Medical Term Paper - Economics in Medical Care Surrounding Rising Costs and Quality S02181483 INDV 103 Sections 1 2 Brian Cohen

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Economics in Medical Care Surrounding Rising Costs and Quality S02181483 INDV 103 Brian Cohen 11/23/2007 [email protected]
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Health Care is one of the biggest issues that hang over businesses and the public. It is a known fact that in the small business sector and big business, health coverage for their employees has become very expensive and very costly to enact because of its high prices. For the individual who wants insurance, the cost has tripled. In states requiring health insurance, this has become a huge problem because hundreds of thousands of people aren’t able to afford it. This applies to businesses too, surrounding the cost of insurance coverage for employees. The compliment to this policy problem is the quality of insurance in which you are receiving. Nationwide, patient frustration has been sharply increasing from the lack of service. Businesses are complaining as is the nation as a whole about this rising issue, namely policy. Health insurance and coverage, specifically, the policies within this costly conundrum is the ill conceived federal tax, insurance regulations (which varies based on the state you inhabit), and government barriers to entry into the medical field. The pros of federal health care policy is that employees who purchase insurance through their employers insurance plan pay less because of a tax exemption, that companies within the medical industry have a reduced amount of competition which allows for greater revenue in that sector, and that at a catastrophic event, true insurance will cover our needs. The cons of federal health care policy is that direct-medical care purchased individually must have an after tax based on income factored into the cost for the insurance, barriers inhibit competition which ultimately doesn’t allow market price balancing to occur, The tax preference on employer based insurance has created a third party network in which prepaid healthcare in the form of low deductibles and copayments has become the standard, state laws regarding insurance impede competition among insurers and reduces the number of options one can get in their plan, and the number of health care professionals available (like doctors and nurses) is greatly inhibited because so few are able to get in; thus giving us poor healthcare quality and not enough to service the population. Health insurance should be made into a nationwide plan in that federal tax on insurance purchased by individuals directly is to be made a deductable for them, That higher copayments by businesses to their employees would increase wages and make insurance more affordable; health insurance rates would decrease do to the amount of money being saved by the now more motivated worker/individual. This would reduce the amount of third party intervention into the insurance business as a compliment to this new change in policy. People have more money in their pockets means they can spend in other areas of the market helping out the overall economy
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This note was uploaded on 04/05/2008 for the course INDV 102 taught by Professor Polakowski during the Fall '08 term at University of Arizona- Tucson.

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Medical Term Paper - Economics in Medical Care Surrounding Rising Costs and Quality S02181483 INDV 103 Sections 1 2 Brian Cohen

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