Healthcare financing is a way to manage funds for medical resources and procedures. In health care financing, private or public sectors pay the bills of the patient who cannot pay their bill by their pocket.
Healthcare is about taking care of your physical and mental health with the help of medicines and treatments. It improves the well-being of a person and keeps them healthy so they can continue to stay alive.
High healthcare costs are a significant reason why many people refuse to get immediate care; they need health care financing to pay medical bills and enjoy other facilities. The financial care of patient helps them to pay bills and get Healthcare without worrying about their bank balance.
Healthcare financing in the United States
There is a public healthcare fund available, and many private companies also provide medical insurance. The type of Healthcare insurance in the United States depends on your financial situation, age, wealth status, and military service.
Medicaid
Medicaid is a type of Healthcare in which federal and state programs help with medical costs. It covers the costs of medical Healthcare and also provides benefits like nursing homes and personal care services. It helps low-income Americans by providing free health insurance, and it also helps disabled people.
Medicare
It covers the healthcare finance of people aged 65 and over this age. People enrolled for Medicare type of healthcare service have a deduction in bills in case of hospital stays. The funds for this kind of healthcare financing are from FICA payroll tax and general funds obtained from tax revenue
Military Health Care
Being a veteran army in America or any country helps you get so many benefits. In America, the Department of Defense and Veterans Health Administrations give health insurance to military personnel. The families of military servicemen, active personnel, and retired soldiers enjoy this healthcare financing.
- The US Defense Health Agency is an integrated agency that provides a medical team to the US army, US navy, and US air force. This service remains active in wartime as well as when there is peace.
- Another military-related Healthcare program is Tricare. It is a program of the Department of Defense Military Health System. It provides civilian health benefits for army personnel, retired military officers and soldiers; it includes treatment provided in military medical treatment facilities.
- The veterans’ health administration is responsible for the implementation of healthcare programs of the Veteran Army. It administrates and operates numerous VA medical centers, Community based outpatient clinics, Veteran community living centers or nursing homes, and outpatient clinics.
Problems with Healthcare Services
In the United States of America, healthcare financing is quite common to ensure that everyone gets free Healthcare. But many people don’t get the services because they are not eligible for the public healthcare system and can’t afford private systems. People like these end up getting no medical insurance.
Another factor is that these people prefer being untreated; even if they get medical fees reduced, private and public hospitals tend to add surplus charges. People who can’t afford them end up not getting the treatment. This situation is becoming a significant political controversy now, and there are many proposed solutions for this.
Solutions of the Problems in Healthcare Services in America
- Reducing the primary cost by providing Medicare for all approach
- Reducing overhead budget from 25% to 10-15% level
- Lowering the cost of prescription
- Using bundle payment strategies to limit costs
- Improving the efficiency of system and technology
Healthcare is a basic need of every person, whether physical or mental health and nursing homes. By providing healthcare financing, many public and private sectors are helping people stay healthy and safe.
Knowing health insurance and comprehensive information on health financing helps people understand the costs and expenditures better. The government must provide Healthcare to people who cannot afford it.
Read also: A Career In Healthcare Administration
