Healthcare has been a major part of economic policy discussions lately, as Congress debates passing a bill that will impact 17% of the US economy without a Congressional Budget Office measure of how it will impact premiums or healthcare costs. However, informal or family care is often left out of this measure. As healthcare grows more expensive, with some private nursing homes (especially those with memory facilities) costing upwards of $80,000 a year, many American families are trying to take care of sick, elderly family members on their own. This disproportionately affects GDP, as caregiving would be counted as part of GDP if it was in a nursing home, but the providing of this service is not counted when performed by a family member; this means that we may not have a truly accurate sense of the value of all healthcare services provided in the US.
I agree we may not have a "truly accurate" measure of the value of healthcare services; however, we could have a better idea if we look at what type of healthcare goods are being purchased [for home use]. If we track these numbers, and determine whether they have been increasing, decreasing, etc., we could then see what goods/services are being demanded. With that information, it would hopefully be easier to vote on the appropriate bill.
ReplyDeleteJust as bad, or worse to think about is that due to the unavailability of affordable professional health care for these seniors. The family members providing these services are likely not licensed or trained in the types of work they are doing which may cause inadequate care that could make it even an more expensive endeavour.
ReplyDeleteAs the baby boomers begin to age and with the advancements in technology to help people live longer, one would think that there should be an increase in spending on healthcare. I like Duncan's idea on tracking the goods and services being purchased and tracking demand in that way. Sadly, many people with health issues aren't getting proper care and this may lead to a distortion on what is needed.
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