ECONOMICS AND HEALTHCARE
IMPACT THAT DIFFERENT HEALTHCARE SYSTEMS HAVE ON INDIVIDUALS AND HOUSEHOLDS A healthcare system is a group of persons or institutions, and the resources used to deliver health care services in order to meet the health needs of a certain population. There are different types of healthcare system including:Privatizedsystem, socializedsystem, universalsystem, community system.The privatized way of system is based on premium insurance. This is where the profits are used to pay the staff and also buy equipment. “healthcare for which an individual chooses a private company that offers health insurance plans---which must be paid for on a monthly basis by the individual ---is called private health care”(Johnson 2013) The socialized system is public funded, whereby the government where they get to pay for the drugs, the doctors and nurses. This money is got from the revenue got from taxes which basically everybody who is working gets to pay. In the community systemway of health care, they take both private insurance and those that cannot afford to pay for their medication. Those who cannot afford payfor their medication, it is offered on a sliding scale based on the income they have. In the universal system way, both dental and mental health services and cares are covered by the government through taxes got from the people who are currently employed. “A universal health care system provides health care benefits to every citizen of the nation. The United Kingdom, Germany, Japan, and Canada employ universal health care systems funded by government-mandated or government-run programs.”(Sykora 2010) Both the privatized way of health care and the government controlled health care systems have their pros and cons. There are reasons why some people may often prefer one to the other based on the way they see it. The privatized healthcare system to some may be referred to as a type of treatment whereby patients pay for their treatmentthemselves. It has both its drawbacks as well as some advantages depending on who is accessing it. In the privatized health care system there is availability of fast treatment. The public health care service may sometimes be overwhelmed with demand from many users. Here one doesn’t have to wait for long queues before they get to be treated. All you have to do is book and appointment to see he doctor and a day to do so will be allocated to you to go for treatment even though at times it may be expensive. “Private health insurance gives policyholders access to more hospitals and more treatments and can significantly reduce waiting time for many procedures. While it is well known and reported that public patients can be left waiting for long periods of time before they get to see a consultant, the reality is that private consultants are not exclusively for people with health insurance.”(quoteme health insurance) There is a lot of competition in the private health care system. Here the health care providers come up with ways to attract more customers. It is due to this that they sometimes lower their prices and provided even better services to their patients so as to make profit in the very end. While sometimes the government offered health care service may not offer some services such as nursing and intensive care services, the private sector does so. Since the privatized healthcare system needs to attract customers, that are the patients, they do offer more types of treatment and services including nursing care or intensive care, leading patients to opt the private healthcare for the additional services that are not offered in the public option. The privatized health care system has the economic advantage over the public option in that it is self-financed. Here there is no need for government grants, the providers just issue stock to potential investors and then go directly into business. Marissa Williams adds: “Privatized health care reduces the government's share of the health care...
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