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Rising Costs and Effects on Both Employees and Employers in the US - Essay Example

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The paper "Rising Costs and Effects on Both Employees and Employers in the US" highlights that insurance can be seen as a human rights issue: young children and the elderly who do not have access to legitimate coverage, drugs, or medical care are an embarrassment to this country…
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Rising Costs and Effects on Both Employees and Employers in the US
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Download file to see previous pages 47 % of any given country’s population is a comparatively large percent and certainly merits attention from lawmakers and policy specialists.
Health insurance is a system by which companies ensure that their clients have regular access to healthcare and drugs. The importance of this coverage should not be underestimated in a society such as the United States whose medical costs can be extremely high. Those who are uninsured over the long term, on average, have poorer health and die earlier than do those people who have insurance; estimates suggest that this issue is associated with costs of between $65 billion and $130 billion annually (Stanton, 2). “Health insurance premiums have increased rapidly over the recent past, growing a cumulative 78 per cent between 2001 and 2007 and far outpacing cumulative wage growth of 19 percent over the same period (ER 2).” Within this context, it is evident that the average US citizen concerned about their health faces a severe problem.  
The government has tried unsuccessfully to respond to these concerns, but the incentives that it provides are insufficient, skyrocketing healthcare costs continue to be inhibitive, and many Americans remain uninsured. In 2003, Congress used a tax credit to expand the coverage of health care insurance for these American workers. Effective in 2003, workers whose employment has been negatively affected by outsourcing and retirees receiving benefits from the Pension Benefit Guaranty Corporation (PBGC) were entitled to a tax credit for the cost of health insurance they purchase for themselves and their dependents. This credit was designed to offer a financial incentive to maintain health insurance coverage (McFadden-Wade, 1). However, eligibility requirements were restrictive, and the policy did not provide have the hoped-for effect.
The high cost of health insurance has affected many stripes of society, from employers to employees, and it has drawn particularly decisive divisions along racial and class lines. ...Download file to see next pagesRead More
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