Question

"Thoroughly identify and describe the current state of the healthcare industry utilizing economic principles. Include an overview of the economics of health care and Medicare. List the pros and cons related to the health insurance industry, along with an explanation of health insurance. You are asked to develop your own thorough solution to this social issue. You must answer in terms of what you think is the socially optimal solution versus the economic least cost solution, you must understand and thoroughly explain the economic costs of each solution. Ultimately, you must decide which option is better and state why using economic principles."

Please help me, I'm lost when it comes to this assignment. Especially when it comes to coming up with a "socially optimal solution versus the economic least cost solution." This is a 3-page essay (long), and I need to know what specific points I need to be hitting from each specific question asked. I don't want to leave anything out. My teacher is a very difficult grader, and I will lose points for not including economic principles or making strong main points. I will NOT be copying the answer provided word for word, I will be writing this essay in my own words. Can you please type the answer so I may read it? I have difficulty reading handwriting and I don't want to miss anything important. In advance, thank you to whoever helps with this, I greatly appreciate it.

Answer 1

Health care is a mojor issue in U.S.Most of the leading debates majorly of governemnt have a burning topic of health care sector.It is noted that nearly 39.2 million people are deprived of any kind of health insurance in the year 2014.The reason is that the health insurance in not uniform in U.S.Many types of plan are opted by the people in order to fulfill their requirement.

The people who are uninsured had to pay a lot for the health need and who opt for health insurance had to bear a high rate of premiums.Both these are heavy on the pockets of a common man.The U.S government has taken measures to fill the gap.The Government has decided to invest more funds into the health care industry so that the citizens are not burdened by the cost of the medical facility.

Even after the steps are taken in the health care industry the people are not getting the desired result.The reason is that there is a lot of spending on the disease which are more complex ,the patients of diseases like hypertension,diabatese are not getting the well medication.These are only few example.The U.S citizen are not getting what they deserve in health sector even after the fact that the spend much higher amount as compared to the rest of world.The reason for this type of mismanagement is the lack of coordination among the deparments of the health sector.

Talking about the health insurance as the name suggest it provides a coverage for the health of the person insured.The company provides a list of the diseases which it covers and for those diseases the person is covered.Like life insurance the insured has to pay a considerable amount in lieu of the insurance.

Pros of health insurance:

• Cost Effective.
• Provide a cashless cover when treatment is done in any network hospital.
• The application for health insurance is not time bound.
• Many health insurance provide tax benefit too.

Cons of Health Insurance:

• The pre existing diseases are not covered in insurance.
• Many types of medication is not covered.
• The cover is not for maternity.
• The plan is for less time and it has to be renewed from time to time.

From the discussion we found out that although the government if trying hard to deliver the best possible thing to its citizens but these are not upto the requirement.As we all know that the health also effects many other things like education,social interaction etc so this if of high priority.The economic considerations like the structure of the market segment,information asymmetrical decision must be taken into consideration for improving the situation and the economic factors plays an important role in the health care industry.