Financial Profiling: Medical Emergency

bankruptcy because bills and health care bills are piling up so high that they are unable to afford it. This all trickles down and effects everyone in different ways.

Health insurance comes as second nature to many of us. We grab that blue and white card and put it in our wallet and forget about it until we are sick or injured. When this happens, there it is, cushioning our fall like the extra padding it provided to cushion our wallets. This is not the case with everyone, however. Many Americans have no cushion to fall back on, no blue and white card to show the emergency room when they have an unexpected health concern. No HMO with a convenient co-pay amount when their son or daughter develops an ear infection.

Bad credit reports can affect ones’ life in several negative ways. With a bad credit report and a low credit score, it is harder to receive a credit card, an automobile loan, a mortgage, or possibly a job. It is important that one is always aware of the credit decisions made. Paying bills late, maxing out credit cards, and filling out too many credit applications in a brief period will also have a negative impact on the credit report. To keep a good credit report, one should pay bills on time and apply for credit sparingly. Last, but certainly not least, one should check their credit report annually! A free credit report is available from each of the three credit reporting agencies each year. This is something one should take advantage of since it will help them judge whether they are managing their credit wisely. It is imperative that one keeps a good credit score. If not, one could miss out on many opportunities. For example, one may find an opening for their dream job that they are qualified for, but the negative credit report causes them to not get the job. Do not let this happen! Maintain a good credit report and opportunities like this will not pass by!

Last year the average cost of an insurance policy for a family of four was $20,728.00 according to the Milliman Medical Index (2012 Milliman Medical Index, figure 1). The median household income for 2012 was $51,017.00 according to Steve Hargreaves for CNN Money (2013, para. 1). This means the average American spends almost 40.62 percent of health

Many businesses are requesting credit report authorizations from their applicants as part of their screening process for employment. According to the Federal Fair Credit Reporting Act (FCRA), the applicant must give the employer authorization in order for the employer to receive a copy of the credit report. (Rosen, 2000). Credit reports are requested by some companies to review and verify information regarding the applicant such as one’s identity, the amount of debt and also to help them to determine if one is qualified for the job. In addition the credit report contains a variety of personal information for example one’s first and last name, the social security number, current and

No one plans to have oneself or a family member diagnosed with a chronic disease or to be involved in a debilitating accident. Unfortunately, these situations are all too familiar and can happen every day. Having health insurance when these life changing events occur can provide a person or family

The Affordable Care Act has made many positive changes for uninsured and underinsured citizens. With the addition of a program called Health Insurance Marketplace, it is now possible for uninsured people in every state to purchase private insurance plans, those making under 400% or less of the Federal Poverty Level will be able to have tax credits making insurance more affordable (Lathrop & Hodnicki, 2014). Insurance companies are no longer allowed to cancel a policy or raise rates when a client gets sick. Insurance companies cannot refuse coverage to individuals with preexisting conditions such as cancer (“Quality Improvement,” 2015). Insurance companies now must cover preventive care and screenings allowing diseases like cancer to be caught early (“Quality Improvement,” 2015). Research has shown that through health screenings

The individuals likely to opt out of insurance are those who are young and healthy. However, without healthy people paying into the system, insurance companies are forced to raise rates for ill patients in order to make a profit. In this situation, those with long-term health conditions may not be able to afford treatment. For example, a family of four could find a monthly plan for as little as $433 with a $0 deductable, but only if they were to receive regular treatment and medication. A plan like this would not cover treatment like chemotherapy, which can cost over $10,000 for a single course. With Obamacare, families can afford to buy insurance that will cover treatments for cancer and other life-threatening illnesses. If Trump succeeds in repealing the ACA it could leave sick patients with no choice but to decide between inevitable death or financial ruin.

2. It is difficult, but possible, to get a mortgage with a credit score under 620.

The Affordable Care Act, does it affect the average consumer financially? My paper is going to explain what the affordable care act is, why the law was passed and how the coverage works. I will explain why so many people do not like the new law. I will also tell you what will happen if you don’t get insurance as mandated by the government. It will also explain the metal tiers and how people chose the plans based on premiums and doctors. The article from Amy Anderson DNP, RN, CNE says how this new law has raised the number of uninsured, which is higher than it’s been in four decades.

Obamacare has drastically raised health care costs for individuals and families. One of the reasons Obamacare was established was to reduce family premiums by $2,500 a year (Anderson 1). However, this goal has not been accomplished yet, the typical family premiums are increasing at rapid rates (Anderson 2). From 2015-2016, Family Silver, one of the most popular family insurance plans, had a ten percent increase on their premiums price. Some states even rose by forty percent (Furchtgott-Roth 3). Middle class families cannot keep paying an arm and a leg for health insurance. Health insurance should not be a major issue for Americans, it should be

The signing of the Affordable Care Act in 2010 was a big step forward in fixing the broken healthcare system in the United States. Unfortunately the law did not do enough to help a large segment of the population achieve its named goal. Due to high deductibles and other cost sharing in lower tier plans, healthcare continues to be unaffordable to many.

With the health care system the way it was structured it seemed, as the only way a person could get adequate health care is if you either did not get sick or made enough money to pay the costly medical bills if you did constantly visit the doctor. The number one reason for families in America to fall into bankruptcy was noted as being medical bills and cost, quite frankly any person facing a potential life threatening illness is going to seek medical help and is not going to worry about the cost if it means life or death. An when you are living with either no insurance of your condition causes you to be bumped from your insurance provider because you’ve become to expensive for them seems almost

Employers who choose to offer employees health insurance can receive tax cuts of up to 35% of premiums this year, and up to 50% in 2014. More than 60% of small employers will be eligible for these tax cuts. Starting this year, children will no longer be denied insurance due to pre-existing conditions, and adults with pre-existing conditions will have access to a temporary high-risk insurance pool. Starting in 2014, discrimination against pre-existing conditions will be banned completely. In 2007, 62% of all bankruptcies filed in the United States were linked to medical expenses. Health reform will prevent bankruptcies by capping annual out-of-pocket costs for families who receive insurance through the exchanges or a small business.

Are they unique to the firm or are they industry wide and may be reflected in lower prices rather than higher profitability?