Reference no: EM133494670

Problem

The United States healthcare is the most expensive the world. In 2021, the healthcare reached $4.3 trillion which made an average of $12,900 almost $13,000 per person. On average costs healthcare per person in other countries is only half as much. Federal taxes pay the funds of insurance programs such as Medicaid, Medicare, CHIP etc. The United States healthcare system is complex. High, prescription drug costs salaries rank higher in western nations, hospital care accounts for 31% of nations healthcare costs. Prices for drugs and healthcare are partially controlled by governments in other countries, but in the U.S. prices depend on market forces. Hospitals and health systems, drug and device manufacturers, and doctors backed by private equity. United States has become conglomerate in partial monopolies. 2023 the prices are going high on insurance. Insurance rates across the US are rising by 8.4% bringing total average for full coverage to $1,780 per year.

Healthcare is most definitely a monopolized service fueled by the premise of "what if?". North America thrives on economical gain and healthcare is simply a service available to minimize the impact of unexpected medical expenditures. I consider the deduction that comes out of my check every two weeks and rationalize that it covers a family of 5. Then I process the expenses from the itemized receipt from any check up visit and am grateful my children don't get sick often so we typically visit the doctor's office simply for those checkups. Each doctor's office revenue depending on praises from their patients to increase patient care and new patients. Everything becomes a factor affecting the cost of healthcare in the US. Insurance companies equally affect the cost of healthcare by the variation in coverage and cost. Some people require lower needs for medical coverage and shouldn't be penalized into covering lost revenue of any sorts for either insurance or provider. I have children who play sports and when one of my daughters suffered a bucket wrist fracture which required X-rays and a cast only cost me $470 versus the $1200 itemized bill I received.

The question is how would you respond to both of these statements seperately?