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Escalating costs of healthcare
Health care costs in the united states essayu
Escalating costs of healthcare
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Medical bills are a very problematic situation that is causing arguments all across the United States. Countless Americans have been affected by the extremities of medical debts in the U.S. due to being underinsured or not insured at all. Many people across the nation have necessary surgeries they need to get in order to survive, but some of those people aren’t able to get those needed surgeries because they are unable to afford them. Research shows that many citizens of America feel that the prices of medical procedures need to be lowered so they are able to get the correct care they need for themselves or their loved ones. Health care costs are raising at about 7% a year, causing more debt in citizens and out country, according to The Hastings Center President, Daniel Callahan. While these …show more content…
Many people who are insured are quickly becoming underinsured because as the days go by, medical bills seem to be piling up on top of each other and their insurance won’t cover all, or enough, of their bills. Callahan said, “Almost everyone knows that this country [United States] has a scandalously large number of people who lack health insurance, now up to 46 million and growing,” and this was just in 2008! There are numerous factors as to why these costs are rising; one of those factors is the very fast increase in medical technology. “New or increased use of medical technology contributes 40-50% to annual cost increases, and controlling this technology is the most important factor to reduce them.” In order to create more cures and preventions for certain things in the health field, there is going to have to be new inventions and innovations to make this successful. Some people say that they need to slow down the increase in technology to reduce medical costs, but others feel that they should keep up with the advances so we can have an even healthier
Without question the cost of medical care in this country has skyrocketed over the last few decades. Walk into an emergency room with an earache or the need for a few stitches and you’re apt to walk out with a bill that is nothing short of shocking.
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.
For the last five years of my life I have worked in the healthcare industry. One of the biggest issues plaguing our nation today has been the ever rising cost of health care. If we don't get costs under control, we risk losing the entire system, as well as potentially crippling our economy. For the sake of our future, we must find a way to lower the cost of health care in this nation.
The United States (U.S.) has a health care system that is much different than any other health care system in the world (Nies & McEwen, 2015). It is frequently recognized as one with most recent technological inventions, but at the same time is often criticized for being overly expensive (Nies & McEwen, 2015). In 2010, President Obama signed the Patient Protection and Affordable Care Act (ACA) (U. S. Department of Health & Human Services, n.d.) This plan was implemented in an attempt to make preventative care more affordable and accessible for all uninsured Americans (U.S. Department of Health & Human Services, n.d.). Under the law, the new Patient’s Bill of Rights gives consumers the power to be in charge of their health care choices. (U.S. Department of Health & Human Services, n.d.).
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).
Health insurance, too many American citizens, is not an option. However, some citizens find it unnecessary. Working in the health care field, I witness the effects of uninsured patients on medical offices. Too often, I see a “self-pay” patient receive care from their doctor and then fail to pay for it. Altogether, their refusal to pay leaves the office at a loss of money and calls for patients to pay extra in covering for the cost of the care the uninsured patient received. One office visit does not seem like too big of an expense, but multiple patients failing to pay for the care they receive adds up. Imagine the hospital bills that patients fail to pay; health services in a hospital are double, sometimes triple, in price at a hospital. It is unfair that paying patients are responsible for covering these unpaid services. Luckily, the Affordable Care Act was passed on March 23, 2010, otherwise known as Obamacare. Obamacare is necessary in America because it calls for all citizens to be health insured, no worrying about pre-existing conditions, and free benefits for men and women’s health.
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.
The U.S. expends far more on healthcare than any other country in the world, yet we get fewer benefits, less than ideal health outcomes, and a lot of dissatisfaction manifested by unequal access, the significant numbers of uninsured and underinsured Americans, uneven quality, and unconstrained wastes. The financing of healthcare is also complicated, as there is no single payer system and payment schemes vary across payors and providers.
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.
Company Background and Overview On March 10, 1937, Joseph Lewis and Jack Green founded Progressive Mutual Insurance Company. Progressive’s mission was to bring security and comfort to auto owners. Since Progressive’s start, the firm has taken innovation approaches to auto insurance. Becoming the first company to insure high-risk drivers, the first insurer to go online, and the first to sell online are only some of Progressive’s innovate accomplishments.
Healthcare access in the United States has been limited to many due to the rising costs and geographical maldistribution of services. Healthcare costs have been steadily rising over the last decade and are the highest in the world. The rising cost in the United States can be due many factors including the demand of the elderly for health care, the increases in hospital expenses and fees for health care professionals, and higher prices for health insurances and prescription drugs (Cockerham 2017: 361). The rising costs of health care can affect families in various ways, especially their finances. The family’s share of the health insurance premium, out of pocket expenses like co-pays and deductibles, an employer’s share of the health insurance premium, and the portion of federal and state taxes devoted to government health programs (such as Medicare, Medicaid, veterans’ health care, and public health) (Auerbach and Kellermann 2011).
Walker K. (1977) argues that the future of health care needs to address the amount of health care needed, ways these services will be delivered to the consumers, and how will they pay for these services and still today these fundamental concerns are circling the health care system. Health care is fluctuating greatly in today’s economy and future stabilization is needed to provide a balanced service to consumers. While the cost of health care raises, more and more private sectors, the employers will attempt to continue to reduce costs of coverage with an outcome of increased burden on employees. The crucial outcome of this will make workers less able to afford health insurance and in return develop future increase in the uninsured (Garson & Levin, 2001). In addition Garson and Levin (2001) argue that as technology of health care becomes more efficient patients will continue to see increases in health care
...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.
The cost of US health care has been steadily increasing for many years causing many Americans to face difficult choices between health care and other priorities in their lives. Health economists are bringing to light the tradeoffs which must be considered in every healthcare decision (Getzen, 2013, p. 427). Therefore, efforts must be made to incite change which constrains the cost of health care without creating adverse health consequences. As the medical field becomes more business oriented, there will be more of a shift in focus toward the costs and benefits, which will make medicine more like the rest of the economy (Getzen, 2013, p. 439).