Recently, healthcare has become a hot topic in US politics. Obama promised to make it available to everyone in his 2008 campaign, and Bernie Sanders is making the same promise for his 2020 campaign.
Many developed countries in Western Europe and the Middle East believe, just like Sanders, that healthcare is a fundamental human right that should be guaranteed to everyone. Today, healthcare costs are the number one reason people in the USA file for bankruptcy.
The relationship between healthcare and the general economy is much more layered than that, though. A lot of the medical and technological advances achieved in the sector is only possible through the high cost of medical care.
On the other hand, rising healthcare costs send a lot of people into debt, bankruptcy, or detrimental sickness. Many employers are against handling their employees’ healthcare costs. This is costing households much more than it used to.
While a handful of economists claiming that the benefits of rising healthcare costs are positive for the overall economy, it’s essential to note that they’re ignoring the price civilians are paying. In their opinion, a spike in healthcare costs opens new doors for discoveries and technological advancements.
What’s The Current System Like?
Thanks to Obama’s Affordable Care Act, more people have access to healthcare. However, it is still but a small victory. Many people remain uninsured. Therefore, more work should be done to ensure everyone gets access to insurance.
A lot of companies try to provide affordable plans such as the Medicare supplement plans offered by Medicare 2020. However, someone’s geographical location, age, and medical history still profoundly affect people’s access to healthcare.
What Can Accessible Healthcare Change?
Accessible healthcare can revamp a country’s economy. While countries like Norway and Germany spend a substantial percentage of their GDP on healthcare, they are still economically successful.
On the other hand, healthier citizens mean a much more productive society. This makes up for the money spent on keeping the citizens healthy. A healthy population makes for a productive workforce, which, in turn, spikes the economy.
The Bottom Line
A World Health Organization report that examined Scanidivian countries, Western European countries and the United States found that healthcare costs aren’t as expensive as commonly believed.
It is a powerful economic engine that makes us more productive, happier, and most importantly, healthier. A healthier society means less mental illness, fewer days off, and more production, which means more money moving the economy.
Furthermore, more productivity opens up more jobs and decreases poverty and homelessness. When every sick citizen is treated in a timely and affordable way, the economy can rise.