The History And Evolution Of Health Care Economics

1042 words - 5 pages

The History and Evolution of Health Care Economics
Rosa Marcelino
University of Phoenix
Economics: The Financing of Health Care
Maria-Cristina Sesler
October 01, 2010

The History and Evolution of Health Care Economics
In order to understand the health care industry, we must first understand and know the history of health care and have knowledge of the events that lead the country to where it is today. The history of health care and its economics has changed drastically over the course of history.
During the early years of America’s colonization, there were very few trained physicians, and the select few that were available only catered to the wealthy. If a person ...view middle of the document...

During this time in history, doctors were tradesmen, and at the time patients had to pay 100% of the cost out of pocket. With the advancement of medicine, the method of payment had to change. This change was the beginning of health care insurance.
The health care funding timeline could be traced to the 1930s when in an effort to ease the health care issue; Baylor Hospital implemented a system which would later be known as Blue Cross. This system was created to help people pay for health care as the cost continued to increase due to great advancements in medicine. Because of the success of this plan, many other companies decided to offer health insurance and many employers decided to adopt this idea and use it to lure potential employees as there was a shortage of laborers due to World War II (““, How did health care). As the use of health care increased due to medical advancements, supply and demand caused many companies to see health care as a lucrative endeavor, therefore causing them to enter the market.
The new insurance companies charged premiums depending on several factors. These factors were age, gender, health, and pre-existing conditions. Many sick people who wanted to purchase health care were turned down because these companies did not want to lose money, so they insured only the healthy that would not use the insurance as frequently as a person with health issues or pre-existing conditions.
Health care as it is known today did not exist until after World War II. Employer paid benefits were not common until the 1960s and 70s when the government decided to take part in the health insurance industry. The government decided to enter the health care industry for economic reasons. Since economics is the study on how resources are allocated, the government determined that they would compete with insurance companies and offer health insurance to the elderly, the poor, and the retirees. They would insure the people who had no insurance or who lost all benefits upon retirement; hence, the inception of Medicare and Medicaid. Medicare and Medicaid were established in 1965 as Title XVII and Title XIX of the Social Securities Act...

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