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The health care law which was recently signed by president Obama bans companies from writing off subsidies starting in 2011. It is claimed that many retires are likely to lose drug benefits given by the former employers. James Klein is quoted claiming that, “between 6 million and 7 million retirees currently get the benefits; but the number of companies offering them has been dwindling for years” (Funk p. 1). It has been reported that retirees in general would prefer remaining with the prescription drug coverage in preference for a Medicare Part D plan. The law on health care has drawn mixed feelings. It has been claimed that the health care overhaul will likely cost the U.S. companies a lot of funds forcing them to drop prescription drug coverage for the retirees due to the change in the subsidizing of the benefits. Some companies have already expressed concern about the health care overhaul. It is predicted that two million people are likely to lose prescription drug coverage leaving them with the Medicare’s program.
From the above review it is clear that prescription drugs are popular among the U.S. citizens. It has been shown that the pharmaceutical companies only takes ten percent of the total health care cost. The health care law however is likely to lead to many people losing their drug description coverage.
Health care costs have been a great and challenging issue to the U.S. authorities. Complains have been directed to the stakeholders in the health care sector with the pharmaceutical companies being accused of setting the prices too high. It is claimed that this is made worse by the fact that the pharmaceutical companies set the prices of the prescription drugs without any intervention from the government and as such the companies can set the prices as they wish. However it has been shown that the prescription drugs are quite effective and can act as a sure way of reducing the health care costs. It has also been shown that the pharmaceutical companies take a very small portion of the health care budget.
The Obama administration has enacted a law which many claim is likely to worsen the health care situation. It is feared that up to two million people are likely to lose their drug prescription coverage and turn to Medicare Part D plan. This is against the will of many people as they would prefer drug subscription to Medicare Part D plan. This research has shown that the pharmaceutical in the actual sense is contributing to making better the lives of many U.S. citizens and that the Health care which has been signed is likely to worsen the situation.r smaller tax deductions in the future.