Essay on Healthcare

The coronavirus outbreak has wreaked havoc on the world’s healthcare systems and economy. Health, employment, and financial security of millions of Americans have been impacted by the pandemic. In spite of the country’s economic recovery, the cost and quality of healthcare will remain major concerns. Even though the United States spent a lot of money on healthcare previous to this pandemic, the results weren’t much better.

Based on its political, economic, and social characteristics, each country allocates a different number of resources to healthcare than the next (Tikkanen et al. 2020). For example, the United States has a unsophisticated native product per capita above the OECD median, but other comparable rich nations do not.

The amount of money spent on healthcare is influenced by two factors: use (the number of treatments utilized) and pricing (the amount charged for each service) ( Birger et al. 2021). As a result, health care costs may rise. Price discrepancy between the United States and other rich nations is widely believed by many experts, although this is not generally agreed upon by all specialists. Consequently, prices in the U.S incline to be higher than in other nations, regardless of consumption rates. There are fewer angioplasty operations and more knee replacements in the United States than in other nations, according to the Peterson-Kaiser Health System Tracker.

Examples include hospital consolidation, which results in a lack of competition, as well as a complicated healthcare system in the United States. A little perspective: Americans spend $940 per person on administrative expenses, which is four times more than other wealthy nations spend on preventative or long-term healthcare. Canadian health care is referred to as “Medicare” (the term should not be muddled with the Medicare package for the ageing in the U.S.) The ten provinces and two territories of Canada are home to about 31 million people. Most people live within 100 heaps of the U.S. boundary. U.S. citizens can use the Canadian health care system as a point of reference when comparing and contrasting their own system. Despite their distinct histories, the two nations share a same language and culture. They have a lengthy border and economic systems that are similar.

It’s possible that the phrase “single-payer” is misleading in Canada because the systems vary considerably from province to province. However, each provincial proposal is a public-sector monopsony quota as the only purchaser of medical amenities within the area and maintaining prices below market rates (Tikkanen et al. 2020). The wages of physicians in the United States are low. Adjusted for purchasing power parity, self-employed physicians in 1992 earned an average of $104,000. Five times the usual Canadian wage, but fewer than two third base of the median pay for an American physician in 1992, which was roughly $68,000. U.S. health care reform has been proposed utilizing a number of fresh and novel approaches and concepts Most recently, a number of solutions have been offered including medical investments accounts, discrete decrees and national health coverage programs. There is no intention of making them a universal health care system. Because they are now tax deductible, catastrophic health insurance prices should be more affordable. In order to reduce the cost of health insurance for low-income individuals, the government employs tax credits and subsidies. To support the scheme, people make contributions to medical savings accounts.

In spite of knowing which areas of the US health care system spend more than those in Canada, it is unclear where the extra money is going. Identifying where higher expenditures originate from is the initial phase in assessing whether they are extravagant or not Prior study has looked at a number of elements to understand why U.S. health care spending has increased. Researchers find that administrative expenditures in the US are 46 to 71 percent higher than those in Canada. On average, Americans spend twice as much on health care than Canadians. In 2007, the average American household income was $7,290, compared to $3,895 in Canada. 19% of the typical household income for a family of four is $72,695. Hospitals and physicians account for 66 percent of the difference in spending. What’s left? Government activities (10%); other professions (9%); non-profits (7%); treatment homes (7%); treatment medicines (5 percent); principal venture and other expenditure (4 percent). Although the U.S. spends more on health care, the country’s health indices are still below those of Canada.

Average health care expenditure in the US is about double that of Canada. American households earned an average of $7,290 in 2007, compared to Canadian households earning $3,895. For a family of four, this equates to $72,695. It’s estimated that 66% of the difference in spending is attributable to hospitals and doctors So, what’s left to do? Government activities (10%), other professions (9%), non-profits (7%), treatment homes (7%), treatment medications (5%), and capital venture and other expenditure (5%) make up the top five (4 percent). In spite of the fact that the United States devotes extra on health care than Canada, the country’s health indexes are still lower.

Work Cited

Birger, Maxwell, et al. “Spending on Cardiovascular Disease and Cardiovascular Risk Factors in the United States: 1996-2016.” Circulation (2021).

Tikkanen R, Osborn R, Mossialos E, Djordjevic A, Wharton G. Canada | Commonwealth Fund. www.commonwealthfund.org. Published June 5, 2020. https://www.commonwealthfund.org/international-health-policy-center/countries/canada