Healthcare Financing: Compulsory or Discretionary - Essay Example

February 2007 Healthcare Financing: Compulsory or Discretionary? Introduction Healthcare financing has been one of the fastest-growing industries in the world (Wikipedia, 2007). In the United States alone, it consumes about more than 10% of the country’s gross domestic product (GDP). The same goes for other developed countries, or maybe even higher. Because of the tremendous money being expended in this arena, a lot of professionals have shifted careers and opted for a higher paying health care provider. All around the globe, more and more people are subscribing to the services of healthcare insurance agencies. Despite the tremendous amount that the individual, or the company, has to pay, healthcare insurance has been given particular attention mainly because people still deem it more beneficial than not having it at all. Imagine being stricken by a terminal disease. With healthcare financing, a patient need not worry in shouldering all the hospital expenses. Otherwise, bankruptcy would surely befall the patient and his family. On the other hand, there are some individuals who do not believe in the benefits it could reap from healthcare financing. Aside from being too expensive, it also tolerates doctors, hospitals, and other health-related institutions from overcharging either from bills not made by the patient or from hospital activities that should not cost more than it should. For purposes of discussion, the term healthcare financing refers to insurance industries, companies, and like who are being paid by consumers on a regular basis for the sole purpose of maintaining, preventing, treating, and managing the disease or illnesses of its clients (Wikipedia, 2007). Upon One’s Discretion Some people believe that healthcare financing should just be an option to provide for. As new financing companies keep on sprouting at each point in time, health care costs have tremendously increased during the last decade. Instead of ensuring the future health of the family, health care has become impractical for middle income families. According to AFLCIO (2007), health saving accounts would no longer do any good for ordinary American citizens. Aside from the fact that health care costs have increased three times more than the inflation rate, the bulk of this cost are now being pressed upon the workers. The out-of-pocket expenses, for a worker with dependents, could range from $2,000 up to as high as $10,000. As a result, health care insurances are simply dropped from an employee’s benefits. On the other hand, another issue that presses the basic premise that healthcare should only be upon the discretion of the individual is the fact that insured individuals become more lax in criticizing the costs of a single hospital bill. Since the insurance agency will foot for the bill, the tendency of the hospital is to take advantage of the insurance coverage and charge additional, or much worse unnecessary, expenses that the patient is not aware of. Doctors tend to abuse their rights by charging too much for consultation fees. Most doctors still charge insurance agencies for the slightest referral slips being given to patients who undergo general check-up or blood analysis. The aforementioned are only a few of the issues that confront healthcare financing. And if such scenarios continue to persist, healthcare financing should only be upon the discretion of the company or individual. In this manner, overspending is avoided while savings is being kept on more pertinent expenses of the family. A Compulsory Despite the lamentations of the healthcare financing oppositionists, there is clearly a dire need for healthcare insurance for each and every individual in the family. The basic principle of healthcare financing is the fact that a family should be able to make preventive measures against illnesses and diseases that may unknowingly strike one’s health. In most cases, families go bankrupt due to the fact that they fail to forecast such events from happening. This is especially true for those families who had to go through a terminal illness of a family member. African Americans and Latinos should be one of those people who must compulsory attain healthcare financing since they are twice likely to suffer from diabetes as compared to White Americans. Furthermore, ethnic minorities are more likely to suffer from acute or chronic conditions (AFLCIO, 2007). Meanwhile, healthcare financing is also equally beneficial for the old senior citizens of society. Since they only rely from their pension as a stable income, healthcare insurance would allow these people to live a more comfortable life at such an age. It is true that the healthcare insurance industry has a lot to work out in terms of policies and implementing guidelines. Nevertheless with current efforts of the government to subsidize and further increase the number of people with healthcare insurance, ordinary workers need not worry with its incrementing costs. Employers should not be given any working permit if they could not pay the part of their share in the insurance, particularly those with more than 50 employees. In the case of California, the state passed a law requiring employers to provide insurance or pay for a state fund for its workers (AFLIO, 2007). Hospitals that have been reported to have abused the benefits of healthcare insurance, as well as other unreported hospitals, must undergo a regulatory mechanism that will determine the validity of their charging system. This mechanism would act as a safety net against abusive hospitals and doctors. In this regard, companies who do not have valid reasons shall be forced to provide healthcare insurance, ethnic, cultural minorities, and senior citizens is well-provided for, and abusive institutions and professionals shall face the law if found guilty. Conclusion Whether society is in general agreement or not, there is more evidence to believe that healthcare financing should be compulsory for every individual. Although this issue has been hounded by massive questions and uncertainties, in the end, the government will be taking its final stance in providing the necessary health benefits for its constituents. On the part of the people, they should not only rely on healthcare benefits. People must start being conscious of their health even at a young age, starting from one’s diet and up to his habits, lifestyle, and daily exercise. Taking multivitamins and other supplements will help nourish the body, mind, and soul. It is in man’s health where he relies on what he makes for a living. Indeed, “HEALTH IS WEALTH.” If man does not take care of himself, everything he had ever kept for the future would only go to waste in a matter of time. References AFLIO. “Whats Wrong with Americas Health Care.” February 2007. Retrieved from website: . AFLIO. “Health Savings Accounts Won’t Work for Workers.” February 2007. Retrieved from website: . "Health Care." Wikipedia: The Free Encyclopedia. February 2007. Retrieved from website: . Read More