High Cost of Healthcare Essay example - 1421 Words

There is no denying the fact that the cost of health care in the United States has been on a constant rise than the wage of the employees that pay to have access to better healthcare. There is the general fear among these employees that if the rising cost of the health care is not brought under control, there will come a time, and some analyst think, the time is already here, when those employees will not be able to afford health care for themselves and their families. This fear of the unknown is particularly evident among those closer to retirement. Employers of labor have for quite sometimes now, been shifting the burden of the high cost of affordable health care to their employees, and that has significantly reduced employee standard of†¦show more content†¦Bureau of Labor Statistics, 2010). The higher cost of affordable Health care is also eroding the ease with which to afford other insurance that covers about 30 percent of Medicare enrollees ‘expenses. In 2005, about 89 percent of beneficiaries obtained such additional coverage, including through former employers (33 percent), medical policies (25 percent), Medicare advantage plans (13 percent), Medicaid (16 percent), or other programs (1 percent) (MedPAC). These supplemental insurance programs were all very helpful at the onset, but with the passage of time and as health care costs continued to rise, employers are finding it difficult to support these programs and as a consequence, a greater number of these employers are either reducing the benefit or eliminating these benefits especially those that affects their retirees thereby increasing the cost of these supplemental insurances. The Impact on Employees Most health care analyst believes that health benefits provided by employers are provided as part of the overall compensation paid to workers. Because of the rising cost of the health care benefits, employers’ shares ofShow MoreRelatedThe High Cost Of Healthcare1484 Words   |  6 PagesThe high cost of healthcare continues to rise and many in the United States are optimistic for health information technology to reduce and improve our current situation. Health IT encompasses a broad array of new technologies designed to manage and share health-related information. When properly implemented, these systems can help coordinate patient care, reduce medical errors, and improve administrative efficiency. Therefore, implementing a Regional Health Information Organization (RHIO) willRead MoreFactors That Lead To The High Cost Of Healthcare1166 Words   |  5 PagesThe cost of medical care is on the rise, and the excessive nation spending on the healthcare reaches its record high. The high cost of medical services, drug prices, insurance cost, are contributing factors that leads to the shocking $2.6 trillion spent by the United States on the healthcare. The many factors that contribute to the high healthcare cost affect the employee practices on healthcare today. Research shows that less than 50 percent of companies offer health insurance to their employeesRead MoreThe High Cost of Healthcare in the United States1167 Words   |  5 Pageshealth care, cost is one of the biggest problems. Something needs to be done in order to make it possible for patients, families, and businesses to be able to afford health care. US does not always spend health care dollars in the most productive way. The cost of cancer treatments alone can cost up to hundreds of thousands of dollars, and the only way to pay for that is to raise the cost of the insurance to the patients. Cost is defined as the â€Å"price† of healthcare. The â€Å"price† or cost can come fromR ead MoreWhy Are U.S. Healthcare Costs So High?4536 Words   |  19 Pagesï » ¿ Why Are U.S. Health Care Costs So High? Overview of the High Cost of Health Care 12/9/2013 Alaska Pacific University MBA 63600 Health Service Systems and Policies Fall 2013 Why Are U.S. Health Care Costs So High? According the Department of Health and Human Services, total health care spending in the U.S. reached $2.3 trillion in 2008, or $7,681 per person. As a share of GDP, healthcare expenditures set a new record of 16.2 percent. That’s double the 8.1 percent share of GDP inRead MoreWellness Incentives and the High Cost of Healthcare Essay2009 Words   |  9 PagesHealthcare and wellness are important to every American, business and to our federal government’s bottom line. Sharon (2010) stated, â€Å"Staying healthy reduces the demand for health care. According to the Department of Health and Human Services, medical care for persons with chronic disease accounts for 75% of the dollars spent as a nation on medical care. Today’s most serious and expensive health problems are caused, in large part, by poor lifestyle choices: tobacco use, diets high in fat andRead MoreEconomic Factors Influencing High And Growing Healthcare Costs851 Words   |  4 PagesFactors inf luencing high and growing healthcare costs in the US The cost of health care in the United States continues to rise. National healthcare expenditures totaled over $2.9 trillion in 2013, equating to $9,255 per capita (Centers for Disease Control and Prevention [CDC], 2015). This is a consequence of both private and government healthcare financing mechanisms including: high unit prices, market power, specialized medicine, medical malpractice, private health insurance costs, ill populationsRead MoreThe Health Care Of Healthcare1339 Words   |  6 PagesHealthcare is a widely talked about issue in today’s society. After all, a factor of whether or not we vote for a presidential nominee is whether or not they support free healthcare, or have an effective healthcare reform. Out of thirty-three developed nations, thirty-two have universal health care, with the United States being the exception. A big question has been why does this nation’s healthcare cost so much, but the American people are not seeing their investment go to e ffective use. In healthcareRead MoreThe Economics of Healthcare958 Words   |  4 PagesThe Economics of Healthcare 1) In a traditional economic market, basic rules of supply and demand create a variance in price and, depending on the situation and how the market is perceptually framed, a variance in the products or services being offered in the market (Prasch, 2008). These variances create and/or are created by relationships between consumers and producers, and an implicit agreement between these two basic parties regarding the value of a good or service is reached simply by determiningRead MoreMedicare Is A Popular Choice Of Insurance Coverage1406 Words   |  6 PagesThe US triumphs by spending about 17 percent of its Gross Domestic Product on healthcare, making it the largest percentage of any country in the world. The government provides assistance in healthcare to many people, whether it be Medicare or Medicaid. Employers are the main source of health insurance in the United States, many offering their own health insurance plans that the employee can choose from. The most common types of he alth insurance are Medicare, Medicaid, Obamacare, or a private insuranceRead MoreQuestions On Types Of Payment1325 Words   |  6 Pagesmonthly fee for services instead of a separate charge for each visit or service under the network healthcare system. The monthly fees remain the same, regardless of types or levels of services provided. The reimbursement amount is according to copay and deductible detail in the contract. With an HMO plan, individuals or employers must select a Primary Care Physician (PCP) from a network of local healthcare providers under the HMO plan. HMO beneficiaries must arrange and visit their PCP first for the