do you believe that health insurance reform as enacted by the affordable care ac
ID: 1189765 • Letter: D
Question
do you believe that health insurance reform as enacted by the affordable care act was the right method to healthcare reform? do you believe it was the right thing to do? why or why not? do you think portions or all of it should be amended? who do you. think is paying for people purchasing insurance on the exchange? explain your answer do you believe that health insurance reform as enacted by the affordable care act was the right method to healthcare reform? do you believe it was the right thing to do? why or why not? do you think portions or all of it should be amended? who do you. think is paying for people purchasing insurance on the exchange? explain your answer do you believe that health insurance reform as enacted by the affordable care act was the right method to healthcare reform? do you believe it was the right thing to do? why or why not? do you think portions or all of it should be amended? who do you. think is paying for people purchasing insurance on the exchange? explain your answerExplanation / Answer
Healthcare cost has seen some stratospheric rise in US or for that matter in western world. Affordable care act or Obamacare as it is known was enacted by then president Obama to provide such facilities at low cost.
The biggest benefit of the Obamacare was that it lowered overall healthcare costs. It did this by providing insurance for millions and making preventive care free. So people received preventive treatment unless of which patients generally ended up in emergency care. Insurance companies were not allowed to deny insurance for pre-existing conditions and were not allowed to drop the patient or raise premium if he gets sick.
However, Obamacare soon proved to unpopular and new president Trump even repealed it. People had to bear higher replacement cost as private insurers made earlier plans void. It also raised short term cost because of preventive treatment. Anyway such system was funded by taxpayers and that was not an optimal solution.
There is no doubt that healthcare cost is tremendously high in US and many people could not afford that so we can say that there is kind of market failure here and government needs to intervene. However, if the government itself is getting into the business then it is disastrous because given its ability to fund, it could crowd out others and may create monopoly. Also we have seen in past that government run companies could not run efficiently because of bureaucracy. Further, it does not augur well with economic principles of US which advocates minimum government interference.
USA is known for its innovation and disruption it brings which brings tectonic shifts in the market. So any improvement in the segment should be directed by market forces which need innovation and government should only act as a facilitator in such situation.Overall cost of running such system and funding by raising taxes will eventually take a toll on consumption in the economy and will not produce any efficient solution.
UK has a similar system as NHS but it doesn’t have required number of doctors so patients need to wait for months for operation. Such patients then opted medical tourism where they go to India for medical treatment where many hospitals offer world class service with lower cost.
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