The acquisition of medical services in Canada heralds numerous expenses for individuals residing in the nation. The Fraser Institute conducted a study in 2014 entitled “The Price of Public Health Care Insurance ,” indicating that a family comprising four people (two adults and two minors) had to remit a sum of $11,786 mission of healthcare services annually (Groupe Contex Inc., 2014). The analysis conducted in 2019 indicates that Canada spends $ 7,068 to facilitate its citizen’s treatment result in a total expenditure of $264 billion. An assessment of the GDP, which accrues to Canada, indicates that medical costs take up approximately 11.4%. Additionally, the country projects an upward trend with respect to its anticipated healthcare expenditure in the coming years.
Thesis Statement
Healthcare-related costs continue increasing in Canada, mandating the reliance on cost-benefit analyses and the evaluation of instances that culminate in microeconomics surplus in the sector to provide the appropriate microeconomic solutions to mitigate the situation.
Delegate your assignment to our experts and they will do the rest.
The Feasibility of the Topic
The higher costs associated with healthcare services acquisition present a barrier for many Canadians suffering from different illnesses. Increasing Healthcare expenditure particularly affects 15% of the poor people residing in the country. The provision of microeconomics solutions provides an avenue of eliminating instances where medical practitioners offer low-quality services to deal with constantly rising costs. The Fraser Institute conducted a study that classified the medical care available in Canada as moderate, whereas in some circumstances, the services were of low quality. Thus, effective microeconomic frameworks would underscore the surplus in different medical segments and areas that need additional resources to foster an overall improvement in their efficiency levels.
Reference Descriptions
The report “ Forward- a Real Plan for the Middle Class ’ by the Liberal Party of Canada (2019) highlights various strategies that would make life affordable for Canadians to ascertain that they obtain medical services without their accompanying exorbitant prices. More specifically, it elaborates on various frameworks that would favor vulnerable groups residing in Canada, including children and seniors. For instance, should obtain a sum amounting to $729 after attaining the age of 75 years. On the other hand, Canadians must have access to child benefits valued at $1000 for minors below one year.
On the other hand, “ Microeconomic surplus in health care: applied economic theory in health care in four European countries ” by Walzer et al. (2013) examines the concept of economic surplus with respect to health care services. More specifically, the article examines the market interactions between consumers and providers of healthcare services, creating demand, and supply. It also highlights insurers' role in such transactions as third parties with an extensive capacity to influence patient-related outcomes. It asserts that clients mandating healthcare services' availability must effectively negotiate contracts to ascertain that medical practitioners only get normal profits. Additionally, it eliminates the requirement for extranormal profits for the provision of medical services of an exceptional quality.
In the ‘ Cost–Benefit Analysis ’ (Pmc.gov.au, 2016), the article indicates an appropriate framework for conducting cost-benefit analyses to efficiently assess regulatory proposals necessary in enhancing decision-making processes. The publication provides an avenue of understanding how the application of CBA could ascertain that health care policies culminating positive economic and community outcomes.
Conclusion
Canada's healthcare industry experiences continued cost-related increments. Even so, various quality issues mandate some consideration to ensure its increased efficiency while enhancing the outcomes that accrue to patients. Under such circumstances, microeconomic principles provide an avenue for conducting assessments to highlight the most appropriate solutions. It also provides a framework that guarantees the availability of inclusive services that even cater to the poor in society.
References
Groupe Contex Inc. (2014, July 3). Canadians’ healthcare costs keep rising . Benefits Canada . https://www.benefitscanada.com/benefits/health-wellness/canadians-healthcare-costs-keep-rising-54569
Liberal Party of Canada. (2019). Forward- A real plan for the middle class. The Federal Liberal Agency of Canada . https://2019.liberal.ca/wp-content/uploads/sites/292/2019/09/Forward-A-real-plan-for-the-middle-class.pdf
Pmc.gov.au. (2016). Cost–Benefit Analysis. Australian Government . https://www.pmc.gov.au/sites/default/files/publications/006-Cost-benefit-analysis.pdf
Walzer, S., Nuijten, M., Wiesner, C., Kaier, K., Johansson, P. O., & Oertel, S. (2013). Microeconomic surplus in health care: Applied economic theory in health care in four European countries. Frontiers in Pharmacology, 4 , 17. https://doi.org/10.3389/fphar.2013.00017
