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Cost of Healthcare - Essay Example

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The increase in the cost of health care has been considered to have several consequences in the economy of the nation. It is important to note that the rising cost of health care is…
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Cost of Healthcare
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Cost of Healthcare al Affiliation Cost of Healthcare In the recent days, the cost of health care has been observed to be increasing steadily. The increase in the cost of health care has been considered to have several consequences in the economy of the nation. It is important to note that the rising cost of health care is precipitated by a number of factors. Some of these factors majorly revolve around the economic improvements realized in the country. In addition, the increasing cost of healthcare is also affected by the change of lifestyle as well as technological advancements (Renter, 2014). Relevant to the above, it is important to note that the health care will soon account for approximately twenty percent of the Gross Domestic Product. This increase in cost of healthcare is most likely to impact the public in a number of ways.
It is of crucial significance to note that the increase in cost of healthcare is good to the economy for a number of reasons. The increasing cost of healthcare is important in strengthening the economy. It is likely to result in increase in taxes thereby creating more money thus strengthening the economy (Pear et al, 2014). However, it is prudent to acknowledge that the increase in cost of healthcare may negatively impact the consumers in a number of ways. This may involve the increasing costs of medical insurance to such consumers. In this regard, it is prudent to note that the healthcare costs should be reduced. This is because the high healthcare cost is most likely to raise the cost of medication and hospital. This can be attributed to increased costs of living to the people.
References
Renter, E. (2014). Health Care Costs Expected to Rise in 2015: Are You Ready? Retrieved on 9th June 2015 from http://health.usnews.com/health-news/health- insurance/articles/2014/10/21/health-care-costs-expected-to-rise-in-2015-are-you-ready
Pear, R., Abelson, R. & Armendariz, A. (2014). Cost of Coverage Under AffordableCare Act to Increase in 2015. Retrieved on 9th June 2015 from http://www.nytimes.com/2014/11/15/us/politics/cost-of-coverage-under-affordable-care-act-to-increase-in-2015.html?_r=0 Read More
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