Schiff's solution: Let individuals fully deduct whatever they spend on health insurance from their income taxes.
"More people will get their health insurance the way they get their auto insurance or their fire insurance or for their homeowners insurance," he said. "Get rid of those incentives, get businesses out of the healthcare industry, and allow individuals to shop around."
The second part of Schiff's plan included specifying which circumstances were "appropriate" for insurance coverage.
"The big problem in medical care is that too many people use insurance for everyday items," he said. "We don't want you spraining your ankle and then billing it to the insurance company – things like that should be paid for out of pocket."
According to Schiff, not using insurance and paying out of pocket with cash for things that aren't life-threatening will reduce the price of healthcare for everyone over time.
"Once you have a third-party player, you no longer have free market controls on costs, and costs skyrocket," he said.
The final segment of Schiff's plan called for the termination of two programs that collectively aid over 105 million Americans, according to a 2015 report by the Kaiser Family Foundation…
Medicare and Medicaid.
According to Schiff, these programs are better left for dead because they take up "too much" time for practitioners and provide a handout for low-income Americans.
"We should be getting rid of Medicare and Medicaid," Schiff said. "Before we had any of this stuff, we had a much better healthcare system. It was more affordable, and doctors had a lot of free time. They didn't have to spend all their time filling out paperwork."
"So, to the extent that there are poor people who couldn't afford medical care, they got it for free," Schiff criticized.
While the Euro-Pacific Capital CEO continues to criticize the American healthcare system, the reality is he is not in a position to do much about it.
But one person is…
Will Trump cut Social Security benefits? That's the big question keeping more than 46 million U.S. baby boomers up at night.
- Source, Money Morning