Health Care Reform – Essay Example

Health Care Reform Subsequent to the lack of universal healthcare policy, people in the United s spend a higher proportion of their annual income on healthcare services. Healthcare reform has been the center of American politics for the past few decades. As a result of strong recommendations from various experts, there has been a positive signal of healthcare reform initiatives in Unite States for the past 2-3 years. The insurance sector has become the monopoly of private companies due to the absence of a standardized insurance system. Aiming to overcome this crisis, the present U.S president Barack Obama introduced ‘Socialist Health Care Plan’ which would reduce the insurance premium rate. He believed that the subsidized rate of public insurance would compel private companies to reduce their premium rates in order to compete with the public sector. According to National Federation of Independent Business (NFIB), ‘reform is a delicate balancing act’. NFIB’s statistical data shows that insurance premium has grown twice as fast as inflation and 80% of U.S employees are now the victims of insurance premium increases (Wells Fargo, 2008). In an effort to wipe off these contingencies, NFIB has developed a ‘10-point platform’ which is an economically flexible healthcare system aiming to achieve the objectives like ‘access to quality care, affordability, predictability and consumer choice’ (Wells Fargo, 2008). The recent healthcare reform in United States is known as ‘Patient Protection and Affordable Care Act’ which is subsequently amended by ‘Health Care and Education Reconciliation Act of 2010’. As stated by Manchester (2010, p.61), it includes a number of provisions that might affect the revenues and will exercises tax on high premium health insurance plans by 2018.
References
Manchester, J. (2010). Long-Term Budget Outlook. US: DIANE publishing, Print. ISBN: 1437936040
Reforming Health Care Reform. (July 2008). Wells Fargo Bank. Web. Retrieved from
http://a676.g.akamaitech.net/f/676/773/90m/images.delivery.net/cm50content/wellsfargo/bis_hosted_pages/070208_SBR/upfront1.htm