The Cost of Healthcare in North America

Health care expenses amounted to 16.9% of the United States economy in the year 2018, which is almost twice more than the average developed nation. This is based on a recent study publicized on Thursday by the Commonwealth Fund. Each individual in the United States spends an average of $10,000, which amounts to more than double the amount spent by Australians, Canadians, and citizens of the United Kingdom.

The expenditure in the Private health care sector, and not leaving behind the premiums for employer-sponsored coverage, pushes most of the outlay in America – with Americans shelling five times more than Canadians, who are the second-highest spenders. But according to the study, those dollars do not translate to better health care outcomes in the United States.

Residents of the United States have the lowest life expectancy levels at birth – 78.6 years in comparison with 80.7 years among the Organization for Economic Co-operation and Development’s 36 countries. The Swiss have the highest life expectancy levels, with 83.6 years. However, the United States has improved after four years as the six of the ten top causes of death have reduced and also the number of drug overdoses related deaths, this is according to a report released on Thursday regarding life expectancy.

The rates of substance abuse and mental health disorders are higher in America. Still, they experience enormous challenges while trying to access treatments, David Blumenthal said, the president of the Commonwealth Fund. Based on several separate studies last year, it was found that, in 2017, the rate of suicide in the United States was 33% more than in 1999. Also, the rate of suicide for those aged 15-24 years skyrocketed between 2000 and 2017. Meanwhile, the suicide rate in the world over has decreased by a third from 1990; this is after making some adjustments, another study found.

The high spending rate in the health care sector is one of the major complaints by Americans. According to a previous study, spending is characterized by high prices than usage. The future of the US health care system is a vital subject in the Democratic presidential primary this year. Progressive candidates like Elizabeth Warren of Massachusetts and Bernie Sanders of Vermont looking to move insurance cover to the Federal government under “Medical for All.” Some moderates, among them Joe Biden, the former Vice President and previous South Bend, Indiana, Mayor Pete Buttigieg, prefer giving the Americans the green light to purchase an insurance cover that is government-backed. This would bring competition with private insurers.