18% of Patients Surveyed Skipped Prescriptions to Save Money

By Staff Reporters


18% Surveyed Skipped Prescriptions to Save Money

A recent Gallup survey asked “Thinking about the last 12 months, have you or a family member skipped a prescribed pill, dose, or other type of medication in order to save money?”. The amount of prescriptions in the household of those who answered yes varied as follows:

 •  8+: 25%
 •  5-7: 22%
 •  1-4: 17%
 •  0: 8%
 •  Total that answered yes: 18%

Source: West Health-Gallup 2021 Healthcare in America Report, December 2021

CITE: https://www.r2library.com/Resource/Title/082610254


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New 2022 Mileage Tax Rates

Automobile Business Deductions

2022 IRS Mileage Reimbursement Rate

Here are the 2022 IRS mileage reimbursement rates for businesses, individuals, and other organizations:

  • 58.5 cents per mile driven for business use. This is an increase of 2.5 cents from the 2021 rate.
  • 18 cents per mile driven for medical or moving purposes for qualified active-duty members of the Armed Forces. This is up by 2 cents from the 2021 rate.
  • 14 cents per mile driven in service of charitable organizations. Because the rate is set by statute it hasn’t changed from the 2021 rate.


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UPDATE: Stock Market and the Economy

By Staff Reporters


The stock market was very sharply mixed yesterday, and the NASDAQ Composite took the brunt of the damage. Even as the Dow Jones Industrial Average was up triple digits, the NASDAQ fell almost 2% as of 1:45 p.m. ET; and finishing down 210.08 points or (‎-1.33%).

Physicians and other investors looking at the biggest stocks in the NASDAQ would have to go through three dozen stocks on the list before finding a single one that rose more than 1%. Many of the top tech giants were down 1% to 5% or more on the day. Yet there were some winning NASDAQ stocks, and a few in particular might seem surprising to those used to seeing more popular names among top performers.

Bond yields gained thanks to bullish attitudes around economic growth.

Economy: The Great Resignation rolls on as a record 4.5 million Americans quit their jobs in November. That’s equivalent to 3% of the workforce.


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On Hobson’s Economics “Choice”

The Philosophical Tradeoff

By Dr. David Edward Marcinko; MBA


In economics, Hobson’s choice is a free choice in which only one option is offered, and one may refuse to take that option. The philosophical choice is therefore between taking the option; and not taking it. 

A False Choice 

The phrase is said to originate from Thomas Hobson [1544-1630], a livery stable owner who, in order to rotate the use of his horses, offered customers the choice of either taking the horse in the stall nearest the door – or taking none at all. It is analogous to the expression “my way or the highway”. 

In other words, it is in many respects a faux choice – or no choice at all. 

Financial Tradeoff 

Some retired physicians and other retired people live on a fixed income and many of them live right on the edge of their financial capability.  At some time in their life, they may have to make a choice regarding many purchases.  

In this case, we will illustrate “choice” using a couple’s purchase of Long Term Care Insurance. Of course, economics is the study of choice; wants, needs and scarcity, etc. 

In our case, if they decide to make the purchase they commit to a lifetime of premium payments. 

The financial tradeoff is this; if they make the commitment to purchase LTCI, they must give up something else.


In order to maintain a monthly premium of $100 ($1,200per year), an elderly doctor, retired layman or couple must essentially relegate about $30,000 of financial assets to generate the $100 necessary to make an average premium payment (assumes a 7% rate of return with 4% withdrawal rate) or [4% X $30,000 = $1,200 year]. 

Thus, if the monthly premium cost is $500 per month, the elder must give up the use of $150,000 of retirement asset just to generate enough cash flow to pay for the LTC insurance. 

The married elder couple has to make the choice between lifestyle (dinners, vacations, gifts to children, prescription drugs, medical care or food and shelter) versus paying an insurance premium to provide for nursing home coverage for a need, which may be very real, but will not occur until sometime in the ambiguous future. 


When faced with such a tough economics – Hobsonian – choice, neither of which delivers peace of mind or a respectable solution; many will simply decide that, in either case, they may already end up impoverished. 

Thus, many will often opt for the better lifestyle now … while they can enjoy it … together. 


A health economist or financial advisor often has to dispel the myths, hopes and misconceptions of clients and deal with the realities they face. Alternative risk management strategies are important, and health economic choices must be considered in any comprehensive financial plan. 

And so, what are your thoughts and comments on Hobson’s choice [dilemma]? 

Speaker: If you need a moderator or a speaker for an upcoming event, Dr. David Edward Marcinko; MBA – Editor and Publisher-in-Chief – is available for speaking engagements. Contact him at: MarcinkoAdvisors@msn.com 


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