Increasing Cost of Healthcare - Essay Example

Health care will soon account for approximately twenty percent of the Gross Domestic Product. This increase in the cost of healthcare is most likely to impact the public in several ways.

It is of crucial significance to note that the increase in the cost of healthcare is good for the economy for several reasons. The increasing cost of healthcare is important in strengthening the economy. It is likely to increase taxes thereby creating more money thus strengthening the economy (Pear et al, 2014).

However, it is prudent to acknowledge that the increase in the cost of healthcare may negatively impact consumers in several ways. This may involve the increasing costs of medical insurance to such consumers. In this regard, it is prudent to note that the healthcare costs should be reduced. This is because the high healthcare cost is most likely to raise the cost of medication and hospitals. This can be attributed to increased costs of living for the people. Read More