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Grand Canyon University *
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Course
515
Subject
Medicine
Date
Apr 3, 2024
Type
docx
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2
Uploaded by ChefKnowledge7114
Hello professor and class,
Aging Population: One of the biggest adult generations in America, the Baby Boomers, is getting close to retirement. As a result, the population over 65 is expanding at a never-before-
seen rate. The U.S. Census Bureau projects that by 2030, 21% of the population will be 65 years of age or older. By 2060, older Americans will account for about 25% of the total population. There are two primary ways that this expansion is probably going to add to the increasing expenses of healthcare increase in Medicare coverage Chronic, more complicated disease (defintitivehc,2024).
Rising Drug prices: The latest year for which data was available worldwide was 2019, and the Organization of Economic Cooperation and Development (OECD) estimates that the average American spent $1,126 on prescription medicines. Compared to other industrialized nations, the amount spent per person is more than twice as high. These expenses can rise in tandem with the cost of prescription medications. CMS projects that until 2027, the United States is going to spend 6.1 percent more on medicinal products annually (defintitvehc,2024). How might such costs become controlled while providing healthcare? Make Advance Plans for Crisis and Urgent Treatment When something goes wrong, you have to determine how bad it is and when to seek medical attention. This will assist you in deciding whether to seek emergency care, visit an urgent care facility, or call your insurance company. Determining how urgently you
need care could assist you choose where to receive it. It's an emergency if someone could perish or an unborn child suffers irreversible damage. Trouble with breathing, excruciating pain, or significant bleeding are a few examples. You might be able to choose between seeing in-network and out-of-network physicians, according to your health coverage. Since in-network providers are bound by your health plan's agreement, consumers spend less to see them. This implies that their rates are lower (American Board, 2023).
Reference
American Board of Internal Medicine (AMBI)(2023). Foundation. Choosing wisely.Retrieved from: www.choosingwisely.org/
. Accessed May 17, 2023.
Definitivehealthcare, (2024). Five reasons why healthcare Costs are rising. Retrieved from:https://www.definitivehc.com/blog/5-reasons-why-healthcare-costs-are-rising
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