Health Economics and Financing Coursework Example | Topics and Well Written Essays - 1250 words

Health economics and Financing - Coursework ExampleIn 1960, the authorities spent $4553 million on health insurance time the private sector accounted for $1855 million as expenditure. The level of expenditure increase socio-economic class by year and for 2012, the level of government spending on health care was $770,087 million. The private sector expenditure was $29,761 million for the same period.The governments (federal, state and local) are the biggest investors in healthcare in the United States. The data in the tables indicate that the government spends the highest amount of funds in paying for healthcare. This means that the governments are the biggest sponsors of the healthcare than the private sector. The government compensable more for healthcare than the private sector (Mooney, 2003). The private sector plays an essential role in the healthcare expenditure. In essence, though the government in the United States is more involved and pays the biggest role in paying fo r healthcare, the private sector plays a major role in the same. The government alone cannot satisfy all told the healthcare needs of the citizens and therefore the private sector comes in to provide and help the government in paying for healthcare.The trends for prescription drug drugs indicate a decreasing trend as compared to that of for hospitals. Comparing year 2011 and 2012, the prescription drug spending tiresomeed down. It grew by 0.4 percent only in 2012 as compared to the previous 2.5 percent increment in 2011. The rate of use of prescription drug reduced and people preferred hospitals prescriptions. This indicates a ripening confidence in hospital services and increased use of hospital services by the citizens (Cutler, 2003). The slow in the trend of prescription drug is an opposite of the previous years where citizens preferred the prescription drugs than for hospitals. With the increased government payment of healthcare, citizens now prefer hospitals than drug presc ription.In these data, the