Video Link: https://youtu.be/2s4Hxec1as8
In this episode, Charlie Munger was asked if U.S. adopt a single payer health care system or Medicare for all the next time that Democrats control all three branches of government, what will this mean for health insurers, hospitals, and medical device companies?
In this episode, you’ll learn:
What is Charlie Munger comments on U.S. medical care?
What if U.S. adopt a single payer health care system?
To check out all Collection: Charlie Munger <click here>
AUDIENCE MEMBER 00:09
Good morning Mr. Munger. You said in the past that you expect the U.S. to adopt a single payer health care system or Medicare for all the next time that Democrats control all three branches of government –
CHARLIE MUNGER 00:22
I do, yes.
AUDIENCE MEMBER 00:23
What will this mean for health insurers, hospitals, and medical device companies?
CHARLIE MUNGER 00:28
Well it will be a hell of a mess. It’ll still be a big business but it will be a hell of a mess. The existing system is so over expensive and over complicated and has so much unnecessary cost. So much unnecessary overtreatment of the dying. So much overtreatment of items that would be best left alone. So much unnecessary expense.
Yet on the other hand it’s the best system there is in the world in terms of the quality at the top. So it’s a very complicated subject, but it’s a hell of a mess. I find it demoralizing to see in Singapore they spend 20 percent of what we spend in America on medical care and their system is way better. And what they’re doing is just the most elemental common sense. But of course it was created by one Chinese guy who was in control. Of course it’s more intelligent than the outcome of our political process.
That Singapore system was created by Lee Kuan Yew. Of course it works better. But to have it cost 20 percent and work better in an advanced place likes Singapore – So there’s a lot to be demoralized about in terms of the potential of our medical care system. And of course it isn’t that our politicians are good at fixing systems like that. So if you don’t like it now, I confidently predict you won’t like it later either. (laughter)