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Economics and Healthcare - Assignment Example

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Economics and Healthcare

Recessions often lead to large scale unemployment, which in turn affect the access to insurance, since most of the healthcare services in the United States are employment-based (Catalano, 2009). Figure: Impact of economy on insurance coverage Source: Walt, (2009): 24 Furthermore the willingness of an individual to pay for health care is significantly reduced due to the lack of availability of financial resources at their disposal, thus resulting in lower usage of health and medical care (Feinstein, 1993; Sullivan and Watcher, 2009). There is significant evidence put forward by researchers on the basis of various studies, which indicate similar responses by individuals from across the world (Yang, Prescott, and Bae, 2001). Thus access to and provision of health care is directly affected due to any change in the economy. In countries like the United States where the healthcare coverage is employment based, loss of jobs results in loss of insurance for various households. Since most of the insurance cost is borne by the employers, it differs widely across various states in the country and any significant change in the economy leads to a simultaneous change in the insurance policies and healthcare coverage provided to the employees. Impact of economics on provision of healthcare to different population groups: The United States spends approximately 17.9 % of its gross domestic product on health care during the year 2011 (Bloomberg Business Week, 2011), making health care one of the single largest sector in the U.S. economy. However regardless of the high amount of expenditure in the sector, a significant proportion of the American population...
This paper stresses that the healthcare system in the United States is focused on provision of services which are cost-effective to consumers who demand greater accessibility and better quality at affordable rates. A country which is regarded as the world leader in terms of medical advances and research and technology in the field of medicine, the lack of access to healthcare and primary health care services is one of the most critical and on-going issues faced by it since several decades. An overwhelming majority of the population who are at the bottom of the economic pyramid include those insured by Medicaid, low wage earners as well as those who are uninsured and underinsured.
This report declares that in countries like the United States where the healthcare coverage is employment based, loss of jobs results in loss of insurance for various households. Since most of the insurance cost is borne by the employers, it differs widely across various states in the country and any significant change in the economy leads to a simultaneous change in the insurance policies and healthcare coverage provided to the employees. It is also observed that the access to healthcare services is largely dependent on the socio-economic factors and that the factors such as household income, poverty, unemployment, and racial, cultural, and ethnic background of individuals play a key role in access to healthcare. ...Show more

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This essay Economics and Healthcare talks that the ultimate objective of any effective healthcare system is the provision of equitable access to healthcare as well as ensuring of liberty and opportunity to access prompt medical assistance when needed. …
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Economics and Healthcare essay example
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