The Cost Of Health Care Services Essay - 1498 Words

The LCH model posits that people save when income is greater than the resources needed to meet current consumption and that people borrow when income is insufficient. The basic model of the LCH, however, does not explicitly consider financial shocks, such as an unexpected health condition and the corresponding impact to savings or the accumulation of debt. Debt associated with a home or car loan is viewed as a necessity while credit card debt is frequently viewed as excessive spending; but in reality, those in severe credit card debt are often those who have experienced a recent job loss and/or health problems (Drentea Lavrakas, 2000). As people age, their health care needs begin to change. An increase in the consumption of health care services may require the allocation of additional household resources to health care costs not covered by insurance and depleted savings. The increased use of health care services may also lead to increases in borrowing (Kim, Yoon, Zurlo, 2012). As m ore employers eliminate retiree health insurance coverage, retirees will have Medicare as their primary source of health care coverage. Some retirees may even have a gap in coverage if they lose their job or retire prior to the age of 65, when they become eligible for Medicare. This occurrence may lead to a significant number of consumers being exposed to a higher potential for medical debt. Financial shocks, such as medical expenses resulting from health problems, threaten an individual’sShow MoreRelatedDirect Health Care Costs For Health Services Essay726 Words   |  3 PagesDirect health care costs to health services: 1- Staffing : cardiologists 2- Training costs 3- Inpatient services and hospital admission 4- Diagnostic procedures 5- Post-operative care cost ,such as imaging services and ECG costs, and medical devices 6- Consumables : e.g. drugs, suture, dressing, gown 7- Outpatient clinic costs, follow up care, such as cardiologists visit 8- Costs of treating of side effects such as, GPs visit 9- Capital costs: spaces required to provide the new intervention 10-Read MoreHealth Care Costs For Medicare And Medicaid Services1448 Words   |  6 PagesMedicaid Services (CMS), the United States spent $3 trillion on health care in 2014 and the projected growth in health spending for 2015 – 2025 is 5.8 percent per year (Centers for Medicare Medicaid Services, 2015). 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