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  • Essay / Affordable Care Act (Obama Care) - 623

    According to an article in the "New York Times", insurers say the Affordable Care website is still broken. This article significantly expands a number of economic applications. The Affordable Health Care Act itself is a fairly broad topic that involves government intervention to renew health care laws. One segment of the law requires all Americans to have some sort of insurance, which in turn affects the demand and supply of health care. The fact that the government invents new health insurance makes the demand for health care more elastic. Insurers say the website is broken and some users are frustrated with the entirely computerized process. A number of users also claim that it has improved a lot since it was invented and is now used in 36 states. Government ownership of affordable health care is a potential solution to the natural monopoly of health care, but without the discipline of competition or profit, there is a tendency for government to over-regulate and become inefficient. The problem here is the lack of technological innovation, which would be more user-friendly and encourage more insurers to be satisfied and receive the services they subscribe to. If the government does not resolve this problem quickly, it could diminish its market power, causing people to look elsewhere for insurance. “Insurers find themselves in “an unenviable position,” said Brett Graham. Even though they don't have the responsibility or ability to fix the system, they depend on it. The website is the primary channel for people to buy insurance under the Health Care Act of 2010” (New York Times). Due to the new healthcare law, the demand for health insurance has increased, which could lead to more complexities. of paper ......n public reacts to this new law. Will private insurers convert to Healthcare.gov?Bibliography1. The New York Times; “Insurers say health website is still broken” By ROBERT PEAR and REED ABELSON; Published: December 1, 2013. http://www.nytimes.com/2013/12/02/business/white-house-praises-gains-on-health-site.html?ref=todayspaper&_r=0 2. Facts about ObamaCare : Affordable Care Act, Health Insurance MarketplaceUnbiased facts about ObamaCare (the Affordable Care Act), health care reform and the health insurance market. http://www.obamacarefacts.com/ 3. Modern Principles: Microeconomics, Second Edition; Tyler Cowen and Alex Tabarrok.1.9 Big Idea 9: Prices rise when the government prints too much money [Chapter 1]; 5.1 The elasticity of demand [Chapter 5]; 13.1 Market power [Chapter 13]; 13.6 Economies of scale and regulation of monopolies [Chapter 13].