Why Do Other Rich Nations Spend So Much Less on Healthcare?

Victor Fuchs

Chapter 23 in Health Economics and Policy:Selected Writings by Victor Fuchs, 2018, pp 259-263 from World Scientific Publishing Co. Pte. Ltd.

Abstract: The U.S. delivers roughly three times as many mammograms, two-and-a-half times as many MRI scans, and a third more C-sections per capita than the average OECD country.Despite the news last week that America’s healthcare spending will not be rising at the sky-high rate that was once predicted, the fact remains that the U.S. far outspends its peer nations when it comes to healthcare costs per capita. This year the United States will spend almost 18 percent of the gross domestic product (GDP) on healthcare—six percentage points more than the Netherlands, the next highest spender. Because the U.S. GDP in 2014 will be approximately 17 trillion dollars, those six percentage points over the Netherlands amount to one trillion dollars in additional spending. The burden to the average household through lost wages, insurance premiums, taxes, out-of-pocket care, and other costs will be more than $8,000…

Keywords: Health; Medical Care; Health Policy; Economics; Health Care Reform; Health Insurance (search for similar items in EconPapers)
JEL-codes: I15 (search for similar items in EconPapers)
Date: 2018
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