HCS 440 week 3 Health Care Spending

Topics: Health insurance, Health care, Health economics Pages: 7 (1726 words) Published: January 31, 2015

Health Care Spending
Carrie "Shellie" Cobbs
Economics: The Financing of Health Care
HCS 440
George Atkins
December 15, 2013
Health Care Spending
The American Dream is described by The Free Dictionary as, “An American ideal of a happy and successful life to which all may aspire” ("Definition," 2013, p. 1) yet this can mean different things to different people. To this student it means happiness, prosperity, health, freedom, and the ability to makes choices according to what this student believes in. For other people, the American Dream will mean similar and probably different things. To many Americans the ability to have health care is a part of the American Dream. Obtaining health care insurance and being able to choose the insurance they can afford is part of their own American Dream. This choice usually comes through their employer or through being self-employed and choosing the appropriate health care insurance. This piece of the American Dream is becoming increasingly expensive and unobtainable. This student will explore current national health care expenditures, is there is too much spent or not enough if cuts need to be made, how health care needs are paid for, and a forecast of the economic needs of the health care system. The level of the current national health care expenditures

Health care costs continue to increase. According to the Centers for Medicare and Medicaid Services (CMS), “U.S. health care spending reached $2.7 trillion in 2011, or $8,680 per person. Health spending grew 3.9 percent in 2011, the same rate of growth as in 2009 and 2010” ("2011 Expenditures," n.d., p. 1). The United States pay the most per person of any other country in the world. The Organization for Economic Co-Operation and Development (OECD) is an agency comprised of 34 nations that compare data regarding different economies around the world. Health care expenditures are one area they collect data. According to the data collected from 2010 by the OECD and reported by Public Broadcasting Service (PBS), “at 17.6% of the Gross Domestic Product (GDP) in 2010, US health spending is on and a half as much as any other country, and nearly twice the OECD average” (Kane, 2012, p. 2). This is staggering to process for most people because the amount of care used or services provided does not seem to match the costs paid out. Spending too much or not enough

Health care spending is a controversial subject in the United States and is currently in the national spotlight with the looming of the Affordable Care Act. In conception, the idea of every American having access to affordable health care is, in this student’s opinion, the right option. Human Health Services says “The Affordable Care Act puts consumers back in charge of their health care. Under the law, a new “Patient’s Bill of Rights” gives the American people the stability and flexibility they need to make informed choices about their health” ("Affordable Care Act," 2013, p. 1). The current process and implementation of the Affordable Care Act, in this student’s opinion, is not going to fix or correct the problem of affordable health care for most American’s or companies that provide insurance to their employees. Health care premiums, deductibles, and co-payments for services continue to increase on a yearly basis. Reducing services offered by insurance plans or making services unavailable, even though the consumer is paying more for their premiums, is another way insurance companies are saving money. The discussion of too much or not enough health care spending can also be interpreted by the person who is not using the health insurance they have to its fullest ability or individual who has needs beyond their current health insurance and cannot pay or the care needed or the provided care. National additions or cuts to health care spending

Health care spending is created by several different areas. These areas are broken up in a pie chart by the...

References: About the Law. (2013). Retrieved from http://www.hhs.gov/healthcare/rights/
American Dream. (2013). In American dream (4th ed.). Retrieved from http://www.thefreedictionary.com/American+dream
Health Care Costs: A Primer. (2012). Retrieved from http://kaiserfamilyfoundation.files.wordpress.com/2013/01/7670-03.pdf
Kane, J. (2012, October 22, 2012). Health Costs: How the U.S. Compares With Other Countries. PBS News Hour. Retrieved from http://www.pbs.org/newshour/rundown/2012/10/health-costs-how-the-us-compares-with-other-countries.html
National Health Expenditure Projections 2011-2021. (2012). Retrieved from http://www.cms.gov/Research-Statistics-Data-and-Systems/Statistics-Trends-and-Reports/NationalHealthExpendData/Downloads/Proj2011PDF.pdf
National Health Expenditures 2011 Highlights. (n.d.). Retrieved from http://www.cms.gov/Research-Statistics-Data-and-Systems/Statistics-Trends-and-Reports/NationalHealthExpendData/downloads/highlights.pdf
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