...National Health Care Spending Health care is something that is always going to be around because it is needed by all entities. Due to affordability it is not available to all which is a growing issue. Many people try to find the most affordable health care insurance, but sometimes economic hardships do not allow for people to get insured or remain insured; therefore leaving many people without health care insurance. The government has tried to help many people by providing those who qualify with Medicaid and Medical but those who don’t qualify are still left uninsured and with the burden of overwhelming medical bills. Even though health care is at times unaffordable it is still an entity that is used by all people. Often time’s people cannot afford to pay for health care expenses or health care insurance, therefore leaving many people with massive health care bills. In the United States, which has both a high level of health care spending per capita and a relatively high rate of real growth in spending, the share of GDP devoted to health care spending grew from 9% of GDP in 1980 to 16% of GDP in 2008. This 7 percentage-point increase in health care spending as a share of GDP is one of the largest across the Organization for Economic Co-operation and Development OECD. Current Level of National Healthcare Spending The predictability of health care cost has recognized for years by citizens, businesses, and government agencies such as the Centers for Medicare and Medicaid...
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...Health Care Spending Does one know about health care spending and heath care expenditure in the United States? Health Care spending in the United States comes from several sources such as physician service, patient treatment, prescription drug treatment, administration cost, Medicare, Medicaid and hospital spending, These sources are just a very few of the sources of spending on healthcare in the United States. On March 23, 2010 President Obama passed the healthcare reform bill to help citizens with receiving affordable healthcare. Even though health care spending has improved over the years, health care is something that everyone needs and there is a possibility that this could change over the years to come. According to Santiago (2009), the goal of healthcare reform is to make healthcare more accessible and available to American citizens. Currently, the national health care expenditures are at a struggle but yet continue to grow. According to Foreman (2011) National health expenditures reached $2.1 trillion in 2006, after further revisions and a 6.7% increase from the previous year. This translated into $7,026 per person and 16% of the Gross Domestic Product (GDP) (Foreman, 2011). These expenditures include but are not limited to those sources such as physician service, patient treatment, prescription drug treatment, administration cost, Medicare, Medicaid and hospital spending. The Obama Reform is a reform that has been transmitted to make healthcare available for...
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...Healthcare Spending Heather Satterfield HCS/440 July 19, 2012 Osama Metry Healthcare Spending Healthcare spending involves researching trends of expenditures at a national level as well as researching the effects of the economy. It is important to take into account what best benefits the healthcare system. It is important to discuss how healthcare needs are financed and the immediate attention needed for the future of healthcare. In the current economy the cost of healthcare has risen and wages have decreased. In order for an employer to provide insurance for employees it is necessary for premiums to go up because the insurance companies have doubled the cost for the employer. Over the last ten years the percentage of one’s income that is paid for insurance rose from 12 percent to 22 percent. The reason for this rise is due to private payers’ compensation rising from 5.4 percent to 7.3 percent. This caused the employees’ salaries to go down. Due to this, small business were on a fast pace to going under. In order for the small businesses to stay above water it was necessary to cut insurance coverage from 65 percent to 59 percent. The Affordable Care Act was developed for relief on the premiums. In addition it protected Americans that were uninsured or had preexisting conditions. It was once thought to be impossible to receive healthcare benefits if one had a preexisting condition. In the year of 2014 it is thought that insurance costs will decrease....
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...Healthcare Spending HCS/440 July 24th, 2014 Healthcare Spending The national healthcare spending within the United States keeps increasing annually. The overall deficit keeps increasing due to national healthcare expenditures. In 2012, the healthcare deficit was three trillion dollars. Due to services such as medical treatments and health insurance; the healthcare spending will continue to increase. National Healthcare Expenditures In the United States, the overall projections are primarily based on the National Healthcare expenditures. These projections are measured by the form of services or goods provided. Services may include physician care, hospital care, and clinical services rendered. Goods may consist of necessary prescription drugs and medical equipment. The source of funding for the services performed and the required goods may come from Medicare, Medicaid, private insurance, and out-of-pocket expenses ("National Health Expenditure Projections 2012-2022 ", 2012). Health Care Spending in the United States According to recent studies in the United States, the projected health care spending is to increase by almost six percent between by the year 2022. This is actually a percent faster than the Gross Domestic Product (GDP) expected. Researchers thought that the healthcare spending would remain around four percent since the economic recovery was very slow at the time in 2013. There would an increase in cost- sharing requirements for Medicare, Medicaid...
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...Healthcare Spending Diana L. Giese Healthcare Economics HCS/440 October 31, 2011 Dr. John Gaze Healthcare Spending Healthcare spending is a major part of our nation’s problem today; we have the highest per capita of outlay than any other country in the world. This could be due to the increase knowledge of the use of medical technology, research for new diseases and longer life span within our population. In this paper the discussion will begin with a clear description on the allocation of funds towards the care of individuals participating in their need for proper care and conclude with overall view of how having this expenditure reformed could possibly support our country economically. There are several factors that affect our healthcare cost, namely, price settings for the service offered has greatly influenced the high cost to those that are insured to compensate for the uninsured. With the many attributes of healthcare disbursements one must realize that it is far from the past when doctors were once the only recipients of payments for their services rendered. Here is a graph of 2008 total health expenditure as a share of GDP with other countries. According to Kaiser Family Foundation (2011), economist will measure the gross domestic products and the amount of money spent on a particular entity which in this case would be healthcare spending. This chart shows that rapid growth of outlays of the United States compared to other nations where we far exceed in spending...
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...Health Care Spending University of Phoenix One of the major issues in health care has become heath care spending. For those who pay insurance, notice that their insurance premiums have gone up. The reason for that being is to help prepare for future expenses down the road. Since the health care has reformed, more people that are low to middle income have qualified for Medicaid in which others are taxed to help fund. This has caused the spending to increase for the United States. According to National Health Expenditures of 2013, “health care spending increased 3.6 percent to reach $2.9 trillion”. The spending that comes from the different health care facilities are all factored in the overall spending. Hospitals, Dentist, Home Health Care¸ Nursing Homes and even prescription medication are factors, the price of prescription medication is costly. Some people that take specialty medication and the others use name brand medication that cost more than the generic brand. These certain medications drive the expenses up and the spending deficit continually rises. Considering that Medicare and Medicaid will continue to grow as the old become older and the middle class become low and the low become lower. The reason I say this is because eventually more nursing homes will be needed and the need for home health care will be increased. The cost of medication, hospital stays and even going to the dentist for a teeth cleaning will even cost more. The cost of private insurance will...
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...Health Care Spending “More health care is not always better health care” (OECD, 2013, para. 2) Throwing money at the current health care system won’t necessarily help or solve the present-day crisis. The United States is #1 in the world in per capita health care spending yet our life span is not the longest or of the highest quality (OECD, 2011). This paper will overview the current and future health care programs, how they are currently financed and in the future, and how we can decrease spending. There are many methods to look at how healthcare expenditures are calculated. The CDC (Centers for Disease Control) tells us that in 2011 the US federal government spent $2.7 trillion or 17.9% of GDP (Gross Domestic Product) on healthcare expenditures (Canadian Institute of Health Information, 2013). This is broken down as hospital care 31.5%, LTC (long term care) 5.5%, physician fee and clinic visits 20% and prescriptions 9.1%. By comparison in Canada, $211 billion was spent representing 11.6% of GDP (Canadian Institute of Health Information, 2013). Of course it is probably unfair to compare the two countries. Canada, with a population of 35 million is closer to the state of California, at 38 million (United States Census Bureau, 2013). The Organization for Economic Cooperation and Development (OECD) is made up of 34 countries that “use its wealth of information on a broad range of topics to help governments’ foster prosperity and fight poverty through economic growth and financial...
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...issues that is widely discussed and debated concerning the United States economy is healthcare system. Unlike in the majority of developed and developing countries, the healthcare system in the United States is not public, meaning that the state does not provide free or cheap healthcare services. In Canada or Great Britain, for example, the government funds healthcare providers through taxes, and such a system is called social. The United States, on the other hand, being a profoundly capitalistic country, opted for another route and passed the burden of healthcare spending on private consumers as well as other institutions such as employers, insurers, etc. Everything would have been fine unless statistics showed dramatic increases in healthcare spending over the years. American healthcare system is the most expensive one in the world; in 2004 America spent about 16% of nation’s Gross Domestic Product on healthcare services, which is approximately $1.9 trillion (Economist, 2006). Furthermore, annual spending continues to grow 10 to 15 percent every year (Davis et al., 2003), which is faster than the national inflation growth rate. Thus, we can see that healthcare spending in the United States requires immediate analysis and new policy solutions, otherwise it would become an uncontrollable fund-consuming machine. American economists are now trying to understand the nature of the growing healthcare costs, and to analyze its impact on the overall nation’s economy. Health and Human...
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...Health Care Spending James Brewer HCS/440 April 11, 2011 Health Care Spending In many countries as well as the United States, health care spending is at an all-time high. Within health care, there are several factors, which have contributed over the years to increase higher cost. As spending throughout many countries is a key factor. The United States is above average, resulting in many citizens who are unable to afford the high cost of health care. Although it is difficult to determine the exact cause of why the increase of health care spending has risen, there are a few health care situations to blame. These causes could be health care prices, new and different disease patterns, and consolidation of many corporations, legal systems, new providers, advanced technology, and the aging population. Another cause of rising health care costs is cost sharing. This cause will not diminish anytime soon in the United States. Many people believe that disease management, consumer choice for health care and even evidence-based practice could help solve the problem of spending. These solutions however may not be sufficed to drive health care costs down. ...
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...Effects of Health Care Spending on the U.S. Economy http://aspe.hhs.gov/health/costgrowth/ https://www.cms.gov/NationalHealthExpendData/25_NHE_Fact_Sheet.asp#TopOfPage http://www.ahrq.gov/news/costsfact.htm The federal government share of health care spending increased just over three percentage points in 2009 to 27 percent, while the shares of spending by households (28 percent), private businesses (21 percent) and state and local government (16 percent) fell by about 1 percentage point each. The United States spends a larger share of its gross domestic product (GDP) on health care than any other major industrialized country. Expenditures for health care represent nearly one-seventh of the Nation's GDP, and they continue to be one of the fastest growing components of the Federal budget. In 1960, for example, health care expenditures accounted for about 5 percent of the GDP; by 2000, that figure had grown to more than 13 percent. Although the rate of growth in health care costs slowed somewhat in the mid-1990s, it has once again started to rise at a rate that exceeds other sectors of the economy. Thus, identifying ways to contain health care costs and obtain high value for our health care investments continues to be a priority for the Nation, particularly for policymakers and public and private payers. The federal government financed 29 percent of total health spending in 2010, a substantial increase from its share of 23 percent in 2007. Meanwhile, the shares of...
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...Health expenditure in India C. P. Chandrasekhar Jayati Ghosh There are perceptions that government spending on health in India, which is low by international standards, has been further undermined during the period of economic liberalisation since the early 1990s. In the first of a two-article Macroscan on this subject, C. P. Chandrasekhar and Jayati Ghosh examine the relative significance of public and private expenditure on health and the trends in Central Government expenditure. The next edition will analyse health expenditure by State governments in the recent past. | In the past decade, Central Government expenditure on woman and child development has remained relatively constant as a share of GDP - Mahesh Harilal It is well known that health expenditure in India is dominated by private spending. To a large extent this is a reflection of the inadequate public spending that has been a constant if unfortunate feature of Indian development in the past half century. This is particularly unfortunate because of the large positive externalities associated with health spending, which make health spending a clear merit good. The greater reliance on private delivery of health infrastructure and health services therefore means that overall these will be socially underprovided by private agents, and also deny adequate access to the poor. This in turn has adverse outcomes not only for the affected population but for society as a whole. It adversely affects current social...
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...Ask an American citizen about the financial status of the U.S. government. He or she would most likely have an awareness of the current debt crisis that afflicts our nation’s government, once thought to be impervious to economic decline. Fewer, however, would be aware of the extent to which the U.S. government bears financial burdens and the ways that the debt crisis impacts us as individuals. Overdraft, a documentary directed by Scott Galloway and sponsored by the Travelers Institute, seeks to explain how government spending shapes our wellbeing and provides potential solutions for reducing the national debt. The propositions offered in this movie prompt Americans to consider the ways that they can enact change to prevent the debt crisis from worsening. According to Overdraft, our current national debt amounts to over $14 trillion, and on our current fiscal path, this total will steadily increase. Several factors are responsible for producing this debt, including unpaid tax cuts, two expensive wars, and the recent economic downturn, which resulted in “the lowest revenues… and highest expenditures as a share of our national income in the past sixty years” (Overdraft). Our government’s lack of foresight in managing the national budget is not solely responsible for the current state of affairs, however. In fact, the recession of 2007-2009 was primarily a product of the collapse of the housing economy, the participants of which include the majority of middle class Americans...
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...HOW TAXES AFFECT THE ECONOMY ECO 100 SURVEY OF CONTEMPORARY ECONOMIC ISSUES GREGORY WEINKAM MELISSA FUTRELL 8/9/14 INTRODUCTION How Taxes Affect the Economy For as long as I can remember taxes has always been a part of our daily lives. Taxes can often be a burden for most people, taxes are used for many functions. If it was not for taxes, our roads, public buildings would be a mess. Taxes are what thrives our emergency services such as, law enforcement, EMT, and fire/rescue, many of our healthcare offices also use tax payers’ money to stay open. The taxing process from distribution to collecting them has people on the fence with different point of views. I believe that if the government would lower taxes than our economy would have a positive effect on everyone which makes for a positive economy. In my paper, I will be discussing the affect that taxes have on our economy and what happens when the government raises and or lowers taxes. HOW TAXES AFFECT THE ECONOMY Taxes are a sum of money demanded by a government for its support or for specific facilities or services, levied upon incomes, property, sales, etc. (Brue, 2010) When thinking about taxes, if the government had 100% tax this would have a negative effect on the amount of taxes the government would get; and if you had to pay 100% tax, you would not work because you would be working for no income. If this was to occur then people would probably spend more time growing their foods and using the batter...
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...Actions taken by the government can slow growth if things are moving too fast or stimulate growth if the economy is in a lull. Walmart, a major retailer in the United States, is one of the many organizations that are influenced by fiscal policies. Tax rates and spending can affect the organization’s ability to sell goods and services as well as create jobs for the economy. Based on fiscal policies implemented and economic predictions, there are a few recommendations that can be made to Walmart in order to positively influence the economy and their business. Federal Government Spending Fiscal policy is changes in government spending and taxes in order to influence the economy in some way. It works by changing the level or composition of aggregate demand (AD). Government spending in the United States has steadily increased from 7% of GDP in 1902 to almost 40% today (Chantrill, 2015). A decent amount of federal spending has gone for health care, education, pensions, and welfare programs. Defense spending in the United States has fluctuated in the last century, rising from 1% of GDP, peaking at 41% in World War II, declining from 10 percent in the Cold War to five percent today (Chantrill, 2015). Government spending on education has expanded from about one percent of GDP in 1900 to peak at 6 percent in the second decade of the 21st century. Government did not intervene significantly in the provision of health care until the passage of Medicare and Medicaid in the mid-1960s...
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...understand how the business world works. As the concept of economics is discussed, many terms are used to describe how economics works in the world. There terms will be defined so that they are better understood throughout the discussion of the economy and market demand. The terms Gross Domestic Product (GDP), Real Gross Domestic Product, Nominal Gross Domestic Product, Unemployment rate, Inflation rate, and Interest rate, help to break down the analysis of economics and give a better understanding of the direction our economy is headed. Part One: Terms and Definitions Gross domestic Product (GDP) is the market value of all recognized final goods and service produced within a country. It is measured by household consumption spending, business investment spending, and government purchases to equal net exports. It is important to the economy because it shows the growing economical rates. Real GDP is an adjustment for inflation. It is based on the prices of a good or service in a year with inflation or deflation accountability. It accounts for changes in the pricing level and then provides a more accurate figure. Economist rely on this to get a constant pricing. Nominal GDP does not adjust for inflation. It is based on the prices of goods or services in a year without inflation or deflation accountability. Unemployment rate is the percentage of total workforce that is unemployed but are still will to find jobs and are seeking new employment. Inflation rate is the increase of prices...
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