of Americans don’t believe their health insurance company is transparent about what they cover and that health care bills are not easy to understand.
Simplifying the health care systems in the U.S. may offer the reform needed to provide affordable coverage for private customers and Medicaid recipients, while reducing the cost burden on the federal government.
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Cuban advocates for widespread reform of the U.S. health care system, including Medicaid, to make the system cheaper and more effective.
“However, talking about cuts and Medicaid is political suicide. What this really needs to be about is Medicaid process simplication,” he continued. “We need to make changes. Let’s do what needs to be done across all of health care. Simplify it. Remove the arbitrage. Start with the patient, rather [than] the budget, and work down. There is no silver bullet, but there are ways to make improvements and save money.”
Though some argue that privatized health insurance will always be driven by profits, Cuban argues that there is a way to reduce waste and improve care cost-effectively.
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