Research Describe The Rising Healthcare Cost in America

The Rising Healthcare Cost in America
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The Rising Healthcare Cost in America
Introduction
One of the aspects that characterize the health care debate today in America is the rising costs. The cost of healthcare in the country has been rising at exponential rates and this is a source of worry for members of the population. With increasing healthcare costs, families have to spend more on their health and this reduces the money that is available for other important expenses. It is important for a health administrator to understand the issues surrounding the rising healthcare costs in order to develop relevant policies. As such, the rising healthcare costs affect to a great extent the role of a healthcare administrator. It is important to note that high health care costs can limit the ability of consumers to access healthcare. This paper examines the rising cost of healthcare, particularly how it affects the aging members of the population.
Summary of News Story
In the news story, Findlay (2017), examines how retirees have been frightened by the rising costs of health insurance. As members of the population age, the risk of experiencing unexpected medical event or illness rises. About 20 million members of the American population purchase health insurance in the individual market. The rising premiums have been a source of worry for these members of the population. With insurance providers raising premiums by double digits, a significant portion of the income of health insurance buyers goes to paying for the premiums. Findlay gives an example of Don and Debra Clarks, who spend about 30% of their income on healthcare.
The rising healthcare costs have left retirees and the self-employed confused and worried since it is complicated to find a healthcare plan that works for them. Couples who do not get government subsidy are at highest risk. Findlay (2017) notes that premiums rose by 22% in 2017 and it is forecasted that the rate would be higher in 2018. This increase could cause fewer people to purchase health insurance coverage. In 2015, the percentage of members of the population aged between 50 and 64 who were not insured was 8%. In 2017, the percentage stood at 10%. While the Affordable Care Act made health insurance affordable, its abolition threatens to increase the costs, particularly for the aging members of the population. The article has shown how the rising insurance premiums are a significant problem, particularly for the retirees.
Implications for a Leader in Healthcare
As an administrator, it is imperative to understand the factors that drive the healthcare costs in the country. Mack (2016) points out that a major contribution to the rising healthcare costs is wasteful spending. The author notes that physicians practice “over prescription” as a way of avoiding litigation or just increasing their profitability. The members of the population are willing to undergo expensive but unnecessary medical procedures. For example, Mack (2016) notes that there was a rise of 15% annually in the use of MRI and CT scans. In addition, Maher, Hanlon, & Hajjar (2014) note that polypharmacy is a common practice among the older members of the population. This is the use of ...