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Pricing of health and its effects on the poor in the US - Dissertation Example

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Pricing of health and its effects on the poor in the US

The paper “Pricing of health and its effects on the poor in the US” discusses the impact of financial stress and living expenses on medical treatment of the poor. The cost of healthcare in the United States accounts one of the largest segments of the country’s economic expenditure. According to John, the costs of medical care in the country increases annually, often surpassing the expenditure on other important goods and services. The growth in medical costs has a remarkable impact on how the government, the public, businesses, and employers undertake their affairs. According to Bradley, et al. (2006), the most significant impact of health inflation is on insurance companies, which offer health cover to the public. The upsurge in the cost of healthcare results to an increase of the premiums payable. Companies that provide insurance cover to their employees are normally forced to cut on wage increases in order to cope with raising health premiums. In addition, the increase discourages people from buying their own cover and raises the financial budget of households. Consequently, the government health budget increases, which compels it to increase taxes, levied on the public. These measures result to heavy economic burden to people with low incomes. Health care reforms in the United States remain one of the most controversial policies of the Obama administration. These reforms mainly involve protection of the American citizens from the escalating cost of health care in the country Jessica & Bernard....
wth that encourages greater expenditure on healthcare, increasing number of elderly people in the country, high cost of insurance premiums and declining number of the people paying health care expenses than they used to do in the past (Bradley, et al, 2006). The economic growth in the United States had been increasing for a long period before the recent global recession. Bradley, et al (2006), argue that there is relationship between the rate of economic growth and the cost of healthcare in any economy. Economic growth result to creation of wealth that consequently encourages higher expenditure on medical care. These expenses result from increased advancement of medical technology and research to seek better curative and preventive methods. As a result, the subsequent products, services and procedures increase the cost of healthcare (Bradley, et al (2006). According to John, et al. (2005), the upcoming medical technology accounts to approximately a half of medical expenses. With the recent slowdown of economic growth, Joseph, (2007) noted that the cost of healthcare continues with its increasing trend. Millions of people have lost their jobs and there is need of evaluating the raising costs to cater for such people and during periods of economic stagnation or recession. Loss of income increases the number of people dependent on public health programs in the United States (Joseph, 2007). This has resulted to an increase in the government expenditure on health due to the increasing premiums, leading to heavier taxation of the taxpayers. The aging populations in most developed economies have contributed to higher costs of medical care. According to John, et al. (2005), elderly persons increase the costs of healthcare because they have more health complications than ...Show more
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This study investigates whether the increasing prices of healthcare have disproportionate impact on people with less disposable income in the United States. The income levels of various segments of people in the society plays a significant role in determining the cost of healthcare…
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