The need for health care is dire, yet the prices just increase. Inelasticity seems to better fit the industry, with the want and cost disproportioned. The microeconomics aspect of health care has a lot to focus on, most consumers make decisions based on quality, price and quantity. With the price of insurance and uninsured services so high, the quality and quantity could be there, but not the consumer. The price is a driving force for most consumers.
This is also invalid because it is better to pay taxes rather than over priced medical bills. The last con is that people will have a longer wait time. That is also invalid because the more people that visit the more of a demand there will be for Doctors. A universal health care system would extend care to all Americans regardless of social status or bank account. Health care has become extremely unaffordable for both businesses and individuals.
Today millions of Americans cannot afford the sufficient health care they need. The price of health insurance is costing us the people thousands of dollars. Therefore, I believe the government should provide health care to all citizens regardless of their ability to pay for that care. Some rich people may prefer to pay for medical treatment, while the government must necessarily subsidize the health care for children, senior citizens, the unemployed and the homeless, as these groups cannot provide for themselves and, are extremely financially vulnerable. However, working adults can use the benefits of the medical insurance, which will give them an opportunity for a decent medical service and reduce the general taxation burden.
After the three phases are complete the pharmaceutical company can submit another application for FDA approval that can take as long as two and a half years. Then, if the drug is given FDA approval it is made available to physicians to prescribe. Through this process the FDA dramatically increases the development cost of new drugs. This slow approval process adds mightily to the price while also delaying the drug benefits to patients in need. It is clear that allowing pharmaceutical companies to act in their self-interest with less government regulation and controlled drug approval process the patients would benefit more.
Of the many reasons that exist, two are particularly important. The United States has a highly flawed system of funding health care and a flawed system of allocating its health care resources. In the United States, a multitude of private health plans cover the lucrative sector of society—low cost, healthy workers and their healthy families. But public programs must cover the higher costs of the elderly, individuals with permanent disabilities, and some low-income individuals. Since the uninsured are frequently unable to pay for the care they receive, the costs for their care are shifted to government programs or private plans, or to the charity of providers, even if unintended.
A third con is the inedible fact that some people may attempt to abuse the system. Lastly, universal health care almost always has many rules and regulations, and also eliminates the free market for health care where prices may actually be lower. In conclusion, I personally feel that universal health care would be inefficient due to the amount of people that always try to abuse the system and misuse government programs. Also, it would indefinitely increase the taxes, as the system would need funds to survive. Lastly, it is in my own opinion that governments are not able to successfully run such programs, without problems
The Centers for Medicare and Medicaid Services which is also known as CMS, guesses that growth in health spending will continue to outpace GDP over the next 10 years. I feel that the government is in trouble when it comes to health care. They are trying to figure out how to provide all Americans with health care, and not go broke. Not only that, but there are many other factors that contribute to the rising expenditures that might be submissive to the policy, such as investment in information technology. IT a good use of technology, such as electronic medical records, has been encouraged and researched for its potential to share more information and reduce overhead costs.
Since the baby boomers would retire at such a late age, majority of them would not be so healthy. Numerous boomers would suffer many illnesses as they are less immune to diesases such as obesity, diabetes, high cholesterol, etc. All of these illnesses would require regular doctor appointments and medication which would be applied from the government. Aiding such a large amount
Compared with other developed nations, America lags behind in the provision of quality and affordable healthcare to its citizens. This research paper will discuss some of the challenges facing the industry and solutions that can be applied to rectify them. Rising costs of medical care Healthcare is the leading socio-economic challenge affecting Americans. The ever increasing cost of medical care and insurance in affecting the American way of life in many aspects. Having problems paying for primary healthcare is no longer the preserve of the poor or the unemployed, but is affecting even those with medical insurance (Shea, 2005).
However, when doctors began to learn more about diseases they then began to charge more for treatments. This ended up costing more money than many individuals could afford. Costs increased when new treatments began to require more technology so it was necessary for patients to stay in the hospitals. The first healthcare system was Blue Cross, which helped individuals pay for their hospital bills. It succeeded and became a stable program in the late thirties as doctors used it for a way to protect their own interests and bills.