Health-Care Economics and the Impact of Aging on Rising Health-Care Costs
The US’ economy is the largest in the world and US health-care costs represent a larger percentage of the gross domestic product than in any other developed nation, resulting in the highest national per capita spending in the world. Economists project that health-care costs will continue to rise, eventually exceeding 50 % of all US economic transactions. The aging “baby boomer” generation is thought to be a major driving force for increased health-care expenditures, but other key issues may have even greater impact on future spending.
KeywordsGross Domestic Product Market Failure Health Spending Intensive Care Unit Care Market Clearing Price
- 1.OECD health data 2012. www.oecd.org.
- 2.Schieber SJ, et al. Social Security Advisory Board. The unsustainable cost of health care. 2009. www.ssab.gov.
- 3.National Health Expenditure Projections 2011-2021: forecast summary. Centers for Medicare & Medicaid Services. www.cms.gov.
- 4.Fuchs VR. Health care for the elderly: how much? Who will pay for it? Stanford Med Rev. 1999;1(1).Google Scholar
- 8.Brook RH, Ware JE, Rogers WH, et al. The effect of co-insurance on the health of adults. The Rand Corporation. Dec 1984.Google Scholar
- 9.Finkelstein Amy. The Aggregate effects of health insurance: evidence from the introduction of medicare. NBER working paper. 2005. www.nber.org.
- 11.Su L, Deborah C. Price and income elasticity of the demand for health insurance and health care services: a critical review of the literature. Mathematica Policy Research, Inc. 2006. www.mathematica-mpr.com.
- 12.Cohen SB, Yu W. Agency for Healthcare Research and Quality (AHRQ) Statistical Brief. The concentration and persistence in the level of health expenditures over time: estimates for the US Population, 2008-2009. 2012.Google Scholar
- 15.Stanton MW, Rutherford MK. The high concentration of U.S. health care expenditures. Rockville: Agency for Healthcare Research and Quality (AHRQ); 2005.Google Scholar
- 17.Ogden CL, Carroll MD, Kit BK, et al. Prevalence of obesity in the United States, 2009-2010. NCHS Data Brief. 2012;(82). www.cdc.gov.
- 24.Lee R, Mason A, Cotlear A. Some economic consequences of global aging. HNP discussion paper. The World Bank. 2010. www.worldbank.org. Topics: Health Nutrition & Population, Research: HNP Discussion Papers.
- 25.U.S. Census Bureau. Statistical abstract. 2012. www.census.gov.
- 26.Coggan P. Falling short special report. People in rich countries are living longer. Without big reforms they will not be able to retire in comfort. The Economist. 9 Apr 2011.Google Scholar
- 28.Council on Scientific Affairs. American Medical Association white paper on elderly health. Arch Intern Med. 1990;150(12):2459–72.Google Scholar
- 29.Aging and the Health Care Workforce. Today’s research on aging. Issue 19, June 2010. Population Reference Bureau. www.prb.org. PRB News: Today’s Research on Aging.
- 30.Health Care Cost and Utilization Report: 2010. Health Care Cost Institute. 2012. www.healthcostinstitute.org.