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Health care costs in the United States essay
Health care costs in the United States essay
Health care costs in the United States essay
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The following information is from the Centers for Medicaid & Medicare Services, it reflects historical expenditure information for the calendar 2014. • NHE grew 5.3% to $3.0 trillion in 2014, or $9,523 per person, and accounted for 17.5% of Gross Domestic Product (GDP). • Medicare spending grew 5.5% to $618.7 billion in 2014, or 20 percent of total NHE. • Medicaid spending grew 11.0% to $495.8 billion in 2014, or 16 percent of total NHE. • Private health insurance spending grew 4.4% to $991.0 billion in 2014, or 33 percent of total NHE • Out of pocket spending grew 1.3% to $329.8 billion in 2014, or 11 percent of total NHE. • Hospital expenditures grew 4.1% to $971.8 billion in 2014, faster than the 3.5% growth in 2013. • Physician and clinical …show more content…
• The largest shares of total health spending were sponsored by households (28 percent) and the federal government (28 percent). The private business share of health spending accounted for 20 percent of total health care spending, state and local governments accounted for 17 percent, and other private revenues accounted for 7 percent Source: https://www.cms.gov/research-statistics-data-and-systems/statistics-trends-and-reports/nationalhealthexpenddata/nhe-fact-sheet.html Government regulation is a double edged sword, and will always have controversial aspects associated with that particular frame of out. There is no right or wrong answer, since there is a wide-range of variables that are necessary to define an answer. There are within the health sector very influential and powerful action groups that are pro or con on any evolving decision or attempt at reform. Even countries that spend less on health care than the United States are essentially facing the same crisis, which equates into common emerging issues as a result of mandated reform and continued financing of such …show more content…
Recent reforms have extended health care to 95% of the population — most of whom have never had insurance before — a development that has caused serious strains on the delivery system. • China’s aging population presents the health care system with another challenge, and one that is likely to get worse, as it will in many other countries facing a similar demographic shift. • Cost is an issue as well. If you “look at how Obamacare was pitched, administration officials said part of it will be paid for by taxing the insurance and medical device industries and reducing payments to providers,” says Burns. “Officials also said that some of the savings will come from employee wellness programs, efficiencies in delivery and so forth. Yet there is little evidence that wellness programs and restructured delivery systems save money.” Recent developing and emerging legislation have greatly contributed to the overall decrease in a number of areas of the health sector; health care exchanges opting out of the program, medical personnel electing to retire or close their business practices, monopolization of health networks thru mergers and buyouts, and the continued impact of third-parties that have their own agendas to
Bigger hospitals increasing market share Loss of Medicaid and Medicare reimbursement Decline in revenue Loss of patients
Due to the Patient Protection and Affordable Care Act signed into law on March 23rd, 2010; health care in the US is presently in a state of much needed transition. As of 2008, 46 Million residents (15% of the population) were uninsured and 60% of residents had coverage from private insurers. 55% of those covered by private insurers received it through their employer and 5% paid for it directly. Federal programs covered 24% of Americans; 13% under Medicare and10% under Medicaid. (Squires, 2010)
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. In comparison, Germany spent slightly more than 11% of GDP (2011) towards healthcare funding.
The system has been fraught by delays in receiving treatment, a backdrop of layered bureaucracy, and lack of advanced technology. Currently, the UK system has a limitation on the use of experimental treatment which deprives people of their rights as citizens. Regulating cost and price points will serve as a disincentive for companies in the healthcare sector from coming up with new technologies to better health
For decades, one of the many externalities that the government is trying to solve is the rising costs of healthcare. "Rising healthcare costs have hurt American competitiveness, forced too many families into bankruptcy to get their families the care they need, and driven up our nation's long-term deficit" ("Deficit-Reducing Healthcare Reform," 2014). The United States national government plays a major role in organizing, overseeing, financing, and more so than ever delivering health care (Jaffe, 2009). Though the government does not provide healthcare directly, it serves as a financing agent for publicly funded healthcare programs through the taxation of citizens. The total share of the national publicly funded health spending by various governments amounts to 4 percent of the nation's gross domestic product, GDP (Jaffe, 2009). By 2019, government spending on Medicare and Medicaid is expected to rise to 6 percent and 12 percent by 2050 (Jaffe, 2009). The percentages, documented from the Health Policy Brief (2009) by Jaffe, are from Medicare and Medicaid alone. The rapid rates are not due to increase of enrollment but growth in per capita costs for providing healthcare, especially via Medicare.
Healthcare has been a topic of discussion with the majority of the country. Issues with insurance coverage, rising costs, limited options to gain coverage, and the quality of healthcare have become concerns for law makers, healthcare providers and the general public. Some of those concerns were alleviated with the passing of the Affordable Care Act, but new concerns have developed with problems that have occurred in the implementation of the new law. The main concerns of the country are if the Affordable Care Act will be able to overcome the issues that plagued the old healthcare system, the cost of the program, and how will the new law affect the quality of the health delivery system.
Healthcare has now become one of the top social as well as economic problems facing America today. The rising cost of medical and health insurance impacts the livelihood of all Americans in one way or another. The inability to pay for medical care is no longer a problem just affecting the uninsured but now is becoming an increased problem for those who have insurance as well. Health care can now been seen as a current concern. One issue that we face today is the actual amount of healthcare that is affordable. Each year millions of people go without any source of reliable coverage.
of health care for 45 million people, including 7 million who are younger than age 65 and
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.).
However, our system is based on money. The more money you have to spend, the better medical services you will receive. ?According to the Bureau of Labor education at the university of main (2003), America spends more money oh health care than any other nation, "$4,178 per capita on health care in 1998?, compared to the average of $1,783. (BLE., 2003, p.23). Still an estimated "42.5 million Americans are living without health insurance", which prevents them from receiving medical treatment. (Climan, Scharff, 2003, p.33). The numbers of un-insured Americans continue to rise. Tim Middleton (2002) states, ?insurance premiums grow at a rate greater than wages,? when you have a low-income job. (¶ 9). With our current economy recession, taxes are rising and small business employers are unable to purchase health plans for their employees. Employees are realizing that they are unable to gain insurance from their jobs and beginning to speak out about the high price of health care.
The Henry J. Kaiser Family Foundation (2011). Health care spending in the United States and
In the article titled, "Health: Medicare and the Economy," by: Dean Foust, found in Business Week and published in 2004, it is stated that, cuts in Medicare would be bad for hospitals and other managed-care providers. Although the United States is considered the strongest country in the world, there are numerous political, social, and economic issues that require reform to improve our way of life. Reform is needed for the health care system in order for Americans to live a life that is both safe and prosperous. Health care and prescription drug costs, whose escalating prices have caused many Americans to go without adequate medical care. Health care is one of the most controversial issues in the news right now. The co...
One in six Americans and mostly all of the population 65 years and older, are covered by Medicare. In 2012, Medicare provided for 50.7 million people, 42.1 million aged and 8.5 million disabled, with a total cost of $574 billion. This is about 21% of national health spending and 3.6% of Gross Domestic Product (Davis, 2013). Medicare, being a social insurance program, is required to pay for covered services provided to enrollees so long as the specific criteria is met. On av...
Medicaid dates back from July 30th, 1965 when Lyndon B. Johnson was in office. ...
As of 2013 data, the US per capita government expenditure was $4307 while total per capita expenditure on health spending was $9146, which is 17.1 percent of the GDP (2013) for the total expenditure on health. The annual rate of growth in per capita government spending on healthcare has been roughly 5.1 percent over the past thirty years (WHO, 2015). This rate of spending on health care growing faster than the economy for many years creates challenges ...