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In: Economics

Using 500 words roughly answer the following: The Centers for Medicare and Medicaid Services have recently...

Using 500 words roughly answer the following:

The Centers for Medicare and Medicaid Services have recently projected that in 2020, national health care expenditures will approximate a fifth of US gross national product. In response, an editorial in the NY Times has asserted that “addressing the rise in health care spending has now become a national priority of the highest order” and advocated increasing the age that individuals qualify for Medicare to 70 and the rationing of health care services in Medicaid to reduce the growth of spending. Address the following: As a leading health economist, you have been asked to respond to this editorial. Do you agree with the Times’ position (State and defend your position)? Will it address the drivers behind the growth in health care costs (What are some of the drivers behind the growth in healthcare spending and how do they work to increase costs)? What unintended consequences might the plan have? Explain in what ways the increased spending on healthcare might not be a bad thing.

Solutions

Expert Solution

The major drivers behind the rising healthcare costs are :

  • Advanced technology in healthcare
  • Chronic ailment condition
  • Poor lifestyle like addictions and obesity
  • Compulsory insurance benefits
  • Aging
  • Care at the end stage of life

Due to rise in wealth of the individual and advanced medical technology to provide healthcare, there is a rising healthcare expenditure. It is rightly appropriate that the life span of the population has increased but at the same time healthy life span has reduced considerably. Thus increasing the age that individuals qualify for Medicare to 70 would make the better healthcare facilities accessible to individuals even at a higher age. Moreover, rationing of healthcare services, that is higher insurance premium paid by the individuals who intend to receive higher healthcare benefits, would also reduce the healthcare spending.

Increased spending on healthcare is not a bad thing as all the individuals should have access to a healthy lifestyle and better healthcare facilities. It is the right of every individual to have a sound health and increased spending would them to realize the same. Thus increased spending on healthcare might not be a bad thing.

Rahul Sunny answered 1 year ago
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