Essay on Reducing the Risk of Financial Loss: Paying for Insurance

In America, the number of uninsured rises every year and no solution to the problem has

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.

Each state has their own policies for Medicaid eligibility, services and payments. Medicaid plans have three eligibility groups such as categorically needy, medically needy and special groups. Children's Health Insurance Program (CHIP) is a program that offers health insurance coverage for uninsured children under Medicaid. If Medicaid does not cover a service, the patient may be billed if the following conditions have been met such as the physician informed the patient before the service was performed that the procedure was not covered by Medicaid and if the patient has signed an Advance beneficiary Notice form. However, there are also conditions where the patient cannot be billed if necessary preauthorization was not obtained or service

Health is improving for everyone to life a good and happy life. If you are healthy you are more likely to succeed comparing to an unhealthy person. Medical procedures are expensive and it's for people to spend so much on these checkups or surgeries. Health insurance gives an opportunity to pay less comparison to your actual bill amount for your medical procedures.

As a growing number of Americans find themselves without health insurance, it is demanded that the United States explore innovative policies aimed at extending coverage. The high cost of expanding coverage raises many questions about how best to improve access while preserving individual choice and maintaining quality of care. Differing viewpoints among policymakers, insurers, doctors, hospital administrators, employers, public health advocates, and health policy researchers provide a complete picture of the current and desired state of American healthcare.

Insurance is a critical part in the health care of Americans that would use it for life threatening, unaffordable and spontaneous health issues. But instead insurance has created substantial problem because it is being utilized as a payment system for everyday primary health care and not to cure

"Insurance is a legal contract that protects people from the financial costs that result from loss of life, loss of health, lawsuits or property damage."(Nielson.) This protection is given to the customer in exchange for a monthly payment to the company. This is a legal contract which is known as a policy, binds the customer to the insurance company for the duration of the policy. Insurance, whether it be life, health or auto, helps customers feel safe from everyday risks that can happen in life. Most insurance is optional, although some states enforce a law that automobile insurance must be purchased in order to register a car. Automobile insurance is very important. It helps the policy holder to protect their car

According to Kaiser Health News “Often, consumers discover they’re underinsured the hard way – when they break a leg or have a serious illness, such as cancer, and their medical bills exceed their benefits enough that it is difficult for them to pay.” (“The ‘Underinsurance’ Problem Explained”).People who are underinsured have a hard time paying for their medical needs and appointments. When a person cant get a treatment for their medical condition it an affect their health greatly. People who are under or uninsured cannot pay for regular screening for cancer a lot of times because their insurance doesn't cover for it or they do not have any insurance. According to the Henry J. Kaiser Family Foundation “Nearly a quarter of uninsured adults say they did not take a prescribed drug the past year because they could not afford it” (“ HOW DOES LACK OF INSURANCE AFFECT ACCESS TO HEALTH CARE?”).No one that lives in America should have to skip there doctors appointment because of there lack of

In the United States of America, access to health care is a disadvantage for approximately 48 million Americans of those who do not have health insurance and millions underinsured (Parker & Thorson, 2009). Health disparities continue to deprive the nation of the need for adequate health care services and preventative care leaving a country mentally and physically disabled. There are two million Deaf and Hard of Hearing (DHOH) people living in the America, which is the third concentrated population in the United States (U.S.) (Pick, 2013; Barnett & Franks, 2002). As of today, there is no knowledge of health care insurance coverage published to determine the number of DHOH without or underinsured. Unfortunately, lack of data to support the number of DHOH without health insurance or underinsured remains a puzzling mystery

Even though some people believe universities will lose money if they insure all athletes with medical insurance. I believe the NCAA should give health insurance to athletes because families can only pay a certain amount of the bill, the athletes that go to the school bring in millions of dollars, and the NCAA covers bills up to $90,000 but don't exceed it. Colleges should be responsible for the athletes that commit to playing a sport in college with the possibility of getting an injury and not being able to fully recover and get back to a normal lifestyle.

Children’s Health Insurance Program (CHIP) varies from state to state. [CHIP is a collaboration between federal and state governments. The programs are run by the individual states according to requirements set-up by the federal Centers for Medicare and Medicaid Services. States may organize CHIP programs as an independent program separate from Medicaid, such as separate child health programs, use CHIP funds to expand their Medicaid programs like SCHIP Medicaid expansion programs, or can combine these] put in quotes with the source advancements into a CHIP combination program (NAHSP,2017). States receive federal funds for CHIP programs at a rate above the typical Medicaid match. States with separate child health programs follow the

It is indicated that people would be even less careful, and could potentially engage in riskier behavior in different environments.Therefore, this proposal might lead to moral hazard for social insurance which protected in some way from risk will act differently than if they did not have that protection. In examining the effects of social insurance, the four types of moral hazard play a particular important role. The first is that it reduces precaution against adverse events, for example if someone had medical insurance that covers their illness, it reduce preventive activities to protect their health, or because they have workers’ compensation insurance, then they are not careful at work. The second is increased odds of entering the adverse state, for example if someone has workers’ compensation, then they are more likely to claim that they were injured on the job. The third in the increase expenditures when in the adverse state, for example because someone has medical insurance, then they are likely to use medical care than they otherwise would. The fourth is supplier responses to insurance against the adverse state, for example someone has medical insurance, physicians provide too much care or firms are not as careful about protecting against them against workplace accidents. Furthermore, through this program it can lead into moral hazard and which may

Also, a lack of insurance is a huge financial burden for individuals and their families. Lack of health insurance has social consequences, as well. Some diseases are highly contagious and can be spread easily to family members, friends, colleagues, co-workers and others, one may come in contact with. With health insurance, these contagious diseases can be contained and cured or treated more quickly and cost-effectively. People without health insurance have limited, reduced access to services of preventive care, like cancer screening.

Going through the selected policies. Policies are legally binding. There are consequences in case a party fails to adhere to terms and conditions. Going through terms and conditions of selected covers will help you determine if it suits you or not. A person should go ahead and sign an insurance policy if the terms favor him.

Accident frequency and severity affects make up the portion of customers’ premium that covers losses. Until recently, when determining liability premiums, vehicle make and model were not consideration. In the year 2000, there are over two auto insurers planned to raise liability rates on large size vehicles like SUVs, pickups and vans. This is based on vehicle safety and claims experience. A larger vehicle can cause injury and property damage; especially in the weight of car a ton or more could change the crash.