Notes1 - Health Economics 1 September Marsha Goldfarb 335...

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Health Economics 1 September Marsha Goldfarb 335 PUP/ 3:30-4:30pm TuTh Goldfarb@umbc.edu H EALTH C ARE P OLICIES : 3 fundamental interest of Health Economists and policy makers o Costs and how to control these costs o Ease and equal access to health care o Quality of health care that delivery systems provide Costs and how to control these costs (economics based) o Health care costs have skyrocketed over the years due to constant changes in economic growth 1950 2007 2018 Total Spending $26.7 billion $2.2 trillion ≈$4.4 trillion o The more an economy grows the more money which can spent on health care 1950 1960 2007 2018 Health Care accounted in GDP 3.8% 5.0% 16.2% ≈20% $ spent on Health Care per minute $50,800 $4 million $ spent on Health Care per person $143 $7,421 ≈$13,100 o “…as goes general motors, so goes the nation…” One reason GM went bankrupt was due to spending on health care and not on steel for cars o The federal government has social security and Medicare People are worried about Medicare going bankrupt because it can be drawn at 65 yrs. old (the Baby Boomers are VASTLY approaching!) Social security can be drawn as early as 62 yrs. old, but most people opt out and are continuing to work longer in order to draw better health care benefits and money o State government in Medicaid Raises money from taxes and receives some money from the federal government In 1980, health care was 9% of the state budget In 2008, health care was 20.8% of the state budget The area where more money is spent is on public education (elementary – high school): 20.9% of the state budget Ease and equal access to health care (morality based; NOT economical!)
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Health Economics o How do we make health care easier, especially to those who have barriers? “Barriers to access” Geographic o Physically difficult/impossible for mobility o EMS: emergency medical system o Nurses and doctors work in shortage medical care areas o T.T. communication systems allow for specialist attention when needed and cannot be directly provided in-person at the medical building Financial o Difficult/impossible to pay for medical attention o To better ‘pay’ for medical attention, one gets better health insurance Government does this thru Medicare and Medicaid (public) Health insurance from employers—tax free (private) o Public insurance (1960s) To improve access to health care by making more affordable Medicare: supports the elderly and disabled Medicaid: poor Better insurance stimulates demand; higher demand stimulates high costs E.g. Hill-Burton E.g. S-chip program: children in low-income families have access to health care (sponsored and supported by Ted Kennedy) o Insures children despite the parents being enrolled in health insurance o There are still people not enrolled in Medicaid (aka: “uninsured”) o People who are considered officially poor are not automatically enrolled in
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Notes1 - Health Economics 1 September Marsha Goldfarb 335...

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