WASHINGTON – As the Senate debates a way to fix America’s broken healthcare system – at least get it back to where it was before Obamacare, one successful author and businessman has a suggestion.
Jody Tallal, author of “Billionaire Cab Driver: Timeless Lessons for Financial Success,” has been a personal finance manager for wealthy professionals since the 1970s and was a recipient of the President’s Medal of Merit from Ronald Reagan.
He has shared with WND some of his ideas for cutting the costs of Medicare and Medicaid while still making sure that poorer Americans still receive the healthcare they need.
He developed a course to train doctors studying at Baylor Medical School, University of Tennessee Health Sciences, and Tulane Medical School on how to manage their money.
Tallal’s proposal is simple: instead of reimbursing doctors through Medicare and Medicaid for treating low income patients, give them a dollar-for-dollar income tax credit to do so.
“Under my proposal, any doctor could voluntarily choose to see a special-needs (low-income) patient as designated by whatever standard Congress wanted to develop,” Tallal told WND. “Instead of receiving a check from Medicare for their services, they would receive a Tax Credit Certificate, redeemable dollar for dollar, off of their income tax bill. This would give doctors the option to work extra time for free instead of paying income taxes and most doctors would line up for such an opportunity.”
Obamacare was created to make sure poorer people got the healthcare they needed. Tallal believes that it failed in that endeavor, and only served to make healthcare more expensive for everyone else.
“The thought of poor people not having access to healthcare seem unfair to many and they felt the government should step in a solve this,” he said. “[Obamacare] did not significantly reduce this issue. At the time Obamacare passed, 50 million Americans were uninsured, many of which was by choice. Today that number has dropped to around 30 million, but the cost has been the wholesale destruction of health insurance plans to the rest of the country. Obamacare resulted in significantly higher premiums and deductibles for all; loss in the number of plans and doctors available under those plans; and lower coverage.”
Tallal believes that running businesses is not something the government is good at, citing Amtrak and the post office as examples. He believes that his proposal would bring healthcare back into the private sector, keeping disastrous government influence out of it, while at the same time providing necessary healthcare to low income Americans.
“The result would be an incalculable quantity of free medical service available to those in need with no tax dollars collected from you or me to pay for the services,” he stated. “Think about an abundance of controlled, targeted money designed to solve our most critical, social problems so that the government will not have to waste our money feebly attempting to accomplish the same thing.”
Tallal also believes that if his proposal were successful, it could easily be tweaked and applied to other areas of government influence in what should be private business, increasing efficiency.
“This concept could be used in any industry that receives payments for services from the government for services rendered,” he said. “It could also be used to raise money to solve a number of social problems, from providing housing for the homeless to contributing to AIDs research.”
Tallal regularly writes columns advising readers on matter of personal finance for WND.