preview

Medical Insurance : Is Not Affordable Without Assistance From Government Assistance?

Better Essays
Open Document
Jennifer Lowe Online-Sociology 27 February 2017 Medical Insurance Problems Medical care in the U.S. is not affordable without help from government assistance; here is why. The United States health care business is one of the largest economies in the world. The U.S. health care costs are 2.5 times greater than the mean of other countries making up for a significant amount of the U.S. spending. Higher spending on medical expenses means insurance companies have to raise premiums and out of pocket expenses in order to meet these costs. The more spending that occurs, the more insurance providers have to charge all of their consumers. Medical care in the U.S. is huge industry. Insurance providers and medical manufactures have been taking…show more content…
In most cases, there is never a mishap but it does happen. No one thinks they will be that person laying in a hospital bed or extremely ill, causing a financial loss for a long period of time. It may only take one time to actually need the policy but it was a valuable expense if the person was sick and needed to provide their family. Bills can be submitted to insurer’s while they are unable to work Insurance is a costly expense and thinking they will never need it makes it easier to not sign up but making. The U.S. spending for healthcare has risen to astronomical heights leaving consumers and taxpayers to, yet again, pay more money for premiums and medication hikes. In 2000 average annual family premiums were $6,500 and by 2008 alone they almost doubled and by 2016 they have almost quadrupled (Forbes). It has become a monopolized borderline competition with less business environment. Many manufactures of medication state there is no set price to what the selling price will be for a medication. The selling price is determined by a supply and demand basis and what the insurance companies are willing to pay for it. Large providers are buying local locations to gain further leverage on the insurance providers. Often dropping them from their customer’s access if the prices are not paid. Very large insurance providers have more leverage for a better deal than smaller providers that most
Get Access
Related
Get Access