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Health, Disability and Long Term Care Insurance - Essay Example
Author : faheykacey
Finance & Accounting
Pages 4 (1004 words)
HEALTH DISABILITY AND LONG TERM CARE INSURANCE Unexpected and untoward expenses plunged into your life due to any disabling condition affecting your health, may cause a strong blow to your finances. The ever rising cost of health care demands that everyone should have some form of insurance to cover for these untoward expenses…
This crisis is a fact and statistics are good enough to prove its validity. USA spends twice more on its annual healthcare then does 19 of the developed countries in North America and Europe. The percentage of GDP allotted to health seems to be at a rise since 1997 when it reached to 15.7% in the year 2005, and as projected by the agencies of Medicare and Mediaid this percentage would further increase in the next 10 years to a figure of almost 17.5% of the GDP. Yet 15.6% of the American population is still uninsured. (services, april,2005) For a country that has the highest expenditure rates on healthcare, it is quite shocking that the public gets to face the crisis of high rising prices for healthcare. The two major problems faced by the healthcare system of USA include rapid increase in the expenditures made on health and disabilities and high costs for administration of health care issues which account for at least 26% of the total money in healthcare. ...