How The Rising Of Healthcare Cost Can Overall Affect The United State Economy Essays Example
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Funding the Rising Cost of U.S. Health Care
The rate of healthcare cost in the United States is on the constant increase from the last decades. This high level of spending on healthcare and sustained increase in the United States have been the scrutiny and subject of discussion for several decades by all the stockholders. Thus, this investigating potential link is trying to explain how the cost of healthcare can affect the economy of the United States. The healthcare spending can affect the economy in a complex and diverse ways across all the sectors of the population groups and the economy (Lerner, 2006).
It is not surprisingly, the rapid increase of medical care spending and the funds of the gross domestic product allocated to healthcare have sent the signal of the negative impact of the medical care cost to inflation of the United States economy. For instance, in the United States, the cost of healthcare is rapidly growing to a point where is almost exiting those who pay for it. Thus, if the stockholders cannot do something, then in future the cost of healthcare may be higher than the standards of the economy and living of the most of the citizens. Equally important, when the cost of healthcare is high, it can affect the security of most of the employees and retirees. This due to the employers may shift the increasing cost of health to the employees. Thus, this situation will lead to the government budgets to be dominated by the need to finance the cost of healthcare for employees. This will affect the economy of the United States negatively (Caldwell, 2001). Two areas of the economy where the new healthcare acts impacts
The healthcare law in the recent years has slowly reduced the growth in the healthcare expenditure and increasing the long-term federal budget outlook. The Congressional Budget has reduced the future projection of the health care cost from the gross domestic product, since the implementation of the new health care. The act of health care has provided better strategies that enable the health care in the United States to reduce the cost of the medical care. Therefore, the government funds that were saved from the better management of the health care acts are used to develop other sectors economic areas, thus enables the economy to recover. On the other hand, the slow growth of health care price and spending has improved the quality of the care from the time the new health care act was implemented. That enables many employees can access the medical care. Thus, the health of the workers and their families are taken care of. They can work and reduce absentees from work. As a result, they contribute to the recovery of the United States economy (Polancy, 2005). For instance, the decision of the federal government to provide free health care for babies below five yes has led to a reduction of the cost of the health care.
However, the health care act has led to a slowdown of the medical care cost, and other factors have contributed to the high of the expense of the health care cost. Equally important, most of the insurances have come up with unaffordable premiums that most of the citizens cannot afford to pay. That made the cost of health care to remain high even after the new act of healthcare has been implemented. Nevertheless, the economy can affect the cost of health care, on the other hand. For example, when the economy is experiencing inflation, also, the cost of medical care was expected to rise despite the implementation of the new act of healthcare in the country.
Pros and cons of using private insurance to that of new affordable health care insurance system
The advantages of the private health insurance, it assures all their clients will have the chance to have the benefits. Some of those benefits, for instance are maternity and the coverage for consultation fees. Addition, the private insurance is more flexible by allowing the clients to choose the hospital they will wish to visit and the physicians they will want to treat them. On the other hand, the affordable health insurance system it creates the marketplace for the low, and middle-income Americans can access the health services. Most of those health insurance systems had better strategies that will enable more citizens to access the health care. For example, those health insurance systems they lower the tax credits for low and middle-income residents. In addition, they offer subsidies cost pockets and Medicaid at the market place thus health insurance systems to allow more citizens to accesses medical care services (Klosek, 2011).
However, the private insurance they have several disadvantages such as the cost of paying the premiums are high. These due to most of the private insurances they require the clients to undergo pre-existing illnesses. Similarly, not all the conditions are covered since in most cases the private insurances only cover the short-term lineless. Equally important, private insurance's premium cost they do rise above the inflation cost. On the other hand, the main cons of the health insurance systems are more American citizens who have high income will pay more tax credit and deductions. The cost associated with implementing ACA and impacts on different demographic
The health cost increase is unlikely to make United States health care affordable to most of those who cannot afford it. Instead, it is likely to course more burdens to those a gently needs care most. For that reason, at different levels of demographics, the implementation of the affordable health Act (ACA) will cover some sections of the population. This ACA most low-come elderly, children, and disabled individual will not cover some of the demographic. These groups of people may have the low cost of accessing the health care. However, the other groups of demographic were left to strangle with the high cost of health care services. Therefore, they also need the stockholders to come up with another health care act that will take care of other levels of demography (Coombs, 2005).
In conclusion, the rate of healthcare cost in the United States is on the constant increase from the last decades. This high level of spending on healthcare and sustained increase in the United States have been the scrutiny and subject of discussion for several decades by all the stockholders the high cost of health care can affect the economy to grow or remain stagnant. Therefore, they are an agent need to come up with the solutions that will benefit all the Americans citizens.
Caldwell, D. (2001). U.S. health law and policy, 2001: A guide to the current literature. San Francisco: Jossey-Bass ;.
Coombs, J. (2005). The rise and fall of HMOs: An American health care revolution. Madison, Wis.: University of Wisconsin Press.
Klosek, J. (2011). Protecting your health privacy: A citizen's guide to safeguarding the security of your medical information. Santa Barbara, Calif.: Praeger.
Lerner, K. (2006). Medicine, health, and bioethics: Essential primary sources. Detroit: Thomson/Gale.
Polancy, T. (2005). So you want to live in Hawaiʻi: A guide to settling and succeeding in the islands. Kihei, Hawaiʻi: Barefoot Pub.
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