Among the countries of the developed world, the U.S. is the only one that treats health care like a commodity rather than a social service. Commodities that can be bought, sold, and financed like any other consumer debt. BusinessWeek offers an extensive look at the growing practice of hospitals and clinics transferring outstanding medical bills to private corporations that charge interest at rates as high as twenty-six percent. Of course, the reason that these are outstanding debts in the first place is that these individuals don’t have health insurance and don’t have the cash on hand to pay their medical bills. These credit companies push these poor people even further into a financial hole by charging interest they really can’t afford to pay.
Is it me, or does it seem really fucked up to use the same financing scheme for both the purchase of a flat-screen TV and a three-day stay in the hospital for a burst appendix? Sometimes, I get the sinking feeling that the only thing we Americans know how to do really well anymore is make a quick buck off other people’s misery.
Thanks to Paul Krugman for the tip.
