advertisement

Banking Home > Banking Blogs > Insurance Quotes & Advice

Insurance Quotes & Advice

Archive for the ‘Universal Healthcare’ Category

Massachusett’s Universal Healthcare System Undergoing Growing Pains

cost-of-healthcare.jpgAt the start of this year, Massachusetts became the first state in the nation to install a universal healthcare system.  State laws now mandate that all residents must purchase health coverage or face penalties.

Before the new system was put in place it was estimated that as many as 600,000 of the state’s residents were without healthcare insurance.  The plan has met with remarkable success as nearly 350,000 residents now have health coverage that weren’t insured before the law took effect.

Success however comes with a price.  While the number of insured has increased, the number of doctors in the state hasn’t risen appreciably.  The health care system is becoming strained in trying to meet the increased demand.

Enrollment for the state’s subsidized health plan has also far outstripped estimates.  The initial plan was to reallocate money the state spent for healthcare on the uninsured but that now seems woefully inadequate.

State lawmakers are now scrambling for ways to pay for the unanticipated costs.  As well as asking for federal assistance, the legislature has also proposed an increase to the state’s cigarette tax.

A major flaw in the ambitious plan is that it did nothing to combat ever rising insurance premiums and healthcare costs.  So while universal healthcare is a lofty goal, it is looking increasingly likely that taxpayers will have to shoulder the extra burden if the plan is to succeed.

AddThis Social Bookmark Button

As The Economy Worsens, The Ranks Of The Uninsured Will Grow

healthcare-insurance.jpgWhile most Americans would like to believe that we have the best healthcare system in the world, that couldn’t be further from the truth.  What we really have is one of the most expensive healthcare systems in the world.

Of the world’s industrialized nations, we rank fairly low in a number of health statistics.  Granted we do have some of the best doctors in the world, but large segments of the population are unable to afford their services.

It is estimated that the number of Americans without healthcare insurance is at a staggering 60 million.  With the economy taking a turn for the worse you can expect that number to rise over the next year.

The state of Massachusetts has taken the bold step of instituting universal healthcare for it’s residents and California has been contemplating a similar program in it’s state as  well.  It will be interesting to see if they are successful in their attempts and whether it may be a role model for a future nationwide program.

The other industrialized nations have proven that a universal healthcare system can work and at a cheaper cost.  It is estimated that the U.S. spends on average 40% more per capita on healthcare than countries that have a universal healthcare system in place.

With healthcare costs are spiraling out of control and inflation heating up in general, a number of Americans will have to make the difficult choice of abandoning health insurance all together and pray that they don’t get sick.

AddThis Social Bookmark Button

Universal Healthcare

The rest of the nation is anxiously watching Massachusetts as it attempts to institute a universal healthcare system in the state.  State law now requires that all residents must be enrolled into a healthcare plan by December 31 or face penalties.  For the first year the penalty for residents will be loss of their personal exemption on state tax returns, which is about $219.  Next year the penalty is expected to rise to as high as $1,000.

As expected, there have been growing pains in this bold plan.  A state program was instituted to help subsidize insurance for low income individuals and families.  While participation was better than expected, it’s already straining the budget of the program and it’s estimated that as many as two thirds of the previously uninsured are still without health insurance coverage.

With an estimated 60 million Americans in our country currently without health care, this is an important test to see if such a system might work nationwide.  The U.S. is the only wealthy industrialized nation in the world without universal healthcare.  Despite what we may believe, we do not have the best healthcare system in the world.

Although we have some of the best trained medical professionals and best hospitals found anywhere in the world, we compare poorly to countries with universal health care systems.  Life expectancy and infant mortality rates ranks well behind the other industrialized nations.

The problem with healthcare in this country has always been cost.  The U.S. spends more money per capita on healthcare than any country in the world.  Some experts estimate that on average Americans spend about 40% more on healthcare than countries with universal healthcare systems.  It’s also estimated that the government accounts for over 45% of total healthcare spending in the country.

The facts speak for themselves.  I think it’s time for our government leaders to consider to following the example of the rest of the civilized world and make affordable healthcare a right of our citizens.

AddThis Social Bookmark Button

advertisement