Healthcare expenses can cause people to lose their homes, default on loans and (in general) cause people to stop contributing to the economy because they are unable to afford basic necessities.
Advantages
-healtcare for people without insurance
-slows the increasing cost of medical procedures/technology
-generally countries with socialized healthcare (i.e. countries in Europe) have a better life expectancy and overall rating of happiness because they are not always worried about medical bills
Disadvantages
-more taxes
-alot of the cost of healthcare goes to the insurance companies rather than the doctors or nurses, etc.
-health care rationing, not enough resources for everyone
-already have socialized systems, could drive a country to socialism
In what ways do health care expenses affect an economy? What are the economic advantages to government involvement in health care? What are the economic disadvantages? What are some ways of curbing the negative affect of rising health care costs on an economy?
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