Rising Healthcare Costs

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Description

Rising Healthcare Costs

Rising Healthcare Costs

ANSWER


According to studies and economic forecast, the costs of health care in America have been increasing for a couple of years. In support of this, expenditures in American health care have risen approximately three times from the year 1990 to 2008 where $714 billions were spent in 1990 but raised to $2.3 trillion in the year 2008 (Sultz & Young, 2005). It is of importance to note that, despite the fact that Americans receive a lot of benefits from investments in health care; the recent rapid cost growth together with general economic decelerate is causing great strains on the systems that fund health care. In the year 2008, the American government spent approximately $7,681 on every inhabitant which amounted to 16.2% of the country’s GDP; accounting for the highest of all the developed countries (Sultz & Young, 2005).