U.S. Healthcare Insurance: 89.6% Covered, Cost Continues to Rise - Pape Example

Introduction

In 2014, 89.6% of all Americans had some form of insurance, reflecting 283.2 million people (Department for Professional Employers (SPE), 2016). However, 66% of the population was covered by private healthcare insurance while 36.5% had government-sponsored health insurance through Medicaid (SPE, 2016). The cost of healthcare continues to increase because of advancements in technologies, the rise of chronic conditions, and high administrative costs. The essay reflects an understanding of the current healthcare policy and how it has affected life during the COVID-19 pandemic.

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Reflection

Global spending on health continues to increase annually. In 2017, it was US$ 7.8 trillion accounting for 10% of the global gross domestic products up from US$ 7.6 trillion in 2016 (World Health Organization, 2019). The cost of healthcare grew by 3.9% from 2000 to 2017 (World Health Organization, 2019). As expenditure increases, insurance programs continue to increase to cover the health issues of the people. However, the issue of racial disparity continues to exist in the United despite an increase in the number of people health insurance covers.

Roles of health insurances include minimizing risks, protect individuals from extreme healthcare costs, and help in predicting expenses. In this regard, insurance programs, such as Medicaid and Medicare continue t cover more people. Medicaid covers 7.2 million low-income elderly people enrolled in Medicare (Medicaid.Gov, 2020). Also, it covers 4.8 million individuals with different disabilities (Medicaid.Gov, 2020). In total, 12 million individuals are dually eligible for the programs. Importantly, Medicare covers all individuals aged above 65 regardless of their income status, as long as they have a disability (Medicaid.Gov, 2020). On the other hand, Medicaid provides health coverage to low-income earners and it is a federal program. These programs have helped to provide healthcare services in this era of COVID-19 pandemic that can infect anyone. They have contributed to the provision of healthcare services to all patients the pandemic affects.

Furthermore, the rising cost of health led to the enactment of the Affordable Care Act in 2010. Its goals include making health insurance affordable to many people, especially low-income earners. Also, it seeks to improve Medicaid programs for all individuals with income below 138% according to the federal poverty level (Kurz, 2013). Finally, it seeks to improve and support medical care delivery. Further, the Employee Retirement Income Security Act (ERISA) establishes minimum standards for retirement plans to protect individuals in the private sector. Its objective is to ensure the protection of all individuals in the private, suggesting that every employer should cover its employees (Kurz, 2013). These programs protect all individuals in this era of the COVID-19 pandemic by covering all individuals regardless of their income statuses.

Conclusion

The rising healthcare costs globally have prompted governments to increase health insurance programs to cover many people regardless of their socio-economic statuses. Examples of these programs in the US include Medicaid and Medicare, the Affordable Care Act, and Employee Retirement Income Security Act of 1974. The programs ensure the availability of quality care services to all individuals in this era of the COVID-19 pandemic.

References

Department for Professional Employers (SPE). (2016). The U.S. Health Care System: An International Perspective. https://www.dpeaflcio.org/factsheets/the-us-health-care-system-an-international-perspective

Kurz, M. (2013). ERISA & the Affordable Care Act: A primer. https://www.jurist.org/commentary/2013/11/meredith-kurz-erisa-aca/

Medicaid.Gov. (2020). Seniors & Medicare and Medicaid enrollees. https://www.medicaid.gov/medicaid/eligibility/seniors-medicare-and-medicaid-enrollees/index.html

World Health Organization. (2019). Global spending on health: A world in transition. WHO.