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Money
Healthcare Costs in the US: An Overlooked Factor in Salary Considerations
Healthcare can be complicated and expensive, mostly for Americans. Rising healthcare costs in the US have become a significant concern for individuals and have also impacted the economy. Factors like rising cost of drugs and healthcare professionals and their salaries is making contribution to the rise of healthcare costs in the US. In the US, citizens are bound to pay almost four times the price of their necessary pharmaceutical drugs. Even the doctors and nurses charge more than the other countries, along with their professional salaries. Through this article, I will help you learn about the healthcare costs in the US, related fctirs and how it going to impact the economy in US. The Healthcare In The US There is no universal model US healthcare sector. Most countries generally prefer to offer healthcare benefits from the government. However, in the case of the US, the government does not have anything specific ready for the citizens in terms of benefits. Thus, US citizens rely on insurance plans. These plans help citizens avoid excessive payments for healthcare services. About half of the US adult citizens, state that it has become difficult for them to pay the huge bills and costs. Recent reports states one out of four adults think it is troublesome to pay for medical bills at least for one person in the family. The current healthcare scenario in the US is changing drastically, and I must say it is causing a negative impact on the economy. Almost one out of ten adults say that they cut their pills in half, or they decided to skip their medicine doses. The Factors That Are Driving Overall Spending Of Healthcare In this section, I will discuss certain factors that have been playing an immense role in the rise of healthcare costs in the US. The Aged Population The aged population is considered as one of the reasons behind the rise of healthcare costs in the US. As people start to age, they become more reliable on medicinal assistance and other healthcare services. This large, aged population demands good healthcare services, increasing the overall demand. This increase results in high-rate healthcare costs in the US. Increased Number Of Enrollments For Healthcare In the US, the senior people take advantage of the federal insurance program, Medicare. People who are 65 years old or above can opt for the insurance program. However, more people are becoming eligible for the programs due to the increase of aging population. Medicare also expands causing a growth in beneficiary numbers. As a result, it is causing a huge increase in healthcare costs in the US. People’s Lifestyle And Their Behavior Human behavior also plays an active role in healthcare costs in the US. Smoking, Drinking, taking substances and poor diet can lead to a bad health. The healthcare service is witnessing an increased number of patients due to such poor lifestyles. Addressing these factors can be challenging and requires huge costs in healthcare services. Advancement In Medical Innovation In the new world of technological innovation, advancements in healthcare services are also making major improvements to provide better healthcare services. However, these medical innovations and advanced systems are high in cost. So, it can be said that technological advancement is making a huge contribution to the rise of healthcare costs in the US Economic Factors The state of the economy of the United States is highly responsible for the rise in the overall cost of healthcare services. When the economy takes a downturn, some people may delay seeking care due to poor financial resources. However, when there is economic growth, industry sees a massive increase in utilization and spending. Thus, it ultimately causes a rise in healthcare services costs. The Reasons Behind Increasing Healthcare Prices Price is considered a significant driver of the overall spending on healthcare services in the US. The overall cost of healthcare services increases faster than the other costs in the US economy. As the rising cost of healthcare has become a major concern in the present scenario, let’s dive into the reasons behind the rise in cost. New Healthcare Technologies Adopting new technologies can be useful for better and more effective results from healthcare services. New innovations add more features to the advancement of the medical service. However, these Medicare technologies often come with high costs. In many cases, cutting-edge devices, various diagnostic tools, and treatments raise healthcare costs in the US Healthcare Consolidation The consolidation of healthcare often reduces competition, but on the contrary, it increases the overall price of healthcare services. However, benefits and quality care could be more extensive. From 1998 to 2017, over 1600 hospitals merged, causing a price increase of more than 20%. The consolidation between hospitals allows the Medicare bodies to negotiate the price. It is unfortunate that the consolidation prices reduce the overall competition and lead to high prices in healthcare. Other than that, the healthcare bodies also tend to negotiate under anticompetitive contracts. This kind of contract often prevents the issuers from lowering their costs, reducing the chances for competition. Administrative Waste In The Healthcare System The US government invests more in healthcare administration than any other country. However, most of these investments are in vain or wasteful. For example, the government spends money on billing and coding. These systems are complex in nature, making a contribution to the high cost. Similarly, physicians and other Medicare providers require a good amount of time for administrative tasks. They are involved in dealing with patient records, coordinating all the patients, and even doing all insurance-related paperwork. These kinds of activities divert them from patient care and add more burden on the administration. How do the rising healthcare costs in the US impact on healthcare? The impact of healthcare costs on the US population is significant. In this section, I will explain the rise in costs and their effect on healthcare costs in the US National Debt The high rate of healthcare services often leads to an increase in national debt. So, it becomes a challenge for policymakers to balance the quality of healthcare services and fiscal responsibilities. Outcomes On Health Even though there is a high expenditure on healthcare services in the US, the country still lags behind when it comes to health outcomes. The high rate of healthcare services restricts people from underdoing medical assistance. As a result, it has become difficult for the country to avoid death, infant mortality, maternal issues, and suicide rates. It is crucial for the government to take certain actions against the challenges. Increased Number Of Chronic Condition The Americans are not ready to pay a fortune for medical treatments. They avoid seeing doctors or taking pills for a better cure. The US is currently having a high rate of people with chronic conditions. This is further creating issues for both individuals and overall healthcare as well. Obesity Epidemic Obesity Epidemic has become a new normal among the US population. The increased rate of patients suffering from obesity is leading to an increase in healthcare utilization. As a result, it significantly increases the overall cost of the treatments. Physical Access In the US, citizens do not often see physicians for treatments. Unlike other countries, US citizens avoid seeing a doctor or buying pills to continue their treatments. This is why the US has a lower rate of beds and physicians per population. Is there any solution to it? The price increase is no longer limited to low-income families. It also raises questions about whether high-income families can afford healthcare services at an increased price. Certain ways can be followed to manage the price rise and help the population with better healthcare services: Evidence-based practices and reducing unnecessary procedures can help deliver the best treatment to the population. It is important to promote innovation and promote competition among manufacturers and providers. The industry can practice price-limiting strategies such as capping prices to make the services affordable. They should also enhance the overall transparency about costs and prices. The administration can also look for cost-sharing arrangements for healthcare and prices. The healthcare industry needs to prioritize the policies that can be beneficial for the population. In Summary The rise in healthcare costs in the US is causing a huge issue for the population and the economy. Even in 2022, the healthcare spending in the US has increased by 4.1%. This is a massive growth compared to before the pandemic era. The high salaries of nurses and physicians, less competition between the manufacturers and service providers, and administration are prime causes of the price of US healthcare. Thus, it has become crucial for policymakers to enhance the quality of products, manage the federal budget, and enhance pricing transparency.
Banking
10 Best Bank Sign Up Bonus To Learn About In 2024
A bank sign up bonus is a promotional offer from a bank. It mainly consists of cash bonuses when you open a particular type of account with the bank. In most cases, if you want to qualify for the perk, you will need to set up a direct deposit with the bank. Furthermore, in most cases, you will need to keep the account open for a specific period of time. What Is A Bank Sign Up Bonus? According to the Forbes Advisor, “A bank sign-up bonus is a financial incentive offered by banks and credit unions to encourage people to open a new account. Typically, bonuses take the form of cash deposits. To receive a bonus, you’ll usually need to either satisfy a minimum deposit requirement or receive qualifying direct deposits.” You can find a bank sign up bonus by researching the offerings of most banks that interest you. Hence, you need to be aware of the banks’ promotional offerings. Due to various promotions and advertisements from the banks, it is mostly easy to track down the sign-up bonus value. Best Bank Sign Up Bonus You Must Know NerdWallet states – “Bank promotions generally consist of cash bonuses when you open a new checking or savings account. To qualify for this one-time perk, you’ll likely have to set up direct deposit with the bank and keep the account open for at least a few months.” To learn more about the best bank sign up bonus offers, read on through to the end of the article. Top 10 Bank Sign Up Bonus (Checking Account) For 2024 The following are some of the best bank sign up bonus for checking accounts that you need to learn about in 2024: 1. Chase Bank (Private Client) By opening a Chase Bank Private Client Checking account by 24th January, you will be able to earn up to $3,000. If you want to get this bonus, you will need to meet a Private Client Banker within the last date. Then, you will need to transfer at least $250K of money/securities to your Chase account within 45 days. 2. Citibank By opening a new checking account at Citibank, you will be able to get up to $2,000. However, you will need to deposit your funds within twenty days after opening your account. The bonus amount you get will depend on your account balance after 20 days of your opening the account. To get $2,000, you will need to deposit $300K and maintain that balance. 3. Wells Fargo Wells Fargo offers you a $2,500 account bonus if you open a Premier Wells Fargo checking account with at least a $250,000 deposit. However, you must make the deposit within 45 days into eligible linked accounts at the bank. Furthermore, you will also have to maintain this balance for another 45 days if you want to receive the bonus. 4. Bank Of America A customer opening a personal checking account can earn up to $200 from the Bank of America. However, the customer needs to open the account online by 31 January. Apart from that, you will also need to ensure that you do not have a Bank of America personal checking account within the last 12 months. Furthermore, there are additional requirements to fulfill. 5. Huntington National Bank Huntington National Banks offers two options, one for consumers and the other for business owners. In the first case, if you open a Perks Checking account. Here, you will need to make cumulative deposits of at least $1,000 within 90 days to get $400. On the other hand, you will get $600 for opening a Platinum Perks Checking account. However, you will need to make $25K in cumulative deposits within 90 days. 6. PNC Bank PNC also offers you a bonus of up to $400. However, here, you will need to open a Virtual Wallet with Performance Select. In this case, you will need to make direct deposits of $5,000. On the other hand, if you open a Virtual Wallet with Performance Spend with a $2,000 deposit, you will receive $200. Moreover, if you open a Virtual Wallet with direct deposits of $500, you will get $100. 7. BMO Customers opening a Smart Advantage Checking account, Relationship Checking account, or Smart Money Checking account are eligible to receive a bonus of up to $400. However, qualifying direct deposits in those accounts include payroll, Social Security, pension, or other government payments. 8. Axos Bank If you open a new Axos Bank checking account, you can earn $300 by making direct deposits of at least $5,000. However, you will need to make those deposits into the Rewards Checking account for seven consecutive months. Furthermore, you will also need to make your first deposit within the first thirty days. 9. U.S. Bank Smartly If you open a US Bank Smartly streamlined checking account, you will receive $800. However, you will need to meet the requirements. Furthermore, you can earn additional bonuses if you open a savings account. This offer is valid through 12 March 2024. 10. SoFi SoFi Bank offers customers $300 once they open a Checking and Savings account. To earn the bonus, a customer needs to make a direct deposit. The bonus you receive will depend upon the amount of your total qualifying direct deposits during the bank’s 25-day evaluation period. Why Do Banks Offer “Bank Sign Up Bonus”? With the help of bank sign-up bonuses, various banks try to distinguish themselves from other banks and financial institutions in the industry. According to BankRate.com, “Cash bonuses also help financial institutions bring in new customers and new deposits. Banks are particularly inclined to offer bonuses in a rising interest rate environment when the spread between the interest rate they offer customers for deposits versus the interest rate they can get by lending money widens.” Apart from that, many banks offer other benefits than mere bank sign up bonuses. However, qualifying for multiple bonuses like these is not always possible. These bonuses are mostly available for new checking accounts. Wrapping Up Hope this article was helpful for you in getting a better understanding of bank sign up bonus offerings. However, before you choose to open a checking account with any bank, make sure to read the information-related documents and terms carefully. Do you have further suggestions? Consider sharing your ideas and opinions with us in the comments section below. Continue Reading: Easy way to eanrn money from honeygain? App review in 2023 What Do You Need To Know About The Biggest Walmart In The World? 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