NURS-FPX 6008 Assessment 1
Identification of a Local Health Care Economic Issue
Names
School of Nursing and Health Sciences, Capella University
Economics and Decision Making in Health Care
Instructor
Identification of a Local Health Care Economic Issue
A significant proportion, over 33%, of adults aged 50 and older have experienced the need to forgo essential needs, such as food, in order to meet the financial demands of medical bills. Furthermore, a considerable proportion of older Americans choose to defer necessary medical treatments and drugs because of exorbitant healthcare expenses, resulting in the omission of therapeutic interventions and the reduction of vital necessities within this demographic (Husereau et al., 2022). The phenomenon of disregarding essential medical treatment has the potential to worsen existing and prospective health concerns. It is imperative for politicians in the United States to promptly take action in order to improve the efficacy of prescription medications while simultaneously mitigating healthcare expenditures. The objective of this method is to mitigate the financial burden on individuals by discouraging the practice of collectively pooling resources to cover medical expenses or purchase pharmaceuticals, as well as to discourage individuals from fully abstaining from seeking treatment due to financial constraints.
Healthcare costs and how it affects the elderly
Medicare provides universal coverage for seniors, but there are still financial barriers to care that are higher in the United States than in other high-income countries (Saran et al., 2020). These barriers may influence both healthcare use and outcomes. The cost of providing medical care for the elderly is expected to rise to levels well beyond those of the general population. Many seniors may decide between buying food and paying for their prescriptions when money is tight. Patients will be responsible for paying some of their medical bills out of pocket since Medicare only covers a percentage. The majority of Americans in the U.S. spend less than they earn, according to a new poll. Out-of-pocket medical expenses were lower among the elderly in the other nations investigated. An increasing percentage of American seniors have gone without or delayed receiving critical medical treatment due to financial constraints (Gholamzadeh et al., 2022).
According to a recent study conducted by Saran et al. (2020), older individuals residing in the United States have a higher financial burden when it comes to healthcare expenses, resulting in a decreased likelihood of seeking necessary medical treatment. This stands in stark contrast to the prevailing circumstances seen in other high-income nations. Elderly individuals who face substantial out-of-pocket expenses may choose to postpone essential medical interventions. If patients do not get timely treatment, it is possible that their conditions will worsen, leading to delayed diagnosis, worse health outcomes, and increased healthcare costs.
The rationale for selecting healthcare cost issues among the elderly
Further examination and implementation of legislative initiatives aimed at mitigating affordability concerns is necessary. In a recent research conducted by Saran et al. (2020), it was shown that a significant number of senior individuals in the United States continue to delay seeking essential medical care as a result of financial apprehensions. According to a recent poll, older Americans are more inclined to refuse or delay essential medical treatment due to the high costs in the United States, in contrast to those in high-income nations. In countries that have implemented universal healthcare systems, there is a decrease in the number of individuals who choose to forgo or postpone necessary medical treatment. In countries where dental treatment is not included in the national healthcare system, a significant number of people choose to delay seeking assistance for their oral health issues until the conditions have deteriorated. The potential consequences of people deferring or forgoing essential medical treatment may include an escalation in the financial burden on the Medicare system. Hunt et al. (2023) have presented research indicating that non-attendance at medical appointments may have detrimental implications for health and elevate the probability of hospitalization. The COVID-19 pandemic, which has had a significant impact throughout the United States, is likely to have further aggravated the disruption in patients' ability to acquire treatment. Likewise, maintaining proper oral hygiene is crucial for general well-being and has the potential to mitigate the risk of severe ailments such as cancer.
Effects of healthcare economic issue
The growing cost of health care is largely attributable to the longer lifespans made possible by advances in medical treatment (Hunt et al., 2023). To supply expanding medical service demand, healthcare providers and payers must employ more people and invest more in technology. Because of advances in medicine and diagnostics, the cost of medical treatment has increased. The healthcare industry keeps patient records to better care for the elderly. Expensive and sometimes requiring the services of well-compensated specialists, the technology is essential to modern life. You may not be able to afford medical treatment if your insurance provider stops covering a prescription or increases your co-pay, as stated by Gholamzadeh et al. (2022). The cost of training as a whole will rise because of insurance premiums.
Given the growing cost of caring for an ageing population, nurses are essential to finding novel ways to reduce healthcare spending without sacrificing quality or expanding access to treatment (Hunt et al., 2023). Every day, nurses face the challenge of balancing the needs of their elderly patients with the demands of an efficient and accountable healthcare system. Nurses need greater independence to provide better care for the elderly.
Gaps that are contributing to the need
According to the findings of Saran et al. (2022), fifty percent of Americans, aged 60 and older were uninsured and solely liable for their healthcare expenses prior to the establishment of Medicare. Prior to the establishment of Medicare, this was the situation. Disabled individuals, the elderly, and those with chronic maladies frequently declare bankruptcy while attempting to pay for even the most fundamental medical care. Medicare assists in narrowing this disparity by providing a vulnerable population with economic and medical stability. Medicare-eligible individuals of working age, 65 or older, or who are disabled receive financial assistance to assist with the cost of medical care. While Medicare does provide some financial assistance, numerous seniors remain susceptible to the burden of personally financing costly medical treatment. The initial design of Medicare heavily prioritizes patient engagement through the implementation of copayments and deductibles. Individuals who are elderly or have a disability may necessitate coverage for critical Medicare treatments, including dental surgeries, hearing and vision rehabilitation, and continuous care, but may not qualify.
References
Gholamzadeh, S., Shaygan, M., Naderi, Z., & Hosseini, F. A. (2022). Age discrimination perceived by hospitalized older adult patients in Iran: a qualitative study. Health Promotion Perspectives, 12(1), 45. https://doi.org/10.34172%2Fhpp.2022.07
Hunt, X., Hameed, S., Tetali, S., Ngoc, L. A., Ganle, J., Huq, L., ... & Banks, L. M. (2023). Impacts of the COVID-19 pandemic on access to healthcare among people with disabilities: evidence from six low-and middle-income countries. International Journal for Equity in Health, 22(1), 172. https://doi.org/10.1186/s12939-023-01989-1
Husereau, D., Drummond, M., Augustovski, F., de Bekker-Grob, E., Briggs, A. H., Carswell, C., ... & Staniszewska, S. (2022). Consolidated Health Economic Evaluation Reporting Standards 2022 (CHEERS 2022) statement: updated reporting guidance for health economic evaluations. International journal of technology assessment in health care, 38(1), e13. https://d>oi:10.1017/S0266462321001732
Saran, A., White, H., & Kuper, H. (2020). Evidence and gap map of studies assessing the effectiveness of interventions for people with disabilities in low‐and middle‐income countries. Campbell Systematic Reviews, 16(1), e1070. https://doi.org/10.1002/cl2.1070
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