Question

In: Economics

In Table 1.5, examine the private health insurance, Medicare, and Medicaid components. Which category grew the...

In Table 1.5, examine the private health insurance, Medicare, and Medicaid components. Which category grew the most between 1970 and 2014? Between 2000 and 2014? What factors might have led to the differences in the growth rates?

2. The growth rates between 1970 and 2014 are calculated as follows:

Private health insurance = (868.8/14.1)-1 = 6061.70%

Medicare = (580.7/7.3)-1 = 7854.80%

Medicaid = ( 444.9/5)-1 = 8798%

Hence, Medicaid had the highest growth rate between 1970 and 2014.

Similarly,

The growth rates between 2000 and 2014 are calculated as follows:

Private health insurance = (868.8/406.1)-1 = 113.93%

Medicare = (580.7/216.3)-1 = 168.47%

Medicaid = ( 444.9/186.9)-1 = 138.59 %

Hence, Medicare had the highest growth rate between 2000 and 2014.

Expert Solution

Given,

The growth rates between 1970 and 2014 are calculated as follows:

Private health insurance = (868.8/14.1)-1 = 6061.70%

Medicare = (580.7/7.3)-1 = 7854.80%

Medicaid = ( 444.9/5)-1 = 8798%

Hence, Medicaid had the highest growth rate between 1970 and 2014.

Similarly,

The growth rates between 2000 and 2014 are calculated as follows:

Private health insurance = (868.8/406.1)-1 = 113.93%

Medicare = (580.7/216.3)-1 = 168.47%

Medicaid = ( 444.9/186.9)-1 = 138.59 %

Hence, Medicare had the highest growth rate between 2000 and 2014.

factors that might have led to the differences in the growth rates are :

Government health care[Medicare] and Medicaid experienced more slow spending development than private protection[private health insurance] since public projects have more influence over supplier installment rates, helping them to minimize expenses. Private payers wind up addressing higher clinic and doctor costs.

Factors are:

Decline in the cost over the time.
Decrease in the benefits being offered in medicaid and shrinking of reimbursement rates.
Difference in the usage of technology under medicare and in private consultancy.
Extra facilities and comfort with reduced price in private attracts more.

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Rahul Sunny answered 1 year ago

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