This will also increase the amount of people that are retired from 12 percent of the United States population to almost 20 percent. With the rise of the aging population there is a need for more professional health and social service expertise. According to the Institute of Medicine’s landmark report, the is a shortage of health care professionals to care for the aging population in the current time and this number will grow faster as the Baby Boomers retire. One of the fastest growing employment sectors would be the eldercare. .
A. Trends Healthcare is in a period of dramatic change with trends causing an impact on the cost, access, and quality of the national healthcare in this country. Healthcare costs prevailed through the past three decades and made employers take control over costs. Hospital competition increased with insurance, which caused hospitals to take action wherever they could to reduce costs. The spending grew at an exponential rate nationally, while in recent years the growth in corporate costs slowed to a standstill (AFSCME, 2015).
Each year the Trustees of the Social Security and Medicare trust funds report on the current and projected financial status of the two programs. This message summarizes our 2012 Annual Reports. The long-run actuarial deficits of the Social Security and Medicare programs worsened in 2012, though in each case for different reasons. The actuarial deficit in the Medicare Hospital Insurance program increased primarily because the Trustees incorporated recommendations of the 2010-11 Medicare Technical Panel that long-run health cost growth rate assumptions be somewhat increased. The actuarial deficit in Social Security increased largely because of the incorporation of updated economic data and assumptions.
Healthcare costs have been on the rise for years as our population ages and lives longer. While reform is needed the so called savior of the healthcare system “Obamacare” is not only misleading but it is outright wrong. This system is actually just a way for the government to move money from one area to another that benefits them more instead of the people. Already the Obamacare system has taken billions of dollars out of the already hurting social security system and has redirected it to pay for healthcare of those that have never worked a day in their life and feel they are entitled to
Although the demand is small, it is still an increase. Gross Domestic Product In recent years, attention has been focused on health care spending increases. Economists have alerted the growing health care expenditures could drop economic growth as well as employment. Health care spending has a substantial influence on the federal budget. In 2003, total national spending increased to $1.7 trillion.
At this time people wanted to spend their money instead of save it for hard times. Society’s hourly pay rate nearly double and tripled during this era. War factories transitioned from making war materials to making civilian supplies, which lead to the boost in our economy at the time. Today, effects of the Baby Boom have many factors that come into play that affect our economy. According to National Academy of Social Insurance “social security faces a financial challenge from the impending retirement of the largest generation in American history, the 76 million persons born in the “baby boom” years, from 1946 through 1964.
The Affordable Care and Patient Protection Act, proposed by Barrack Obama, is a revolutionary plan to regulate health care. The plans allow for insurance coverage and protection for uninsured citizens. Most people have the misconception that the plans creates new insurance for people. The plan looks to cover tens of millions uninsured people. The plans, while looking to save money overall, will cause an increase in taxes of citizens (Obama Care).
The Cost of Health Care in the United States Health Care System Tiffany HCA 305 Professor: Teresa Thomas October 7, 2013 Healthcare costs in the United States has been a major issue in the United States for decades. With the population of the baby boomers increasing, and the population of the United States increasing, health care costs are rising and continue to do so. With Congress passing health care reforms, there has been little evidence in the reducing cost of health care. New and advanced technology within the health care field would be a great implementation in reducing health care costs. Also, if people took more responsibility of their health while insurance reforms develop, that would be another attempt in reducing health
per capita would predict. Some people argue that Americas demographic would explain its much higher health spending, but that is incorrect. Only 13.3% of the USA’s population is age 65 and above, spending 8000 per person compared to Germany, Italy, and Japan with over 20% of this population over 65 spent less than half per person. American’s do buy something with this (extra) spending, and that’s an extremely large administrative overhead. With all this overhead one would think the united states would atleast be among one the worlds top healthcare systems right?
As economic conditions are anticipated to gradually improve during this period, private health insurance spending is projected to grow 3.5 percent on average. However, this growth in private health insurance spending is dampened somewhat by continued consumer cost sensitivity related to low income growth, employer efforts to control costs, and several prescription drug patent expirations. Further, Medicare spending is predicted to slow from 5.9 percent in 2012 to 1.3 percent in 2013 due to both a scheduled 30.9-percent physician payment rate reduction mandated under the Sustainable Growth Rate Formula, and an additional 2-percent payment reduction across all providers from the sequester under the Budget Control Act of