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The cost of drugs in society
Economic implications of health insurance
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Financing of Health Care Health insurance is becoming the focus in our lives as many individuals are struggling to balance health and cost. The high cost of insurance benefit those who can afford and for other, it is a difficult task to accomplish. I am grateful to have a job where I can have insurance for my family and self, I know some families who cannot afford health issuance and have to go through the worries to afford one. The high cost of health insurance benefits those who have money or can afford to buy the expensive drugs. It is sad to think that one can compensate money for the cost of health because the chances to survive an illness are low. My Question is what makes a drug expensive? the source of material or the time put into …show more content…
The cost of provengen may sound expensive $90.000 for four mouths but it reasonable compared to all the treatments that the patient may have to go through which may end up being more expensive and course more damage to their bodies. The Government can subsidize drugs like provengen that have a good outcome and treat in a short amount of time. When a family member or someone is sick of crucial illness money should be their least problem yet that adds more stress to the health condition. Ensuring that everyone is covered with health insurance is reducing the cost because more people will seek preventative care and illnesses like cancer will be discovered at an early stage, which is easier to manage. As explained by Reinhardt, ( 2010) it will be easier to provide insurance for the millions of Americans now rather than only for the uninsured or lower-income who will benefit full coverage through the federal subsidies, which is estimated to be about $800 billion to 1 trillion in a bill that is in progress with
On a global scale, the United States is a relatively wealthy country of advanced industrialization. Unfortunately, the healthcare system is among the costliest, spending close to 18% of gross domestic product (GDP) towards funding healthcare (2011). No universal healthcare coverage is currently available. United States healthcare is currently funded through private, federal, state, and local sources. Coverage is provided privately and through the government and military. Nearly 85% of the U.S. population is covered to some extent, leaving a population of close to 48 million without any type of health insurance. Cost is the primary reason for lack of insurance and individuals foregoing medical care and use of prescription medications.
There is an ongoing debate on the topic of how to fix the health care system in America. Some believe that there should be a Single Payer system that ensures all health care costs are covered by the government, and the people that want a Public Option system believe that there should be no government interference with paying for individual’s health care costs. In 1993, President Bill Clinton introduced the Health Security Act. Its goal was to provide universal health care for America. There was a lot of controversy throughout the nation whether this Act was going in the right direction, and in 1994, the Act died. Since then there have been multiple other attempts to fix the health care situation, but those attempts have not succeeded. The Affordable Care Act was passed in the senate on December 24, 2009, and passed in the house on March 21, 2010. President Obama signed it into law on March 23 (Obamacare Facts). This indeed was a step forward to end the debate about health care, and began to establish the middle ground for people in America. In order for America to stay on track to rebuild the health care system, we need to keep going in the same direction and expand our horizons by keeping and adding on to the Affordable Care Act so every citizen is content.
In America, it has become a battle to earn a high paying job to cope with the expenses of a typical American. It has become even more of a battle for some people to afford medical prescriptions to keep healthy. Health becomes a crucial issue when discussed among people. No matter what, at one point or another, everyone is going to stand as a victim of the pharmaceutical industry. The bottom line is Americans are paying excessive amounts of money for medical prescriptions. Health-Care spending in the U.S. rose a stunning 9.3% in 2002, which is the greatest increase for the past eleven years. (Steele 46) Many pharmaceutical companies are robbing their clients by charging extreme rates for their products.
There are several issues concerning the uninsured and underinsured patient population in America. There are many areas of concern the congressional efforts to increase the availability of health insurance, the public image of the insurance industry illustrated by the movie "John Q", the lack of good management tools, and creating health insurance coverage for all low income Americans. Since the number of uninsured Americans has risen to 43 million from 37 million in the flourishing 1990s and could shoot up even more severely if the economy continues to decrease and health care premiums keep increasing (Insurance No Simple Fix, 2001).
Why are the prices so high? Some critics of the drug companies argue that the larger firms are ripping off the American public, are dishonest and, in some cases, unsafe. On the other hand, there are health care workers such as doctors and their supporters who claim that research and testing for drugs costs money. This supposedly justifies their prices for their products. Also, as an argument to their side, they say that their practice is a benefit to the improvement to mankind. It is a life saving business, but are these prices justified? As one can see, this is a very important issue in medicine today. It affects everyone involved with medicine, which is much of the American public. It also affects the physicians and drug makers.
In order to make ones’ health care coverage more affordable, the nation needs to address the continually increasing medical care costs. Approximately more than one-sixth of the United States economy is devoted to health care spending, such as: soaring prices for medical services, costly prescription drugs, newly advanced medical technology, and even unhealthy lifestyles. Our system is spending approximately $2.7 trillion annually on health care. According to experts, it is estimated that approximately 20%-30% of that spending (approx. $800 billion a year) appears to go towards wasteful, redundant, or even inefficient care.
Health insurance is currently an important issue in the United States. Everyday more and more Americans become uninsured due to job loss and an increase in premiums. These Americans add to the ever growing population of 45.7 million people who are currently uninsured (Bialik). Moreover only 27% of those uninsured are under the age of 65 (NCHC). This is staggering considering most of those who are uninsured have, or soon will, suffer from some sort of illness or injury. As a result they will not be able to afford proper treatment. Insurance premiums can range in cost from fifty dollars per month, to fifteen hundred dollars per month (Kreidler). An individual’s premium is determined by factors they choose as well as other factors looked at by their provider. The cost of health insurance in America varies depending on the controllable factors, like particular insurance policies, and uncontrollable factors, like age.
There are huge impacts of the rising costs. Many people can not afford health insurance. Of the families that do have health coverage, 50 percent are concerned about having to pay more for that coverage in the future, while 42 percent fear they will not be able to afford coverage at all. (National Coalition on Healthcare, 2005, Facts on heal...
Although health insurance can be beneficial because providers get paid for the services they provide to the patient the insurance premiums and deductibles are in many instances way more than many families across the United States can afford. With these extremely high costs for insurance statics show that over 40 million families’ can’t afford or have access to needed health care systems. “It shows that one-fifth of Americans couldn 't afford one or more of these services: medical care, prescription medicines, mental health care, dental care, or eyeglasses (R...
Rising medical costs are a worldwide problem, but nowhere are they higher than in the U.S. Although Americans with good health insurance coverage may get the best medical treatment in the world, the health of the average American, as measured by life expectancy and infant mortality, is below the average of other major industrial countries. Inefficiency, fraud and the expense of malpractice suits are often blamed for high U.S. costs, but the major reason is overinvestment in technology and personnel.
In recent years’ health reform has been a driving force in the United States political system. If you watch the news you will undoughtabley hear how citizens, the government, or the economy is or might be effected by some sort of change in medical regulation. One of these hot topic issues is the cost of prescription drugs. Every major drug market besides the United States regulates the price of drugs in some way (Abbott and Vernon). By the United states not doing so many believes it opens consumers up to be exploited by large pharmaceuticals companies. Other believe regulating drug prices limits investment, innovation, and competition in the pharmaceutical industry. In many ways both views are correct yet the later may have more long term lasting
High cost of healthcare is a significant topic in the United State today impacting everybody involved, from a national level to every person in society. The question in this paper is; “how the role of an advanced nurse practitioner (APN) in an urgent care setting helps to reduce that healthcare cost through billing and access to lower costing health care?” For the most part this question is supported with the literature provided. The summary of literature provided consists of the high cost of healthcare, nurse practitioners in an urgent care setting, billing and cost reduction. The growing trend in the United States is the reduction of physicians providing primary care thus creating a void in access to care; in turn there is an increase
Meritage Medical Network said, “It’s estimated that 30% of healthcare spending each year is wasted!” Even with this great amount of waste, the price of healthcare is still rising! This trend has been on since the dawn of health care, always rising! It doesn’t look like it will be going down anytime soon. The future prediction is that health care price will keep rising.
...ue to numerous medical errors. With the amount of medical errors that currently do occur which is a current health care issue it cost the health care billions of dollar each year to fix the mistakes that were made.
Health care has always been an interesting topic all over the world. Voltaire once said, “The art of medicine consists of amusing the patient while nature cures the disease.” It may seem like health care that nothing gets accomplished in different health care systems, but ultimately many trying to cures diseases and improve health care systems.