Rising Cost Of Health Care Essay

Improved Essays
The Rising Cost of Health of Health Care in America Access to health care is a vital component in the health and well-being of a population. Individuals routinely allow symptoms of diseases or ailments go untreated due to a lack of health insurance. As stated by the Kaiser Foundation, one in five adults claim that they went without care in the past year because of cost. The country that has the highest spending on healthcare in the world is the United States. Approximately 17% of the gross domestic product is spent on healthcare per year. American’s pockets are being emptied while the quality and accessibility of care is substandard. Although efforts have been made to combat the rising cost of health care through the Affordable Care Act, …show more content…
The Affordable Care Act has many purposes, but some of the most important are to extend health care insurance to the impoverished, increase the quality of care, and lower the cost of care. In addition, the Affordable Care Act requires insurance plans to cover the cost of any wellness or preventive services. This is meant to give individuals the opportunity to prevent the progression of diseases, further lowering the cost of their health care bills. Another vital component of the law is it instructs health insurance companies to accept applicants regardless of his or her pre-existing conditions. In the past, individuals with pre-existing conditions would either be denied coverage or they would be charged a higher premium due to their health status. In the past, there was a limit on the amount of money a health insurer would spend on an individual, but with the passage of Affordable Care Act that policy ceases to exist. Today in 2016, there is no limit on the amount of money a health insurer can spend on a person covered by one of the company’s …show more content…
The Organization for Economic Cooperation and Development (OECD) compiled data comparing the percentage of the GDP spent on healthcare in various countries. The United States maintained the highest percentage while Turkey ranked the lowest at 5.6%. The country with the second highest GDP spent on healthcare is the Netherlands, averaging at about 11.8%, which is a grave difference compared to 17% (OECD 2014). Various factors account for this high percentage of the GDP, the most significant include administrative costs and the cost of

Related Documents

  • Improved Essays

    Insurance Plans with a copayment offer more secruity to the employee rather than a high deductable plan. However, the high deductiable plans are increasing in populatity in recent years due to health care reform laws. Employees are required to either pick the best health insurance plan offered or forgo coverage through their employer. Forgoing coverage does not mean the employee will see an increase in wages; in turn, allows the employer to finanically…

    • 1237 Words
    • 5 Pages
    Improved Essays
  • Improved Essays

    Doctors are restricted by insurance providers to what type of care they can provide to a patient. Insurance companies have the say on what test or medications are covered under their policy, which in return restricts the patient care. This places Doctors in a position of worrying more about practicing “defensive medicine”, as to avoid the potential for malpractice suits and spending time staying up-to-date on insurance provider regulations than on the actual required patient care. A universal care system would help to remove the restrictions set by insurance companies and would allow patients more prospects for broader care and better medications; including more attentive Doctors. Another possibility, is by increasing access to basic treatments and preventative health care.…

    • 1004 Words
    • 4 Pages
    Improved Essays
  • Improved Essays

    Sooner or later, those who are not covered by insurance could possibly be denied treatment due to these reasons. In addition, universal healthcare would promote preventive care causing a decrease in health care cost. Universal healthcare is “defined as a system that will provide a basic level of health care to all people” (Rashford, 2007). By means of this basic level of healthcare, individuals would be able to receive all types of healthcare that included preventive care visits which is one of the biggest issues that arise from individuals not being…

    • 1316 Words
    • 6 Pages
    Improved Essays
  • Improved Essays

    With this health care reform, many medically needy citizens can now afford health insurance without paying the sky high cost. On the other hand, the Marketplace plans are not so affordable to those citizens who are in good health. Many people are complaining of high annual deductibles that they have to meet before they can use their “affordable” insurance. “If you have to pay $5,000 upfront, you might as well not have any insurance at all. That’s not insurance”, said Larry Shapire.…

    • 708 Words
    • 3 Pages
    Improved Essays
  • Improved Essays

    Heinz Dilemma Essay

    • 2531 Words
    • 11 Pages

    If individuals are not able to reach their greatest potential, they will not be able to contribute to society to their greatest degree. But also, there are more concrete ways society is harmed. Due to health insurance, people do not have to bear the costs of treatment completely on their own. Instead, the expenses are mitigated by being spread out among policy members. The problem is then the higher cost of prescription medications is then transformed into higher premiums for everyone with the insurance.…

    • 2531 Words
    • 11 Pages
    Improved Essays
  • Great Essays

    This is a large amount of veterans that would now have coverage and would be able to avoid the penalties of not having coverage. If a veteran lives in a state that decided not to expand Medicaid it is ultimately their responsibility to find healthcare coverage from another…

    • 1566 Words
    • 7 Pages
    Great Essays
  • Improved Essays

    Healthcare Expensive Essay

    • 1122 Words
    • 5 Pages

    With these expensive machinery being used raising the cost for health care, there are people that can not afford the tremendous health care prices. “An estimate done by the Census Bureau’s, said that thirty-three million Americans lacked health insurance in 2014 reflects a significant and welcome drop from the forty-two million it reported as uninsured in 2013,” said Dr. Robert Zarr, president of Physicians for a National Health Program, today (More Americans gain health coverage, but many can’t afford to use it: doctors group). In this time of rising health care costs, a great amount of Americans experience troubles or difficulties paying for needed health care services. With the costs that are expected to continue rising, changes happening to private insurance plans and public…

    • 1122 Words
    • 5 Pages
    Improved Essays
  • Improved Essays

    Obama Care Pros And Cons

    • 1589 Words
    • 7 Pages

    Have you ever been afraid of getting sick? The fear lies not so much in the illness so much as the cost of the treatment. As you may well be aware of, the healthcare system in the United States could use some reform. That is what many believe anyway. Those who do not get their healthcare via health plans through their work inevitably have to pay for health care through more standard means, myself included.…

    • 1589 Words
    • 7 Pages
    Improved Essays
  • Superior Essays

    Since one of the main goals of the law is to control health care costs, doctors will have more incentive to undertreat patients rather than undertreat like before. ObamaCare replaces the fee for service model with bundled payments, so hospitals and physicians would receive a fixed payment for treating a patient’s condition, no matter what it was and regardless of what it costs the providers. If the doctors treat the patients for less than the bundle given, they get to keep the leftover. If the reverse happens and their costs of treating the patient are higher than the bundled payment, they have to pay for the loss. Bundled payments were supposed to get rid of incentives to over treat the patients, but they created dangerous incentives to undertreat.…

    • 1223 Words
    • 5 Pages
    Superior Essays
  • Improved Essays

    To make cost sharing more equal, a fair percentage of the premium would be distributed amongst all public insurance programs, so that no one is loosing money. A reduction in out of pocket spending will increase patients to invest in their health, and improving the health care system.4 As well as reducing cost, education on the value’s of insurance should be provided for the patients, so that they are aware of what they are purchasing, to better serve their income and health needs.3 A disadvantage the cost-sharing policy might face, just as all health policies, is that many business may not be able to afford the cost of health care, therefore an assessment on the business would help determine a reasonable price that is in line with the equal price of the…

    • 494 Words
    • 2 Pages
    Improved Essays