As our country advances in the medical field, the costs of American healthcare expenditures are drastically increasing and the number of people purchasing medical coverage is declining. The United States healthcare system in contrast to others is recognized to be the most expensive and as a result more than fifty million American citizens are left uninsured, given the low income rate (Garson 1). Those who, in fact, purchase coverage are not properly protected, therefore other individuals do not bother wasting their money and purchasing healthcare. As soon as individuals are in need of medical attention, they happen to struggle with the preexisting conditions they suffer from because they cannot afford the desired aid. It is safe to say that this country’s prestigious name throughout the world will depend significantly on whether it can successfully control the current healthcare cost flare-up and if it fails, we will ultimately experience a severe financial calamity.
With the rate of the uninsured reaching 16.3 percent, President Barack Obama enacted the Patient Protection and Affordable Care Act in March of 2010 to reduce the cost of insurance, therefore ensuring that all Americans are able to attain virtuous quality and reasonably priced healthcare (Highlights 2010). This law encloses various new provisions: the requirement of individuals to purchase health insurance and fining those who do not; the requirement of employers to provide affordable health insurance to their employees and again fining employers who do not comply; the establishment of healthcare exchanges regulated by the government; and the subsidizing of insurance in great amounts only for the elderly and underprivileged (Eddlem). While the Affordable Care Act wou. .lth Insurance Rating Rules: Destabilizing Markets and Driving up Costs.
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