Economic Costs of Diabetes
Diabetes is a chronic disease with a substantial burden on the United States economy. This burden is represented in the form of a rising medical cost across the nation, and various indirect costs that relate to a person’s work output in terms of job absenteeism, a reduction in the labour force as a result of premature mortality and chronic disabilities, and a reduction in productivity both at home and at work (Da Rocha Fernandes et al. Diabetes not only affects the economy but society as well. It causes pain and suffering for people suffering from the chronic illness and their friends and families as well feel the pain. There is the care that non-paid workers provide to those with the disease too.
1 million back in 2007. The article also found out that an additional loss of $69 billion is incurred because of low productivity while at work, absenteeism, other diabetic disabilities and premature mortality. The cost of diabetes has also increased due to expensive technologies, healthcare practice changes and the increased cases of cardiovascular and renal diseases. Diabetes is, therefore, a major burden to society and the healthcare system in the Country (Herman, 2013). The largest proportion of expenditure is incurred by those who are above 65 years of age. The research objective was to update previous data on the economic burden imposed by cases of diabetes, costs associated to productivity loss and the increased use of health resources ("Economic Costs of Diabetes in the U. S.
in 2012," 2013). The study was conducted using a prevalence-based method that combined the United States demographics in 2012, health care costs, economic relationships and epidemiological data. The use of health resources and medical costs was analyzed by health service category, medical condition, insurance coverage, age, sex, and race. 3 times higher compared to a person who is not diagnosed with the disease. In 2012, the cost of diabetes stood at $245 billion which was divided into $69 billion for the reduced productivity in economic output and $176 billion for medical costs. There was a 41% increase in the costs of diabetes between 2007 and 2012. In 2007 the economic cost of diagnosed diabetes was $174 billion ("Economic Costs of Diabetes in the U. S. Global analysis by the World Health Organization reported that the health expenditure for diabetes ranged from $612 billion to $1099 billion.
This is a huge expenditure that could be channeled in other projects. People with diabetes are less productive than those who are free from this chronic illness. In 2014, it was estimated that 382 million people were living with diabetes. This is a vast labor force whose economic productivity is not optimal (Ma et al. In 2012 they were 1. 6 million people in a nursing home living as residents (US Census Bureau, ASD, WSCS, n. d. Data Sources The primary sources of data that were analyzed included the Behavioural Risk Factor Surveillance System (BRFSS), The American Community Survey (AMC), National Nursing Home Survey (NNHS), National Health Interview Survey (NHIS) and the National Health Information Database (NHI). Statistical Analysis Combining the NNHS and the NHIS data we can estimate the prevalence of diabetes that has been diagnosed among the demographic subgroups.
Alternatively, some would argue that diabetes prevalence is not an economic burden. The null hypothesis, therefore, states that diabetes is not an economic burden. Results Description In 2012, approximately 22. 3 million people in the U. S had been diagnosed with the disease diabetes. Having a cost of $176 billion on healthcare should be a concern for all economic stakeholders. This does not include the administration and research costs incurred. Some economists argue that a huge healthcare bill means that the economy is moving in the right direction because people have money to spend on healthcare. However, I disagree with this notion. Money spent on healthcare should be channeled into other economic activities. Outpatient cases 1026. 7 Physician office visits 85. 7 Emergency department visits 7. 7 Hospital outpatient visits 7. 7 Home health visits 25.
We should realize that living a healthy lifestyle will not only help us but so will it improve the economy. This is because a healthy you will save the country more than $13,000. Diabetes is easy to control when detected in the early stages. Much of this information is not in the public domain. Healthcare institutions may work with the government to conduct free tests and check-ups among members of the population. Rising health care expenses have created concerns that there increase would affect the nation’s economy, employers, and households. It is no doubt that economic growth leads to better spending on health care. However, the costs should be treated as so since so much money is being spent on health care as opposed to other development projects.
Consumers are profoundly affected by rising health bills. Debt burdens the uninsured as a result of medical bills. Its medical costs are going to increase whether we like it or not because more and more people will be diagnosed with diabetes due to poor lifestyles and increase in population. Measures that can control its spread will be heavily advocated by economists if we are to prevent diabetes being an economic drawback. References Ackermann, R. T. , Finch, E. 035 Da Rocha Fernandes, J. , Ogurtsova, K. , Linnenkamp, U. , Guariguata, L. , Seuring, T. Retrieved from https://www. mayoclinic. org/diseases-conditions/diabetes/in-depth/diabetes-management/art-20047963 Economic Costs of Diabetes in the U. S. in 2007. (2017, February 21). Retrieved from https://aspe. hhs. gov/basic-report/effects-health-care-spending-us-economy Herman, W. H.
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