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24 Health Care McGraw-Hill/Irwin

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Presentation on theme: "24 Health Care McGraw-Hill/Irwin"— Presentation transcript:

1 24 Health Care McGraw-Hill/Irwin
Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved.

2 U.S. Emphasis on Private Health Insurance
Patient Protection & Affordable Care Act (2009) During WWII employers offered insurance Continued as an employee benefit Led to overuse & higher prices Tendency to regulate industry 24-2 LO1

3 Costs increased rapidly Higher prices Increased quantity of services
Costs and Access Costs increased rapidly Higher prices Increased quantity of services Projected to grow at 6.1% annually over next 10 years Access 46 million uninsured 24-3 LO1

4 Health Care Spending 24-4 LO1

5 Costs as a percentage of U.S. GDP
Health Care Spending Costs as a percentage of U.S. GDP 24-5 LO1

6 Longer life expectancies
Health Care Spending Is the U.S. healthier? Longer life expectancies Most advanced medical equipment and technologies Half of medical research funding is in U.S. Increase in breast cancer mortality TB has reappeared AIDS epidemic 24-6 LO1

7 Economic Implications of Rising Costs
Reduced access to care Labor market effects Slower wage growth Part-time and temporary workers Outsourcing and offshoring Personal bankruptcies Impact on government budgets 24-7 LO2

8 The poor are likely to be uninsured
Limited Access The poor are likely to be uninsured Make “too much” to qualify for Medicaid Waiting for treatment increases costs 24-8 LO3

9 Why the Rapid Rise in Costs?
Peculiarities of the health care market Ethical and equity considerations Asymmetric information Positive externalities Third-party payments: insurance 24-9 LO4

10 Why the Rapid Rise in Costs?
Increasing demand for health care Rising income Role of elasticity Aging population Unhealthy lifestyles Role of doctors Supplier induced demand Defensive medicine Medical ethics 24-10 LO4

11 Why the Rapid Rise in Costs?
Role of health insurance The moral hazard problem Less prevention Overconsumption Government tax subsidy Rationing to control costs 24-11 LO4

12 Supply Factors in Rising Health Costs
Supply of physicians Slow productivity growth Changes in medical technology Relative importance of supply and demand factors 24-12 LO4

13 Cost Containment: Altering Incentives
Deductibles and copayments Health Savings Accounts (HSA) Managed care Preferred Provider Organizations (PPO) Health Maintenance Organizations (HMO) Medicare and DRG Limits on malpractice awards 24-13 LO4

14 Patient Protection & Affordable Care
Preexisting conditions, caps, and drops Employer mandate Personal mandate Covering the poor Insurance exchanges Other provisions Taxes 24-14 LO5

15 Patient Protection & Affordable Care
Objections and alternatives Greater inefficiencies in health care First step to national health insurance Lack of revenue sources Increased consumption Need to force consumers to weigh marginal benefits and costs 24-15 LO5

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