United States health system, the biggest in the world, employs most up-to-date and state-of-the-art technologies in healthcare. US is the world leader in research and development in biomedical field. The magnitude of the research in healthcare and medical innovations that come out of US, in general have been the largest. US contributes, influences and drives medical research in various parts of the world with great emphasis on quality of human life. US pharmaceutical and medical equipment companies have access to biggest markets in the world and yet Americans spend more than 17% of country’s GDP towards healthcare, the largest in the world. In spite of that, US healthcare system suffers from complex rules, less coverage and no real cost …show more content…
People will have health insurance at low costs, which means people can get care, stay healthy giving rise to a healthier nation. Consequently, does a healthy nation mean more productivity, GDP growth and better economy or a strain on the health care infrastructure as more people visit doctors and hospitals giving scope to increased health accidents, malpractices and unsustainable costs?
PURPOSE
The purpose of this paper is to explore the economic effects of Affordable Care Act (ACA) especially on the medical research and development (R&D). The impact of ACA on the following factors related to a Medical R&D is discussed.
• Better Coverage and Reduced Costs
• Healthier Population – Long Life / Increased Employment/Productivity
• Reduced Burden on Govt. Programs
• Administrative and Compliance Costs
• Taxes
• Healthcare Workforce
• Outsourcing/Jobs offshoring.
PREVIOUS RESEARCH
There has not much research in to how much ACA has been successful or not since it is not that old. Though there are some market surveys, data crunches on ACA, the effect of it on the economy as a whole or specific to healthcare R&D has not been fully established. According to the commerce department, in the first quarter of 2014, the consumer spending has risen to 3% and this is largely because of healthcare spending. In the first quarter of 2014, healthcare spending increased 10% spending $43.3Billion.
Obamacare or the Affordable Care Act, implemented by President Barack Obama is the one of the major healthcare reform in America after Medicare’s implementation. Also it is one of the most debatable issues in the present times. Many are doubtful about its long term effects while many more are happy that they would finally be insured. It is of no doubt that the Obama Administration has brought in ACA with a very noble and optimistic intention of providing insurance and healthcare coverage to each and every citizen of America. However from a public administrative point of view it is essential to think about both the potential benefits and harms of this act on the healthcare economy. The reviewed articles discuss about why and how the ACA was implemented, how the architects are ACA are expecting it to benefit the society and what would be the effects of its implementation. The articles from healthcare journals discuss about the effects of ACA on the quality of healthcare.
One of the primary goals of the Affordable Care Act (ACA) was to provide affordable health care coverage and increase access to affordable health care to the community. Unfortunately, since the passage of the ACA, while there has been an increase in the number of people with health care coverage, those same people do not necessarily have access to affordable health care. Currently, the public views the Emergency Department (ED) as a safety net by the community it serves; as demonstrated by the increasing number of people who continue to seek treatment in the ED for non-urgent problems. Utilization of the ED for non-urgent care contributes to the rising costs of healthcare as treatment in this setting can be upwards of three times the cost
In 2010, Obamacare was signed into law. Many Americans do not have health insurance. President Obama and Congress wanted to make sure that all Americans could get healthcare. This healthcare is intended for middle class low income families. Obamacare is a lower cost of health care. This was made to reduce the cost of Medicaid and Medicare. These insurances are a threat to the federal budget. Health care is the number one cause of bankruptcy. Most businesses will offer healthcare through the company, but there is people who don’t have this option. Some are poor enough to qualify for Medicaid which is covered by state and federal government and anyone over 65 receives Medicare. There are people who make too much money and they do not
The Affordable Care Act, signed into law by President Obama on March 23, 2010, fails to reach the intended goal of being more affordable for those in the population who cannot afford health insurance. The Affordable Care Act affects taxes, the out of pocket spending as well as the national debt. Now, considering the word “affordable” is in the name of the act itself, it is very contradicting that the Affordable Care Act is not very “affordable”. Affordable has a very different meaning if you were to ask people across the nation. People in Montana for example, the average salary in the state of Montana is $37,575, while in the state of New York, the average salary is $52,330. People in Montana would see $25,000 a lot differently than people
Affordable Care Act (Obama Care) has serious implications in almost all the sectors of the US healthcare system. The health insurance companies are the greatest losers because of Obama Care. What they believed to be a sound policy that would help them and increase their earnings, has turned out to be a bad policy. I feel that Obama Care is battering the health insurance companies. I agree that the concerns raised by the US healthcare system are valid. It is true that the Obama care policy has not been of great benefit to their businesses. Companies have been suffering significant losses because of Obama Care. It is unfortunate that the advocates of Obama care continue to argue that the Obama care is of great benefit to the insurance companies, yet they do not have a better understanding of what the insurance business entails. While they projected that the policy was going to increase the revenue of the insurance companies due to the many subscribers, they do not consider that companies are making losses. It is very true that Obama Care is impacting healthcare providers negatively. The concerns of the US healthcare system are also supported by other insurance companies who are complaining about the same issues. The US healthcare system should take a step and refrain from taking any other policies related to Obama Care. It is not viable to continue making losses since the same will affect businesses growing concern. Obama Care was expected to support the insurance companies,
Affordable Care Act (ACA), often known as Obamacare, was signed by President Obama in 2010. The goal of the Act is to increase the number of individuals with health insurance to the point where all Americans are insured by providing quality healthcare at an affordable price. Despite its good intent, the ACA is not as perfect as it may appear. In this paper, I will list the main features of the Act, its pros and cons, and how it affects you as an individual and discuss the King vs. Burwell lawsuit.
The Affordable Care Act otherwise known as Obamacare or the Patient Protection and Affordable Care Act (PPACA) was signed into law in March 2010 and it has not been without its share of problems, debates and controversies. One of the main points of the debates and controversies with the PPACA has been the legality of the individual mandate. The individual mandate “requires that most Americans obtain and maintain health insurance, or an exemption, each month or pay a tax penalty” . The whole purpose of creating PPACA was to “achieve near-universal coverage and to do so through shared responsibility among government, individuals, and employers” and to be able to “improve the fairness, quality, and affordability of health insurance coverage” also to be able to “improve health-care value, quality, and efficiency while reducing wasteful spending and making the health-care system more accountable to a diverse patient population” .Those were the top three goals that were the foundation when drawing up the policies for The Affordable Care Act to develop what was hoped to be universal healthcare system for the citizens of the United States. While The Affordable Care Act does have its benefits, such as it would cover pre-existing conditions where most private insurances do not do, more people have the ability to get what they call affordable medical insurance, costs of prescriptions are lower and it even offers tax credits for those that purchase the insurance but it also
The Affordable Care Act (ACA) has definitely had a tremendous impact on the economics of health care within the United States. However, is this actually the impact that was intended? There are many political controversies over the ACA, which leaves unanswered questions about the true financial projection of the new healthcare reform. The pricing of new health care coverage has forced cost-shifting but more so price discrimination. The main intent of Obamacare was to eliminate the high volume of uninsured individuals; unfortunately the impact has taken a different approach and perhaps has had a negative effect on the economy.
The Affordable Care Act (ACA) became law on March 23, 2010. The act has been the most significant change to the U.S. health care system since the creation of Medicare and Medicaid in 1965 (French et al., 2016). ACA created new requirements for individuals, employers, healthcare providers, and insurance organizations to follow in hopes to better serve individuals in America with access to health insurance, health care cost, and the delivery of care (French et al., 2016). Since the launch of the ACA, there has been an effect Medicare spending.
In today’s day and age, American households can all agree that health insurance is not a luxury, but a necessity. Without it, costs of emergency room visits and prescription medicines can be financially devastating. However, in the past many families and individuals have taken the risk of not being insured due to the high cost of the insurance itself. To attempt to reform this unfair system, the Obama administration signed into law the Patient Protection and Affordable Care Act in 2010. The law, coined “Obamacare,” has received much opposition due to its expansion government programs and increase in spending. It brings to question how much the government should be involved in an area that for the majority of America’s history, has been
After the inception of ACA that is Affordable Care Act on March 23, 2010 various policies and regulations has been proposed which has more controversy (www.healthcapital.com, 2013). Affordable health act has impact on the stakeholders in different manner. The main concern in the medical field is the input cost which is increasing continuously. This is the biggest challenge for the US government as the increasing cost makes it impossible for the government to allocate appropriate resources in managing the requirements of the ACA public policy. There are more initiatives taken by the US government in implementing the ACA in an appropriate manner by continuously improving the quality of health care at affordable lower costs
As you know my situation is messy here in Texas. As a single, young male I do not qualify for Medicaid and with the ACA expansion more people are qualifying for Medicaid depending on their state. Sadly, that is not the case for me. I live in the state of Texas which is one of nearly 20 states yet to expand its Medicaid program under the Affordable Care Act (ACA), and is home to the largest number of uninsured Americans of any state in the country. I do not meet the Medicaid requirements in Texas, available only to people with disabilities who have incomes below 75 percent of the federal poverty level; pregnant women with incomes less than 200 percent of poverty; and parents with incomes less than 19 percent of poverty. I will continue to be uninsured and as a freelance construction worker I should have coverage in case of a mishap at work. Therefore, I strongly support the idea of adding a public option to the U.S healthcare system for individuals like myself that do not qualify for Medicaid and do not have the financial means to buy health insurance on the private market.
The Affordable Care Act was signed into law early spring of 2010. It’s probably the most comprehensive reform we’ve seen in the United States healthcare system within the last forty four years. Although the law was put into effect, the features of the new law took effect in 2014. The Affordable Care Act changed the non insurance group market in the United States, mandates most residents to have health insurance, considerably expand public insurance and subsidize private insurance, while raising revenue from a variety of new taxes. Projecting the impacts of the health care system will be challenging, but related estimates were required for the legislative process, and conducted by the Congressional Budget Office.
The implementation of the Affordable Care Act (ACA), popularly known as “Obamacare”, has drastically altered healthcare in America. The goal of this act was to give Americans access to affordable, high quality insurance while simultaneously decreasing overall healthcare spending. The ACA had intended to maximize health care coverage throughout the United States, but this lofty ambition resulted in staggeringly huge financial and human costs.
The Affordable Care Act (ACA) has been a topic of dispute since its introduction and continues to be discussed by politicians in the U.S. and throughout the world even after its passage. The Act has many opponents and is the cause of much controversy nationwide, primarily because it introduces higher healthcare costs for the richest citizens. Nevertheless, the ACA is an important stage in the American healthcare development process as it not only allows more people to receive healthcare services, but will also reduce the deficit. However, not everyone agrees. The policy is controversial in terms of cost vs. benefits, but the benefits ultimately outweigh the costs.