The demand for healthcare is unswervingly discovered to be inelastic. The span of price elasticity is relatively wide, meaning that a one percent increase in the price of healthcare will lead to 0.17 percent reduction in healthcare expenditures (Ringel, 2012). According to Ringel (2012), the demand for health is also found to be income inelastic. On a positive note elasticity measures that the income increases as well as the demand for health care services also increases. Although the demand is small, it is still an increase.
AFFORDABLE HEALTH CARE The Healthcare Industry is a 2.8 trillion dollar industry. From issues like personal bank-ruptcy, overpaid executives in the healthcare industry, inconsistent pricing from health care pro-viders and hospitals and patients not able to afford to have health care, there was a need for health care reform. Due to several inefficiencies that drove up the cost of healthcare, a reduced standard of care to patients, and Americans that could not afford to have health care, the Affordable Care Act was passed in 2010. Some of the key goals of the ACA were to reduce the rate of health care spending and the burden it placed on families, businesses, employers and state and federal budgets as well as improving the quality of care provided to patients. One of the provisions in the ACA is that all Americans are required to have health insurance.
How important was the decline of Britain’s staple industries in explaining the industrial unrest of the period between 1918-1929? The quick decline of the staple industries had a huge effect among Britain, it accounted for almost half of Britain’s total out put, a quarter of employment and three quarters of exports before 1914. Through out 1920’s unemployment remained at about 10- 20%of an insure workforce where as Britain’s share of the world export trade fell from 18-11% and a drop in value also in overseas investments, which of course left Britain struggling to pay for imports. London was no longer the undisputed financial capital of the world and as the US replaced Britain as the world money lender, the US dollar displaced the pound as the world’s major currency. However there were a few positive developments along side the bad, for example in the 1920’s new industries were introduced of the second industrial revelation, electrical goods, chemicals and motor car production through the mid 20’s was higher by three times than its year of 1914, these where among the products and services that Britain Introduced in an effort to revitalise and flourish Britain’s industries.
Employers are now requiring employees to spend more out of pocket for benefits due to the rising cost of medical costs. With the ever rising cost of prescription drugs employers are taking steps to curb the costs of medicines. Some employers require
It states that because the costs of healthcare continue to increase so does the number of uninsured which in return increases the costs even more. “Primary care coverage for the uninsured is the first necessary step to reform and can be more cost effective and tolerable than a major system.” (Stephens, J. H., & Ledlow, G. R., 2010). Hospitals and physicians would spend much less on uncompensated care and patient’s health care debts would be much less. The idea of providing basic care as a right for all citizens would not only help the healthcare systems cost issues it would also increase the quality of healthcare. Everyone would then have the availability to preventative services and treatments meaning that less people would be likely to wait to seek medical care for an acute illness and the number of people attending emergency care departments would decrease.
This benefit will be evident in the distant future as the unsustainable growth in federal debt would be reined in. The federal debt is currently more than 70 percent of GDP and is growing at a pace higher than GDP (Page & Reichling, 2012). Without current sequestration or a similar solution, the United States would become insolvent much sooner. According to a nonpartisan economic study, removing fiscal tightening like sequestration would boost output and employment in the short term. Conversely, the United States’ output and employment would suffer and lead to larger increases in interest rates over the long term (Page & Reichling, 2012).
The existing economic effects presented by the rise in demand for Medicare occurred because of the rise in the number of aged individuals. For elderly to be accommodated by the effects of Medicare as per current crisis, particular individuals or sectors of the economy will need to be sacrificed and left to suffer the negative effects related to the increase in demand for
Health care is hard for people to get the proper coverage due to high prices, pre-existing conditions, or debt problems. Insurance companies often have loop holes people do not see, causing problems when a medical condition occurs. Children are not receiving the proper medical care due to their families not having the proper coverage. Many Americans are continuing to get sicknesses and go untreated, causing more Americans to suffer or die quickly. Nationalizing health care
Aging populations also bring on new patterns of work and retirement. People will spend more time in retirement which will strain our existing health and pension programs. On top of it, currently 80% of older Americans are living with one chronic condition, and 50% with at least two. Among Americans, close to 95% of healthcare expenditure is for treating chronic illnesses, which answers why the cost of providing care for people of age 65 or older is three to five times more expensive than that of someone younger than
Week 8: Do most Third World education systems promote development? How important are education and health facilities in the development process? What else could be done to improve education and health in these countries? “Education is the key to future economic growth and lasting democracy, leading to greater stability and improved standards of living.” The combination of education and health facilities in the development of third world countries is the most important factor in determining the countries development and growth. This is due to the value of human capital far outweighing the value of infrastructure resources.