Running Head: THE COST OF CARE IN THE UNITED STATES 1
The Cost of Care in the United States
The U.S. Health Care System
Instructor Jean Benzel-Lindley
09 August 2014
Amidst the slow growth in the national health spending in the recent years, the federal and state governments in the United States as well as individuals have continuously spent a greater portion of its wealth on health care than any other industrial nation. Over the recent years, it has been revealed that the cost of care in the United States has significantly increased, thereby making it difficult or impossible for the low class members of the society to access quality care. Despite the economic growth of the United States, the spending on health care has remained high. Due to factors such as the cost of hospital services charged on patients such as bed and medication, payments made to physicians as consultation or treatment fees, equipping hospitals with recent medical technologies, wasteful spending of the health care sector, unhealthy lifestyles, taxes imposed on health care products, the increase in aging population, and insurer profits, the cost of care has been escalating over time.
Different stakeholders in the health care sector have often faced challenges, especially in the last decade. Some of the challenges faced by these stakeholders include the difficulty in meeting the rising costs of health care products by individuals and families as well as the rising cost of health care insurance, which reflects to the employers and employees. The Federal and State governments have also imposed taxes on insurers, which increase the cost of health care insurance as the insurers seek to maximize their profits. Long term care has also faced insurance challenges, which affect the individuals and families with individuals facing long term...