Health Costs Essay by BrainC
A look at the reasons behind the rapid increase in the costs of medical care.
# 53405 | 1,275 words | 4 sources | MLA | 2004 |
Published on Oct 25, 2004 in Medical and Health (General)
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This paper examines how health care costs are rising rapidly, forcing companies to reduce benefits in other areas or require employees to contribute more to the cost of the premiums. It shows how some programs have cut benefits, while others have raised the co-pays for both doctor's visits and prescriptions. It analyzes some of the reasons for these increasing costs, such as federal spending and the aging of the baby boom generation.
From the Paper:"The fact that insurance pays so many medical bills has economic impact on the cost of that medical care. Most insurance pays at least 80% of the cost, greatly reducing the financial liability insured individuals incur when they receive medical care. By comparison, consider what cars people might buy if their auto insurance paid 80% of the cost (Fuchs & Garber, 2003). Then imagine that everyone gets such a price break whether they have auto insurance or not, with those who do have insurance absorbing most of the cost of that car for those with no insurance (Fuchs & Garber, 2003). People would be more likely to chose a Mercedes than a no-frills Chevrolet, although both would get them to work and back reliably."
Cite this Essay:
Health Costs (2004, October 25) Retrieved March 26, 2023, from https://www.academon.com/essay/health-costs-53405/
"Health Costs" 25 October 2004. Web. 26 March. 2023. <https://www.academon.com/essay/health-costs-53405/>