Robert Fogel writes,

Health care isn’t a homogeneous good, all of which is essential. There are large luxury components that may appeal to some but that aren’t necessary for sound basic care. It is, of course, necessary to provide medical care for those who are too poor to purchase it, but for those with more resources, shifting to private savings accounts for health services is an effective way to relieve pressure on the finances of both businesses and government.

I made a similar point in my National Review piece. Note that most of Fogel’s article concerns forecasting increases in lifespans. Pointer from Tyler Cowen.