Healthcare Insurance
Transcript: Healthcare Project Jaisal Patel United States Healthcare System United States Healthcare System Money Aspects Money Aspects How is it funded (single payer vs private insurers)? What is the average cost to the consumer? What is the healthcare spending in relation to GDP (Gross Domestic Product)? First off, the US health care system is funded by private insurers, meaning that the government isn't the only entity paying for coverage. Private insurance allows people to choose who covers them from a wide variety of insurance companies. Secondly, consumers pay what is called a premium, which is the monthly payment to the insurance company to remain enrolled in the insurance plan. The average cost for the premium across all insurance companies is about $440 per individual and $1,168 per family. Lastly, according to CMS.gov, "U.S. health care spending grew 4.6 percent in 2018, reaching $3.6 trillion or $11,172 per person. As a share of the nation's Gross Domestic Product, health spending accounted for 17.7 percent." Comparisons to Other Countries Comparisons to Other Countries How do the systems rank in the world in performance? What are the mortality rates for each country when compared to each other? First of all, the US Healthcare system actually ranks last compared to the other ten best healthcare systems in the world. Despite having the most expensive system off all of the countries, the US still manages to be rank eleven. Secondly, when compared to other countries, the US mortality rates are very similar to all of them. Morality rates across all countries appear to be on the decline. Affect on the People Affects on the People What are the wait times to see a doctor? What types of coverage do people get? First of all, on average, it takes about 24 days to schedule a first-time appointment with a doctor. Secondly, there are six health insurance plans offered in the USA. These are health maintenance organization, preferred provider organization, exclusive provider organization, point of service plans, high deductible health plans, and health savings accounts. Canadian Healthcare System Canadian Healthcare System Money Aspects Money Aspects How is it funded (single payer vs private insurers)? What is the average cost to the consumer? What is the healthcare spending in relation to GDP (Gross Domestic Product)? First of all, the Canadian Healthcare System is funded by single payer. This means that only one entity is paying for insurance in this country. This also means that people cannot choose who covers them. Secondly, Canadian healthcare costs no money. However, it is made up by heavy taxes. On average each person spends about $7,000 (Canadian dollars) on taxes that go toward healthcare insurance. Lastly, according to the Canadian Institute for Health Information, "In 2019, total health expenditure in Canada is expected to reach $264 billion, or $ 7,068 per person. It is anticipated that, overall, health spending will represent 11.6% of Canada’s gross domestic product (GDP)." Comparisons to Other Countries Comparisons to Other Countries How do the systems rank in the world in performance? What are the mortality rates for each country when compared to each other? First of all, of the eleven top healthcare systems in the world, Canada ranks 8th. This is because of its poor access, equity, and healthcare outcomes. Secondly, when compared to other countries, the Canadian mortality rates are very similar to the rest of them. Morality rates across all countries appear to be on the decline. Affects on the People Affects on the People What are the wait times to see a doctor? What types of coverage do people get? First of all, on average, it takes almost 20 weeks between the referral of a patient to the actual doctor visit. Secondly, the type of coverage that the people in Canada get is called Medicare. This means that the health insurance of this country is funded publicly. United Kingdom Healthcare System United Kingdom Healthcare System Money Aspects Money Aspects How is it funded (single payer vs private insurers)? What is the average cost to the consumer? What is the healthcare spending in relation to GDP (Gross Domestic Product)? First off, the UK healthcare system is funded by a single payer system. This means that only one entity is paying for insurance in this country. This also means that people cannot choose who covers them. Secondly, the average cost to consumer is less than 1,500 pounds. That's only about $1,900! Lastly, according to Office of National Statistics UK, "In 2017, spending on healthcare in the UK totaled £197.4 billion. This equates to approximately £2,989 spent per person, or 9.6% of gross domestic product (GDP)." Comparisons to Other Countries Comparisons to Other Countries How do the systems rank in the world in performance? What are the mortality rates for each country when compared to each other? First of all, the United Kingdom ranks one of the top eleven healthcare systems in the world.
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