Mar
31
Blog Post 10
March 31, 2015 | Leave a Comment
I’d never considered the cost of health care. I’d always taken it for granted. For me, going to the doctor simply meant me and my doctor. It didn’t occur to me the finances and politics involved. Reading these articles brought these two elements and a myriad of other things into my view. The Patient Protection and Affordable Care Act is more than meets the eyes. Looking further into the background and context of this legislation, I found a multitude of information and additions that really opened my mind to the world of health care.
The Affordable Care Act, or the so-called Obamacare, looks to be a very strong health care initiative. The big picture is that people have more access to subsidized insurance plans (average reduced cost of 76%) and the termination of price discrimination based on medical history. The debate is the mandate that people must partake in an insurance plan otherwise face penalties of 1% of household income or $95 per person for the first year and 2% of household income or $325 per person. There will be questions concerning whether the government is overstepping with its involvement in health care and the insurance mandate and the costs and consequences of this legislation. But from what I’ve read, the Affordable Care Act appears to be doing a great job.
The NYTimes article written by Quealy and Sanger-Katz argues that the Affordable Care Act helped push back inequality by redistributing income. It was supported by the fact that of the increase in five percent of Americans who signed up for insurance, the majority were blacks and Hispanics living in rural areas. Their percentage of uninsured increased dramatically from 26.2% and 24.1%, respectively, to 16.5% and 16.1%. The poorest of neighborhoods also experienced higher levels of people who gained insurance. Interestingly enough, the study could actually be understating the actual levels. As the article mentions, the survey may not reach those who may not have as strong a digital footprint. So, the benefits could be greater than what’s shown on paper. Seeing as though health care costs are big expenses, the availability for more affordable health care greatly improves quality of life. This is a strong method to help reduce the income gap as this legislation will target poorer people and provide them alternatives to increase their overall spending power with subsidies.
The financial growth of the health sector also speaks volumes for the Affordable Care Act. With an influx of 10 million newly insured, the NYTimes reports that analysis shows that the “health care system benefited from the law.” In addition, there are more patients willing to now go to the hospital and pharmacy. Most health care companies also generated good profit and the industry beat the S&P500. So it seems the legislation integrates with the economy fairly smoothly. Though, there was some debate as to the expansion of Medicaid. I’m unclear the part Medicaid plays specifically, but I’m getting the sense that fewer doctors are taking patients with Medicaid. I’m sure some finances are involved and am interested in seeing why this happens.
I think the Affordable Care Act really opens up doors for people. There are a lot of logistics and hitches, but the reduced costs and freedom of mind are well worth it. With a society as advanced as ours, it’s still a wonder how not all people have access to health care. How does a coverage gap even exist? Should money and politics factor into our well-being?
-Jia Jun (Jay) Wu
