Economic Costs of Health Care Reform in the U.S Essay

Pages: 2 (720 words)  ·  Bibliography Sources: 3  ·  File: .docx  ·  Level: College Junior  ·  Topic: Healthcare

¶ … Economic Costs of Health Care Reform in the United States

Over the last several years, health care costs in the United States have been rising dramatically. Where, they have been increasing faster than in most developed and developing nations. Evidence of this can be seen by looking no further than, than information compiled by the Organization for Economic Cooperation and Development (OECD). As they found, that U.S. spends two and a half times more, than the average OECD country on health care services. (Johnson, 2010) This is important, because it highlights how the rising costs are slowly like a cancer, eating away at the economic well being of: businesses and individuals. To fully understand the overall costs of health care reform requires, identifying three economic issues that are impacted by increasing prices. This will be accomplished by: examining the situation and then stating what economic theory is used with each issue. Together, these different elements will provide the greatest insights, as to how health care costs are affecting businesses and individuals.

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The three different economic issues that would be tied directly to health care cost include: competitive disadvantages, increased taxes and personal expenses. The way that health care costs, are contributing to the competitive disadvantages of many businesses; is by requiring them to spend to more to cover various employees. This is troubling, because 71% of private employees relied on their employers for health care coverage. (Johnson, 2010) When costs start to rise, this can have an impact on many employees, who to have to pay the health care expenses on their own. Evidence of this can be seen with a study that was conducted by the Kaiser Foundation. Where, they found that employer sponsored health plans have been consistently declining, while costs have risen by over 114% in the last ten years. (Johnson, 2010) This is significant, because it shows how rising costs are forcing employers, to pass on an increasing number of health care obligations to employees.

TOPIC: Essay on Economic Costs of Health Care Reform in the U.S. Assignment

When you look at this economic theory, it is clear that macro and micro economics are affecting this aspect of costs. As the overall trends in the industry /… [END OF PREVIEW] . . . READ MORE

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"Economic Costs of Health Care Reform in the U.S."  Essaytown.com.  October 6, 2010.  Accessed August 3, 2021.
https://www.essaytown.com/subjects/paper/economic-costs-health-care-reform-united/6225.