Economic impact of health care reform Term Paper

Economic impact of health care reform - Term Paper Example ertaken major reforms in healthcare through the passing of bills such as the healthcare reform bill in the president Obama’s administration (Scarborough, 2010). However, such major steps can be argued as to have major positive and negative impacts on the economy at large especially due to the fact that this sector has been noted as to account for a the highest government expenditure as compared to other sectors. This essay is a critical evaluation of the economic impacts of the healthcare reform bill. The US has been classified as one of the developed countries in the world where health care contributes to a significant number of approximately 65% of all personal bankruptcy cases, which are reported (Scarborough, 2010). It is also known to spend much of its financial resources in providing healthcare for its citizens. However, reports show that the management of these resources has been slowed down in the past due to the lack of proper healthcare policies, which would ensure that every individual is covered by a medical insurance policy, in order to facilitate them with proper treatment in cases of sickness and accidents as well as lack of proper guidelines to control insurers from exploiting their clients. Due to this, insurance policy holders find themselves in situations whereby they are forced to dig deeper from their pockets so as to pay for the hospital bills after the insurers pay for small portions instead of clearing all the expenses incurred (Scarborough, 2010). This ha s resulted to people refraining from acquiring treatment due to lack of finances to take care of the expensive care provided to them. In fact, most of the people have accumulated a lot of debts and from research it is evident that the highest percentage in this group does not continue to seek further medical treatment out of fear that debts would increase. However, the coming of President Obama into power renewed hope and anticipation among the American communities due to his promise of