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Conclusion on rising cost of health care
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According to an article in “The New York Times”, insurers claim that the website for affordable healthcare is still flawed. This article greatly magnify a number of economic applications. The affordable healthcare act in itself is a rather broad topic that involves the intervention of the government to renew healthcare laws. One segment of the law requires all Americans to have some sort of insurance, which in turn effect the demand and supply of healthcare. By the government inventing a new health insurance, this causes the demand for healthcare to become more elastic. Insurers claim the website is flawed and different users become frustrated with the process which is fully computerized. A number of users also say that it has improved a great deal since it was invented and running now in 36 states. Government ownership of affordable healthcare is a potential solutions the natural monopoly on healthcare, however without the discipline of competition or profit motive, there is a tendency for the government to over-regulate and become inefficient. The problem here is the lack of technological innovation, which will be more user friendly and encourage more insurers to be satisfied and receive the services they sign up for. If the government doesn’t fix this issue quickly, it can decrease their market power, causing people to seek insurance elsewhere. “The insurers are in “an unenviable position,” said Brett Graham, although they don’t have the responsibility or the capability to fix the system, they’re reliant on it.” The website is the main channel for people to buy insurance under the 2010 health care law” (New York Times). Due to the new healthcare law the demand for health insurance has increased, which could cause more comp... ... middle of paper ... ...n public responds to this new law. Will privately insurers convert to Healthcare.gov? Bibliography 1. The New York Times; “Insurers Claim Health Website Is Still Flawed” By ROBERT PEAR and REED ABELSON; Published: December 1, 2013. http://www.nytimes.com/2013/12/02/business/white-house-praises-gains-on-health-site.html?ref=todayspaper&_r=0 2. ObamaCare Facts: Affordable Care Act, Health Insurance Marketplace Unbiased Facts on ObamaCare (the Affordable Care Act), Health Care Reform, and the Health Insurance Marketplace. http://www.obamacarefacts.com/ 3. Modern Principles: Microeconomics, second edition; Tyler Cowen and Alex Tabarrok. 1.9 Big Idea Nine: Prices Rise When the Government Prints Too Much Money[Chapter 1]; 5.1 The Elasticity of Demand [Chapter 5]; 13.1 Market Power [Chapter 13]; 13.6 Economies of Scale and the Regulation of Monopoly [Chapter 13].
One of the most controversial topics in the United States in recent years has been the route which should be undertaken in overhauling the healthcare system for the millions of Americans who are currently uninsured. It is important to note that the goal of the Affordable Care Act is to make healthcare affordable; it provides low-cost, government-subsidized insurance options through the State Health Insurance Marketplace (Amadeo 1). Our current president, Barack Obama, made it one of his goals to bring healthcare to all Americans through the Patient Protection and Affordable Care Act of 2010. This plan, which has been termed “Obamacare”, has come under scrutiny from many Americans, but has also received a large amount of support in turn for a variety of reasons. Some of these reasons include a decrease in insurance discrimination on the basis of health or gender and affordable healthcare coverage for the millions of uninsured. The opposition to this act has cited increased costs and debt accumulation, a reduction in employer healthcare coverage options, as well as a penalization of those already using private healthcare insurance.
The aim of affordable care act (ACA) was to extend health insurance coverage to around 15% of US population who lack it. These include people with no coverage from their employers and don’t have coverage by US health programs like Medicaid (Retrieved from, https://www.healthcare.gov/glossary/affordable-care-act/). To achieve this, the law required all Americans to have health insurance which is a reason of controversy because, it was inappropriate intrusion of government into the massive health care industry and insult to personal liberty. To make health care more affordable subsidies are offered and the cost of the insurance was supposed to be reduced by bringing younger, healthier people to the health insurance system. This could be controversial, if older, sicker people who need the coverage most enter the market but younger group decline to do so. The insurance pool will be unbalanced and the cost of coverage will rise correspondingly.
The Affordable Care Act or “Obamacare” was designed to assure that all Americans regardless of health status have access to affordable health insurance. The Affordable Car Act was signed into law March 23, 2010. The primary goal of this act was to decrease barriers for obtaining health care coverage and allow Americans to access needed health care services (Affordable Care Act Summary, n.d). After the legislation is fully implemented in 2014, all Americans will be required to have health insurance through their employer, a public program such as Medicaid and/or Medicare or by purchasing insurance through the health insurance marketplace exchange (Affordable Care Act Summary, n.d). I will identify three parts of The Affordable Care Act that I believe are important. First, I will talk about the requirement that insurance companies are no longer able to deny coverage to individuals with pre-existing conditions. Secondly, I will explain why physician payments are being shifted to value over volume. Lastly, I will discuss Medicaid expansion and why some states are not expanding at all.
Fontenot, S. (2013). Understanding the Affordable Care Act Bit by Bit: Will Transparency and Sunshine Shrink Costs?. Physician Executive, 39(5), 86-91.
Davidson, Stephen M. Still Broken: Understanding the U.S. Health Care System. Stanford, CA: Stanford Business, 2010. Print.
On March 23, 2010, President Barrack Obama signed the Affordable Care Act (ACA) into legislation. The bill was created to provide affordable and effective health care to all Americans. It has since provided tens of millions of uninsured Americans with affordable healthcare (“ObamaCare: Pros and Cons of ObamaCare”). While doing so, an estimated 31 million still remain uncovered as of 2016 (“Not ‘Everybody’ Is Covered Under ACA”). To this day, the health care plan has remained widely criticized and controversial. Many believe the Affordable Care Act has not done its duty and is unconstitutional to force healthcare upon Americans. Some of the people who share these views believe it isn’t the government’s job to provide welfare. They believe healthcare
The Patient Protection and Affordable Care Act passed by President Barack Obama is a significant change of the American healthcare system since insurance plans programs like Medicare and Medicaid (“Introduction to”). As a result, “It is also one of the most hotly contested, publicly maligned, and politically divisive pieces of legislation the country has ever seen” (“Introduction to”). The Affordable Care Act should be changed because it grants the government too much control over the citizen’s healthcare or the lack of individual freedom to choose affordable health insurance.
If the United States had unlimited funds, the appropriate response to such a high number of mentally ill Americans should naturally be to provide universal coverage that doesn’t discriminate between healthcare and mental healthcare. The United States doesn’t have unlimited funds to provide universal healthcare at this point, but the country does have the ability to stop coverage discrimination. A quarter of the 15.7 million Americans who received mental health care listed themselves as the main payer for the services, according to one survey that looked at those services from 2005 to 2009. 3 Separate research from the same agency found 45 percent of those not receiving mental health care listing cost as a barrier.3 President Obama and the advisors who helped construct The Affordable Care Act recognized the problem that confronts the mentally ill. Mental healthcare had to be more affordable and different measures had to be taken to help patients recover. Although The Affordable Care Act doesn’t provide mentally ill patients will universal coverage, the act has made substantial changes to the options available to them.
The steady rise of healthcare costs and the ever increasing cost of health insurance premiums are making it harder and harder for employers to pay healthcare premiums for their employees. In the past, it was almost a given that employers picked up the tab for health insurance coverage. The health coverage was usually exceptional with little or no money paid out of pocket by the individual for the insurance premiums. Those appear to be the “good old days”, with fewer and fewer employers shelling out money for health insurance premiums and demanding a larger percentage to be paid by the employee. Other employers are simply unable to financially provide healthcare coverage for their employees and have stopped all together.
Health care is one of the most debated issues in the United States today and it 's necessary to understand the basics of this problem. Approximately 50 million people living in the United
The Affordable Care Act, more commonly known as Obamacare, is a new health policy created by the American federal government. Its purpose is to make healthcare more affordable and friendly for the people. Unfortunately in some way that does not prove to be the case. It is becoming apparent that Obama may have made some misleading statements to help get the ACA put into action. The ACA is sprinkled with many flaws that call for a reform such as people’s current plans being terminated, high costs, and at minimum some people’s hours being cut by their employers.
This paper will take into account the Affordable Care Act (ACA) Law and how all three branches of government are involved with the creation and analyze issues associated with the ACA. Subsequently the paper will describe the role of public opinion and lobbying groups. Thirdly this paper will evaluate the concepts of equity, efficiency, and effectiveness showcasing their role in the law and its passage. This paper will take into consideration the anticipated effects on cost, quality, and access, including discussing the balance of markets and the government. In closing this paper will highlight the anticipated effects on Medicare and aging as well as Medicaid and the poor. The ACA was signed on March 23, 2010 with the intention to offer all U.S. Citizens and residents a qualifying health care coverage plan. The law’s focus is to expand coverage, control health care cost, and improve health care delivery system.
An issue that is widely discussed and debated concerning the United States’ economy is our health care system. The health care system in the United States is not public, meaning that the states does not offer free or affordable health care service. In Canada, France and Great Britain, for example, the government funds health care through taxes. The United States, on the other hand, opted for another direction and passed the burden of health care spending on individual consumers as well as employers and insurers. In July 2006, the issue was transparency: should the American people know the price of the health care service they use and the results doctors and hospitals achieve? The Wall Street Journal article revealed that “U.S. hospitals, most of them nonprofit, charged un-insured patients prices that vastly exceeded those they charged their insured patients. Driving their un-insured patients into bankruptcy." (p. B1) The most expensive health care system in the world is that of America. I will talk about the health insurance in U.S., the health care in other countries, Jeremy Bentham and John Stuart Mill, and my solution to this problem.
The main advantage of the Affordable Care Act is that it lowers health care costs overall by making insurance affordable for more people. First, it wi...
ObamaCare Summary: A Summary of Obama's Health Care Reform. n.d. Web. 18 03 2014. .