The Affects Of The Rising Cost Of Healthcare

1360 words - 5 pages

The Rising Cost of Health Care Affects Economic StabilityTeam ACOM/215January 17, 2012Vickie HortonThe U.S. health care system contributes 18 percent or almost $2.5 trillion to the Gross domestic product (GDP). This is the highest percentage market value of all final goods in the developed world; also twice as much per person as any other developed country. Amazingly most of the expense is from the first two weeks and the last two week of life. Medical progress has evolved especially in the care of premature babies and extending the life and sustaining the life of the elderly. With progress and innovation comes a hefty expense. Another facet in how health care affects us is the rise in malpractice lawsuits. Because of this rise, doctors are resistant in taking a risk so there are more ordered procedures such as $1,000 MRIs and colonoscopies, (even if they don't really think they're needed) rather then risk getting sued because they didn't (Amadeo, 2011). Since the onset of the 2011 Health Care Reform the rise in health care costs is due to there being less price competition than in any other industries. This is due in fact that most people do not pay cash for health care, they pay a set fee (co-pay) though their employer provided provider and the insurance company picks up the rest of the costs. This practice means that most do not price-shop for labs, doctors, or procedures as they would for automobiles or travel excursions.Health Care right now represents 16% of GDP Health Care right now represents 16% of GDP Health Care right now represents 16% of GDP Health Care right now represents 16% of GDP2011 Health Care is 18% of the GDPThe rising cost of health care affects the economic stability in multiple and sometimes in complex ways. All Americans are directly or indirectly affected by the funds needed to provide access to healthcare. The cost (medication, examine, ect...) to provide healthcare for Medicare & medical participants is allocated to the national budget. When the government absorbs these medical costs for people who cannot afford benefits or need federal plans to supplement their care, it impacts the economy. As a result health insurance premiums have skyrocketed, going up more than 87% - on average - over the past six years.Married men and their families are impacted by the cost of health care. Premium costs and fees nearly doubled since year 2000 at a rate three times faster than wages. They are actually paying more, but receiving less coverage. The family outlook, expectation, and retire mental plans are usually affected, by the high out-of-pocket cost. The cost includes - medication, increasing co-payments, deductibles, and other expenses that are impose on financial budgets. More than one-third of all Americans make scarifies to pay for healthcare - using their savings, control spending, cutting back on home maintenance (major repairs), entertainment, vacations, and...

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