Funding the Rising Cost of U.S. Health Care
Funding the Rising Cost of U.S. Health Care
Give your opinion of the rising cost of health care’s overall impact on the U.S. economy It is more expensive for individuals, families and employers to have health care coverage because of the rising cost. Spending on the use of new technologies, treatment, and high cost for medical services. There has also been a high cost on local, federal and state government which led to high cost on to medical and Medicaid. This spending of health care has affected the economy and now people have to choose between a need for health care of the need to have shelter, food, or not having sufficient funding. Health care spending is moving faster than the economy is growing. High health care rising cost is causing the government to re-examine eligibility for public health and rising taxes on the consumers is leading to reduce investments.
The U.S. will not be able to compete in the economic global market. These rising cost in health care will affect business, house wholes, providers, employees, health status, income levels, age, and increase premiums. (Rising Health Care Costs ) http://www.ahip.org/Issues/Rising-Health-Care-Costs.aspx “Health plans are playing a vital role in reducing the cost of care and improving value…” – Karen Ignagni, President & CEO, America’s Health Insurance Plans Health Plan Innovations in Delivery System Reforms, American Journal of Managed Care
Compared and contrasted at least two (2) areas of the economy that the new health care act impacts. Small business and middle class families are two areas that the new health care act will impact. It used to be the economic strength in the U.S. was the small business owner. Small business has been strength to the economic by bring diversified groups opportunities of people to the workforce. Small business bring products have that are innovative to the services market. Small business has been able to create new jobs for the economic. However since the housing bubble in 2007 and 2008 small businesses are struggling very hard from the bank credits. Small businesses are the back bone to job growth and innovation for the economy. Small business owners who offer health care insurance to their workers are facing a hit by heavy taxes and high premiums for the employer. Small business pays up to 18% more per worker for health insurance than larger firms.
This is a tax disadvantage for small business. Which cause profits to be eaten up by higher health insurance cost and workers working for lower wages makes the small business workers, product, and market at a disadvantage. Small business(less than 50 workers) is less likely to provided health insurance. Back in the 50s and 60s a middle class family of three could live off a one person income which was the father. Mothers were house wives and people could purchase a home, car, and have a small savings. Families could go on vacation and own a late model car. The burden for middle class families today is the high cost for health care insurance and premiums. There have been an increase in unemployment and employees are scaling back on wages. Credit card debt gone up and slow job creation.
Increase in bankruptcy files, income inequality and out-sourcing of America business has been causing problems for the middle class families. This growth in health care spending has change priorities for middle class life style. With saving money, retirement benefit pension, and 401K plans shifting. Middle class person who have been working all their lives, now rick the chance of not having sufficient funds to maintain middle class life style. Will the middle class be able to retire and live a middle class style? Middle class families are not sure if there will be available income for retirement. (http://www.aarp.org/research/ppi/security/impact-of-rising-healthcare-cost-AARP)
Debated the main pros and cons of using private insurance versus using the new affordable insurance. Our population in this country has increase over the last 30 years and because of healthier life style and medical advances people are living longer. This can be a disadvantage to the patients who are using private insurance. This has put a strain on the private health insurance because most companies don’t cover previous medical conditions that cover injuries and short-term illness. Illness is something that happens on its own and worrying whether or not your condition is cover can add stress. After receiving a referral from the internal doctor the patient has to act as its own administrator who calls the insurance company to check, if the cost is cover before they can see a consultant for treatment. If you want more coverage you pay higher premiums. There also a disadvantage of having so many private health insurance companies to pick from. Each representative only discusses their company policies and not how their policy compares with others.
Leaving the patient not knowing which one is the best offer for you. Private insurance advantages is you can choose where you want to be treated without a long wait. There are specialist teams that will deal with specifically types of conditions. There continuity cares that allows you to be seen by the same consultant until the end of your treatment. The new affordable insurance covers families, small business, and individuals with the cost assistance through the market place program. There are no limits on life time health care which this will cut down on large medical bills for long term illness. This will keep people out of debt. If you make a mistake on your application or if you are sick an insurance company can’t drop you. A person with pre-existing condition can’t be denied care or charge a higher premium.
The new affordable insurance allows for parents to keep their children on their plan until the age 26 years old whether they live at home, married, or attend school. The affordable insurance has free preventive care for checkups, well woman visits, mange care to control chronic illness before they become costly to treat or complex. http://obmacarefacts.com/benefitsofobamacare.php) OBMA CARE FACTS dispelling the myths Analyzed the major impact this new health care system may have on different immigrant demographics;
Predicted the cost associated with the changing the accommodation to facilities having to review organizational planning in order to actualize these changes