Healthcare and its cost is a limiting factor when it comes to the adoption of a balanced lifestyle. According to a report from Reuters, healthcare costs were expected to increase by 4.8 percent in 2016. The trend is also expected to continue in 2017 with an increase of 5.4 percent.
A report compiled by American Association of Retired Persons (AARP) sheds light on the importance of the link between well-being and economic security. A direct conclusion from the study was that the rising costs are responsible for putting the health of individuals (especially the middle class) at risk.
This is where the notion of appropriate healthcare insurance comes as a deterrent.
Medicare and its effective usage
The National Center for Health Statistics reports that one in three people are at the risk of economic insecurity arising as a result of medical. Furthermore, the average health spending within this decade has increased by 72%, a worrying number.
Within the U.S., while there are different insurance programs related to healthcare, Medicare is the central one and Medicare requirements are fairly straight forward. It is a federally managed plan and has extensive provisions which able individuals to afford treatments for a number of issues.
Though the majority of the population is able to cover for expenses of major operations, it is the cost of supplementary tests that add negative cash flows. There is a specific provision within the Medicare model to cater to these diagnostic tests.
The Patient Protection and Affordable Care Act have further made provisions that allow financial viability of the Medicare Program.
Medicare part b is the efficient deterrent to cut down on healthcare costs. Furthermore, while insurance costs rise in 2014, Part B would remain the same. The deductible amount would also remain the same. The Affordable Care Act has further bolstered the efficacy of Part B by allowing coverage of preventive care. There are also provisions for ‘Nutrition therapy services’ meaning more savings can be made in this program.
One of the most important areas of coverage within the Medicare program is that of the ‘wellness program’. According to the program, a review of medical and social history can be made in a period of 12 months without having to pay extra for it.
Costs for progressive diseases such as Alzheimer’s are quite high but can be covered through effective usage of Medicare (B and D) program. It covers for lab tests, occupational therapy and medications too. Using this smart approach, the family of the patient or the patient themselves can manage the diseases in a cost-effective manner.
A ten-year study on the reimbursement model within Part B of Medicare indicated that it has a positive correlation with the healthy clinical outcome as well as financial security. This linkage clearly shows that an efficient coverage program can keep you both financially and physically secure.
Similar findings were reported by the National Bureau of Economic Research which studied the impact of health insurance on society. With the median income changing and prone to market changes such as recession, health insurance decision making becomes important.
There is a clear cut inference that the value of health care insurance impacts the average American household. Owing to the unequal income growth compared with insurance premiums, the general public can bank on the specific provisions that are available to them. Self-education on insurance programs such as Medicare is highly relevant to maintain a healthy living.
