Neither the old system nor the new system provide true free-market feedback, and it drove costs sky-high. The distortions you mention are perfect examples.
If there is a single payor, the system would hit an equilibrium even if it was a fairly low standard of acute care. People with means could enhance their healthcare in the open market.
I am ambivalent as to the GOP coming in and trashing Obamacare. I assume anything they introduce will still be an improvement over the pre-Obamacare system.