Personal Health Insurance Analysis
Life, especially in our difficult time, is full of surprises. Person may be the victim of a catastrophe or robbery, suddenly fall ill, due to changes in market conditions, calculations may not be justified entrepreneur for profit. In these and many other cases, there is a need to pre-protect themselves from their malicious consequences or reduce them to a minimum. Insurance is one of the oldest categories of social-industrial relations. The scale of development of the insurance market in individual countries of the world largely characterizes the degree of development of the economy and society, the degree of development of their relations at the international level. The United States has a widely developed insurance system. Insurance is carried out by numerous insurance companies (there are several thousand of them in the USA), and the types of insurance services are extremely diverse. Analysis of the US insurance market is quite relevant and is of scientific and practical interest.Personal Health Insurance Analysis
The medical insurance is for reimbursement of expenses related to the services of doctors, surgeons, and anesthetists, including visits to doctors in the hospital. Payments on this insurance are also limited in time and amount. My current insurance is offered by Blue Cross Blue Shield Association. I received it through my school district. Personally, I must pay seventeen dollars per month, no premium $855/year. This is a gold plan that assumes certain deductibles (“How Are Bronze, Silver, and Gold Plans Different?”). For example, twenty dollars per doctors, seventy dollars per hospital and, separately, forty dollars per dentist. The gold plan is differentiated from the other plans by the amount of coverage. It is almost full (about eighty percent). This insurance plan means the higher monthly payments, but lower out-of-pocket costs. A minimum amount percentage of health care costs (that is each metal tier to cover) is required by the Affordable Care Act (Irvine et al.). Therefore, if it is eighty percent, a person should pay only twenty dollars of health care costs. The insurance company Blue Cross Blue Shield will pay the rest amount. By summarizing the mentioned above payment, it is clear that given sum of a stipend ($250 per month) towards the purchase of the own health coverage (for yourself and the dependents) is quite enough amount to afford it.
Generally, there are a few common strategies for medical coverage. Depending on these options, it is reasonable to consider all the conditions of your health and financial situation. Basic Medical Insurance reimburses the costs associated with visits to the therapist and specialist doctors, surgery, anesthesia, all sorts of consultations – and covers three-fourths of what people who are not too sick spend on doctors and medical care. Personal Health Insurance Analysis Those who do not exclude the possibility of ever being hospitalized, it is necessary to issue a basic hospital insurance (Basic Medical Hospital Insurance). The next option of insurance is General Medical Insurance. is more than the two above, you can get sick for a long time and hard, not doubting that all the costs of treatment will be compensated for you – or your relatives. Acquisition of the following type of insurance – from the accident (Accident Insurance) – implies some fatalism on your part. Hospital Indemnity Insurance is designed for two months and, in the event of a hospitalization of a client, must return to it a certain part of its hospital expenses. This type of insurance is different from the basic hospital insurance (Basic Medical Hospital Insurance) in that it compensates not a certain percentage of your bill, but a specific amount specified by the contract. Knowing their heredity and predisposition to certain diseases, people at risk can take out a specific disease insurance (Specified Disease Insurance) – and relatively calmly meet manifestations of ulcers, diabetes, cardiovascular or even cancer diseases.
The current insurance from Blue Cross Blue Shield Association put a person in the relatively positive financial position. The payment per month in quite low. Even if the person needs to go to another specific doctor as a dentist, the sum of $250 will allow to afford it. In addition, if the state of health is quite normal, it is possible to save the rest of the amount for future possible accidents or long-term expensive treatment. One of the basic benefits of health insurance is the high efficiency of medical care. With regard to the cost of treatment, the insurance company covers the costs associated with the use of the only correct treatment with a high rate of a positive outcome. Of course, the cost of a heart surgery is very high but still less than the cost of drugs that need to take quite a long time. In addition, the effect of conservative therapy is not always desirable. Therefore, insurance companies prefer to bear high costs, but once. All points of health insurance “work” very coherently. It is especially important for the insurance company and for the client how the insurance company-doctor is established. In each insurance case, the doctor acts according to the scheme approved by the insurance company.Personal Health Insurance Analysis
The biggest takeaway from this exercise is a possibility to analyze the available insurance offers. When buying medical insurance, you must bear in mind that you have the opportunity to purchase it from a private company, from the state or from non-profit organizations. It is rather useful in the case your employer has decided to stop offering an employer-sponsored health insurance options. It is important to choose it properly, especially if you have to include your dependents.
References
“How Are Bronze, Silver And Gold Plans Different?”. Bcbsm.Com, 2018, https://www.bcbsm.com/index/health-insurance-help/faqs/topics/buying-insurance/metal-tiers.html. Accessed 11 Oct 2018.
Irvine, Ben et al. “Healthcare Systems: The USA”. Digitalezorg.Nl, 2013, http://www.digitalezorg.nl/digitale/uploads/2015/03/USABrief.pdf. Accessed 11 Oct 2018.Personal Health Insurance Analysis