Health Care Spending
HCS 440 Economics: The Financing of Healthcare
Class Group: BSEW1GQMZ5
University of Phoenix Online
Instructor: Geoffrey J. Suszkowski, Ph.D., LFHIMSS
Health Care Spending
“In 2013 U.S. health care spending increased 3.6 percent to reach $2.9 trillion, or $9,255 per person, the fifth consecutive year of slow growth in the range of 3.6 percent and 4.1 percent. The share of the economy devoted to health spending has remained at 17.4 percent since 2009 as health spending and the Gross Domestic Product increased at similar rates for 2010 - 2013”("National Health Expenditures 2013 Highlights," 2013). The cost of health care spending ...view middle of the document...
The U.S. Centers for Medicare & Medicaid Services (CMS) explain that National Health Expenditures (NHE) "rose 4.0% to $2.5 trillion in 2009, or $8,086 per person, and accounted for 17.6% of Gross Domestic Product (GDP)" (The U.S. Centers for Medicare & Medicaid Services, 2012). The rise in health care expenditures has resulted in mounting stress for families, businesses, and community budgets. Health care spending is increasing faster than the average person's earnings. The U.S. spends entirely too much on health care every year. The explanation for the extreme amount of health care expenditures in the U.S. is not because we use an excess of health care; it's because we pay excessively for the health care used. After comparing the prices, health care economists have determined what the U.S. pays and what the U.S. uses versus other developed countries, the U.S. pays way too much for healthcare services.
Current Level of Spending Too Much or Too Little
When it comes to national health care spending it is not about the amount of money we are spending, but the value that patients are receiving with their health care(Healthcare: Too Much Spending, Too Little Value. 2009, Aug 20). A large amount of Americans are not able to pay for exceptional health care. Even though we are paying for health insurance, there is always more costs that may not be affordable that comes along with health insurance. Health care spending is important because you can not put a price tag on your health. There are ways to lower health care spending like seeking preventative care to avoid costs in the future due to poor health.
Where As A Nation Should We Add Or Cut National Healthcare Spending
The goal of cutting health care spending in any capacity should be one where the patients are not hurt. Prescription drugs are one-way spending should be cut. Prescription drug abuse is alarmingly high, and the need for some pain and analgesic prescriptions are unnecessary. Patients should be held accountable for more out of pocket expenses. Medicaid should cut spending and make unemployed citizens who are capable of working go out and secure and job and pay a portion of their health insurance in the workplace. Funding for education should be added to help patients become more knowledgeable about their health. Educating patients will help with continuity of care, keeping appointments, and follow-up care that ultimately will reduce health care spending. They will take more responsibility and manage their care and do research on other alternatives. Education on holistic approaches should also be the focus of health care spending. Mental health is another area of concern. More funding should be added to help patients suffering from mental health illness. The amount of money for prescription drugs, rehab, counseling, therapy, and resources is not nearly enough for the number of deaths, suicides, murders, PTSD, abuse with mental health illness. Elderly care and...