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Business Proposal-Health Care

In: Business and Management

Submitted By lbrito2413
Words 967
Pages 4
Business Proposal
Lindsey Brito
ECON 561
Professor Ali Boloorian

Business Proposal
Until recently the United States health care system relied immensely on private health care insurance. In regards to public programs that provide medical coverage for the rest of Americans who cannot afford health care, there are two prominent public programs within the United States; Medicare, which is a federal social insurance program that caters to seniors. The other primary public program is Medicaid which is aimed more towards certain disabled individuals. Both Medicaid and Medicare are funded by the federal government but are managed at the state level.
The Patient Protection and Affordable Care Act was passed by congress and signed into law in 2010 by President Obama. The main objective of ObamaCare is to ensure the affordability and quality of healthcare, the Affordable Care Act Bill is also anticipating to curb the growth in healthcare spending in the United States (Obama Care Facts, 2014). Healthcare in the United States has historically been a private for profit industry, but with the emergence of Obamacare that is likely shift the market a bit. The prices of healthcare are tightly controlled and many practices are considered to be unfair. Only those who are able to afford insurance are the ones who are able to seek and obtain quality healthcare. For those who are unable to afford insurance and are successful in obtaining it through public programs such as, Medicare and or Medicaid can only receive healthcare under restrictive circumstances, usually only thorough emergency room visits.
The market for health care insurance is dominated by a few major firms, therefore the market is exhibiting an oligopoly market structure. Only a few firms are dominate within the industry, for example Blue Cross, Etna, and Kaiser but it is relatively easy for smaller firms to…...

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