Rising Cost Of Health Care Essay

Give your opinion of the rising cost of health care’s overall impact on the U.S. economy. Justify response. The rising cost of health care has a significant impact on the overall U.S. economy. The rising cost affects businesses, families and individuals. Businesses are finding it difficult to provide health benefits for employees. Uncertainty and insecurity arises in some families and individuals with respect to high premiums and deductibles, high out of pocket expense and expensive prescriptions for those with coverage and the burden of not having coverage for others. This trickles down into other areas of ones livelihood. Due to medical debt, families with health insurance are having difficulty paying for other basic necessities (Doty,

As mentioned earlier, the previously uninsured now have access to, preventative care, comprehensive coverage, no annual or lifetime limits, guaranteed acceptance. According to the New York Times, ACA has been most beneficial for people between the ages of 18-34; minorities (Blacks and Hispanics), women and low-income. Under ACA young adults are now covered under their parents insurance until 26 years old. Minorities, who are the most like to be uninsured gained substantially due to Medicaid expansion, as did the low-income (Quely & Sanger-Katz, 2014). “If all states adopted the Medicaid expansion, it is estimated that states could save $18 billion from 2013-2022 (“Report finds,” 2012). In addition to affordable and better quality health care, ACA will reduce Medicaid spending. Expansion would also provide Medicaid for the population whose income does not meet the threshold of the federal poverty line. The U.S. is one of the few countries that does not provide national coverage. Other countries that provide various types of health care insurance that is affordable, equal quality of care, and covers most of their citizens. Unlike the U.S whose systems are separate, both sick and healthy, rich and poor pay into the plan, which keeps premiums low (Reid,