Health

Managing Healthcare Costs: How High Cost of Care Affects the United States Population

“The United States spends more on healthcare than any other country in the world but has the higher rates of infant mortality, diabetes and other ills than many other developed countries.” (Reuters, 2009)

Bloomberg Businessweek released an article about the effects of health care reform on business either self-employed or small business. It was noted that, some self-employed people and small employers will begin to feel the impact almost immediately while other won’t notice changes for a few years. The article went on to state that, by 2014, insurance companies will be barred from rejecting individuals because of preexisting conditions; Also described how many employers are wary in employing more workers since they will have to pay for their benefits. The tax credits for small businesses that have more than 50% of employees’ health benefits, have fewer than 26 employees and pay average annual of less than 450,000 can claim a tax credit of up to 35% the cost of premiums tax year” (Klein, 2010)

“In the past three years, my health costs have increased each year by double digits. That cuts right into the profit margins of my company. For my small business, whether it has 10 or 500 employees, it’s a challenge having enough working capital. But to be competitive and attract the employers as the bigger guys, we have to offer the same benefits package the do” (Klein, 2010)

“The growing and aging population and healthcare cost continue to outpace inflation which has caused Medicare to be the center of debate over the long-term fiscal health of the government. (NY Times, 2013). “The unrelenting rise in medical cost is likely to wreck havoc within the system and beyond it, and pretty much everyone will be affected, directly or indirectly” (Abelson, 2010). Many people rely on government aid or programs to get treated by participating in the Medicare, Insurance, and Medicaid programs....