Healthcare Economics and Timeline

695 Words3 Pages
Health Care Economics and Timeline By: Morgan Pence HCS/440 Jonathan Foskett Due: May 9, 2016 Economics is described as the science that deals with the production, distribution, and consumption of goods and services, or the material welfare of humankind. The timeline of healthcare is very important because it helps to show what has happened and why the country is where it is today with the healthcare industry. It changes all the time so the timeline will always be changing and it is important to keep up to date with what is going on. This paper will help to show how the country has come to where it is today. Before the 1900’s there was not really anything that could be called major health care in the country. Doctors were still…show more content…
During 1960 President Johnson signed the Economic Opportunity Act to go along with his “War on Poverty” and finally work- based insurance is known as a normal thing to have. While the employed are receiving health care insurance the retired Americans can not find good coverage that is affordable to them. Medicare and Medicaid law is signed which provides the elderly with medical coverage. The Medicaid program is set up to support state-run programs to assist the poor with medical cost, Medicare Part A covers hospital care and Medicare Part B covers general doctors. 1970 President Nixon extended the Medicare coverage to individuals under the age of sixty-five with long-term disabilities under the Social Security Amendment. Consolidated Omnibus Budget Reconciliation Act was enacted during the 1980’s which allowed workers and their families who lose health care benefits to still receive them for a certain period of time and under certain conditions. President Clinton tried to completely overhaul the health care system during the 90’s by introducing the Health Security Act. This would ensure individual and family security through health care coverage for all Americans but this bill did not pass. By 1997 the State Children’s Health Insurance Program extended the coverage to those children who come from low income families and do not qualify for Medicaid. This program is administered by the state but receives matching
Open Document