Demand versus Supply
Demand versus Supply
Rodderica Coleman
HCS/552
May 04, 2015
Amy Shoales
Demand versus Supply: Home Health Care
Supply and demand play an underlying role in economics. According to Getzen (2013), the choices made by buyers constitute demand, whereas the choices made by sellers constitute supply. Most people are active on both sides, exchanging money for goods and services as demanders and exchanging labor and other assets for money as suppliers (Chapter 2). In the health care sector, consumer demand of medical services or products greatly affect the cost, the access to the service or product, and the quantity supplied to the consumer. Home health care is a service that has been on the minds of consumers and rising in popularity in the United States today.
Overview of Home Health Care
“Home care is care that allows a person with special needs to stay in their home. It might be for people who are getting older, are chronically ill, recovering from surgery, or disabled” (U.S. National Library of Medicine, 2014). Personal care, such as help with bathing, washing your hair, homemaking (cleaning, yard work, and laundry), cooking or delivering meals, and health care, such as having a home health aide come to your home are just some of the examples of the care that the health care worker provides. Home health care services are becoming an increasingly popular alternative to hospital and rehabilitation facilities stay. As more individuals are living longer due to medical advances the risk is increased of having long term illnesses that will require help to stay in their own homes. It has become especially pertinent in cases of those patients whose primary health coverage is through Medicare. The cost to receive intermittent care in a skilled nursing facility or long term care facility can be much higher than that of at-home care. After the initial period of coverage runs out at a long term care facility, Medicare will no longer pay for the stay. If a
Rodderica Coleman
HCS/552
May 04, 2015
Amy Shoales
Demand versus Supply: Home Health Care
Supply and demand play an underlying role in economics. According to Getzen (2013), the choices made by buyers constitute demand, whereas the choices made by sellers constitute supply. Most people are active on both sides, exchanging money for goods and services as demanders and exchanging labor and other assets for money as suppliers (Chapter 2). In the health care sector, consumer demand of medical services or products greatly affect the cost, the access to the service or product, and the quantity supplied to the consumer. Home health care is a service that has been on the minds of consumers and rising in popularity in the United States today.
Overview of Home Health Care
“Home care is care that allows a person with special needs to stay in their home. It might be for people who are getting older, are chronically ill, recovering from surgery, or disabled” (U.S. National Library of Medicine, 2014). Personal care, such as help with bathing, washing your hair, homemaking (cleaning, yard work, and laundry), cooking or delivering meals, and health care, such as having a home health aide come to your home are just some of the examples of the care that the health care worker provides. Home health care services are becoming an increasingly popular alternative to hospital and rehabilitation facilities stay. As more individuals are living longer due to medical advances the risk is increased of having long term illnesses that will require help to stay in their own homes. It has become especially pertinent in cases of those patients whose primary health coverage is through Medicare. The cost to receive intermittent care in a skilled nursing facility or long term care facility can be much higher than that of at-home care. After the initial period of coverage runs out at a long term care facility, Medicare will no longer pay for the stay. If a
References: American Association for Long-Term Care Insurance. (2015). The Ability To Remain In Your Own Home Is One Of The Greatest Benefits Of Owning Long-Term Care Insurance Heakal, R. (2015). Economic Basics: Supply and Demand. Retrieved from http://www.investopedia.com/university/economics/economics3.asp U.S National Library of Medicine. 2014. Home Care Services. Retrieved from http://www.nlm.nih.gov/medlineplus/homecareservices.html