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Publicly Funded Health Insurance

Insurance companies use the term "adverse selection" to describe the tendency for only those who will benefit from insurance to buy it. Specifically, when talking about health insurance, unhealthy people are more likely to purchase health insurance because they anticipate large medical bills. On the flip side, people who consider themselves to be reasonably healthy may decide that medical insurance is an unnecessary expense; if they see the doctor once a year and it costs $250, that' much better than making monthly insurance payments of $400.

The National Health Service (NHS) is the "public face" of the four publicly funded health care systems of the United Kingdom. The organizations provide the majority of health care in the U.K., from general practitioners to Accident and Emergency Departments, long=term health care and dentistry. They were founded in 1948 and have become an integral part of British society, culture and everyday life. The NHS was once described by a former Chancellor of the Exchequer as the "national religion". Private health care has continued parallel to the NHS, but it is used only by a small percentage of the population.

Back in the U.S., according to the latest Census Bureau figures, approximately 85% OF Americans have health insurance. Approximately 60% obtain health insurance through their place of employment or as individuals, and various government agencies provide health insurance to over 29% of Americans.

Government funded Medicare programs help to insure the elderly and end stag renal disease patients. Some health care economists assert that their party payment feature programs have had the unintended consequence f distorting the price of medical procedures. As a result, the Health Care Financing Administration has set up a list of procedures and corresponding prices under the Resource-Based Relative Value Scale.

Medicare Advantage is a publicly funded health insurance that expands the health care options for Medicare beneficiaries. Medicare Advantage as born from the Balanced Budget Act of 1997 in order to better control the rapid growth in Medicare spending, as well as to provide Medicare beneficiaries more choices.

Another program, Medicaid, was instituted for the very poor beginning in 1972 and the number of individuals in the United States who lacked any form of health insurance for any period during the year could access this program. The trouble is, though, the number of doctors accepting these patients has decreased in recent years due to relatively high administrative costs and low reimbursements. Through the 1990's, managed care grew from about 25% of U.S. employees to the vast majority. According to the Centers for Medicare and Medicaid Services, nearly 100% of large firms offrer health insurance to their employees. Although much more likely to offer retiree health benefits than small firms, the percentage of large firms offering these benefits fell from 66% in 1988 to 34% in 2002.