Question

The ACA has brought America to it's current universal health care status through several cost-saving measures that drive overall costs down by helping sick people see a provider rather then wait until hospital cares were needed. It's implementation added care services to those with pre-existing conditions, and improved efficiency with stronger and secure health plans. The ACA allowed for many people to be able to gain access to insurance, where before they weren't able to. There were issues and concerns with costs and fines regarding insurance available as well as penalties for not participating, however, time is needed to address these concerns and put refinements in place. Comment.

Answer 1

The USA is one of the primary market players in the healthcare industry. However, there are certain aspects which affect the leading market player of the healthcare segment as well. The rate of uncertainty and fluctuations in the healthcare policies of the country has, eventually, led to subsiding the globalization rate of the overall health and wellness segment. The proposal of Obamacare was considered as a revolutionary move, however there are various loopholes and glitches in this act:

• Overall health cost has become quite high due to the increased insurance coverage
• Customers cannot maintain the previously covered insurance plans in parallel with Obamacare, thereby leading to losses
• The stick rule under ACA that individuals need to opt for the insurance plan or pay penalty tax, is highly controversial
• High cost of premiums is disheartening for many

The proposal of Obamacare i.e. ACA and the entire controversy surrounding it, which eventually led to reforms in the act by President Trump and his government has created quite a stir and confusion in this segment. As a result, investors have become hesitant to pour capital in the industry and the overall flow of capital has considerably reduced in the healthcare segment, thereby impacting the globalization rate of the country. The rising healthcare cost and the unaffordability of the same by the citizens, has substantially affected the economy of the country and made it less competitive in the global arena.

In order to reduce the healthcare costs and make it more affordable for the citizens, the healthcare administrators as well as the policy makers of the country need to research thoroughly about the scope and applicability of the single payer system. This can be done on the similar lines as that done in Canada. Scope and feasibility of such system in the country must be thoroughly checked. This payer system has the potential to reduce the rates of the surging healthcare costs in the country. This is claimed as the burden on the citizens to pay heavy premiums will be considerably reduced. Healthcare will become more affordable, thus increasing the overall coverage in the country and reducing inequalities in the healthcare system. In my views, Single-payer system will be a big positive change in the US market and can be considered the need of the hour.