There was a time in Economic History Essay

Submitted By Allison-Swier

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Allison Swier

Lately the United States has been figuring out the best way for everyone to have health insurance to be able to afford health care. This past year many people have experienced Obamacare and the prices of the insurance premiums rising and some dropping. However, most people have experienced an increase in their premiums because insurance prodviders are being forced to cover insurance for everyone. Each year premiums are expected to grow by 4% of the median income for a family. This is due to higher costs in the medical field. The health care costs and health insurance rise because doctors have to charge different prices for different operations and so forth. Insurance premiums increase because the expected income is thought to continually grow however, this is not the case. While premiums rise, average income is staying the same for most people. Many people see healthcare as being inelastice because if you have a medical condition you are going to pay a higher price then someone who is perfectly healthy. Even under Obamacare this happens after insurance companies see what types of problems a person is going to the doctor for. However, there is also health care that is elastic and that is preventative care such a breast exams and exams of that nature to keep oneself healthy. These are normally free to most people under insurance plans and they do not raise the cost of the insurance premium. The elasticity of health insurance premiums and the cost of healthcare are an odd factor to look at because it can go either way on being elastic or inelastic. Many people belive it is however inelastic because if a person is sick they are going to seek medical attention reguardless of the price. However, when they feel well, they do

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