The Deregulation Of The Insurance Industry Essay

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.

In 2010, President Obama signed the Affordable Care Act (ACA) which puts into place health insurance reform with the purpose of providing health care access to those who are uninsured and underinsured. The goals of the law are to make health care affordable, accessible and higher quality. In 2013, open enrollment began and now that three years have passed, it is a good time to evaluate how this law impacts Ohioans (U.S. Department of Health and Human Services, 2014-a). In this paper, I will discuss health care reform in Ohio, examine positive and negative outcomes, and look at the effect of the ACA on health care economics.

I am writing in response to Jonathan Friedman’s inquiry to the Illinois Department of Insurance dated June 27, 2016. In the inquiry, Mr. Friedman expressed concerns over the adjustment of claim number 4079503H4820X.

U.S. health care reform is currently one of the most heavily discussed topics in health discourse and politics. After former President Clinton’s failed attempt at health care reform in the mid-1990s, the Bush administration showed no serious efforts at achieving universal health coverage for the millions of uninsured Americans. With Barack Obama as the current U.S. President, health care reform is once again a top priority. President Obama has made a promise to “provide affordable, comprehensive, and portable health coverage for all Americans…” by the end of his first term (Barackobama.com). The heated debate between the two major political parties over health care reform revolves around how to pay for it and more importantly, whether it

Healthcare didn’t always exist in the United States. Before the 1920’s, most people didn’t have health coverage. Most people were treated at home and hardly anyone, except a few large employers offered healthcare. Everyone else paid out of pocket. As the population shifted from rural areas to urban centers, families lived in smaller homes with less room to care for sick family members (Faulkner 1960, p. 509). Increasing requirements for licensing and accreditation, in addition to a rising demand for medical care, eventually led to rising costs. By the end of 1920s, there was an increased demand for medical care and the costs of medical care increased.

Humana, Inc. is a health insurance company from Louisville, Kentucky that started in 1961 by Lawyers Wendell Cherry and David A. Jones, Sr. Humana started as a nursing home where it later become the largest nursing home company in the nation. After the nursing homes they soon began to purchase hospitals entirely for expansion. The name of the company changed to Humana, Inc. two years later. Cherry and Jones continued to expand by purchasing other companies. In 1984, the company began focusing on Health Insurance where it remains to focus on even today. Since 2014, Humana has had over 13 million customers and over 52,000, and a revenue of $41.3 billion that was reported in 2013.

The publics’ opinion has had many influences on the debate on healthcare and healthcare reform. Although an issue primarily in charge by the government, many people have been voicing their opinion dating back all the way to the introduction of Medicare. Recent surveys have shown many trends and many variations in public opinion that take a toll on health care reform. These opinions played a very important role in the overall results of polls in the federal health care reform debate. The polls that were studied were pulled from a range of opinion pulls dating back to 1943 however, only 2008 and 2009-2010 reform opinions were pin pointed and reviewed/studied. These polls specifically selected dealt with changes to the health care system as well

Insurance is a mess of mazes that leads to one outcome: one only reaps what one sows. The sowing involves lifetimes of work; hours tick away, and workers clock-in and clock-out. Near the big golden moment of retirement, some stress about their comfort in old age. It is the dream of many to find a pillow after slaving away, but for some, it is a time of discernment. Those who did not work need a cushion just as well. Maybe their children, grown and employed, could return the care they once received.

Around the month of June the year 2006, a survey that was carried out revealed that there were close to 375,000 residents of Massachusetts who were uninsured which sum to about 6% of the total population of the state (Raymond, 2007). Health care is one of the key needs that any person is required to have. Since it comes at a cost, health insurance is always a platform to ease the hustle here and there. The health insurance law, chapter 58, was enacted with the main aim of reducing the percentage of the residents living without health insurance in Massachusetts (Polestar Communications & Strategic Analysis, Associated Industries of Massachusetts Foundation, 2006). The law was introduced to make sure that both

As modern society emerged, insurance became a necessary factor in life. We as a population became overly aware of the many dangers of life. Not only did these dangers represent a hazard to our lives, but our posessions as well. Aspects of our lives like our homes, vehicles, and health represent a majority of the coverage in the modern insurance industry. However, when studying the industry, it is important to understand the emergence as well as the outcome.

As we know, China economic was in high speed growth in last two decades, the result is the Chinese citizens income was in high speed growth as well. The insurance industry was new industry in China twenty years ago, and the large number of population attracted many foreign insurance companies to start business in China, at the mean time, the domestic capital also interested in the insurance market, there are average three new life insurance companies was set up in last ten years, and there are over 50 life insurance companies in China currently. The market competition becomes cruelty, the traditional agency channel to sell insurance product become more difficult. Many banks enter the insurance industry to set up their own insurance company, since the bank have already had their large number of customer, and the bank know their customer’s financial situation very well, so the bank staff is easier to contact the customer and sell the insurance product. So the traditional agent sales process is getting effectiveness.

2. Lack of Knowledge of Insurance Culture: In a recent study of quality of life in developing countries with reference to South Africa (Moller, 2004), income and social security (own wages, ability to provide for family, insurance against illness/death and income in old age) have been treated as one of the major indicators of quality of life. This standpoint stresses the significance of insurance to human life. Ironically, insurance services seem not to have been so accepted enthusiastically in developing countries. The abysmal level of insurance culture in developing economies has attracted relative interests among researchers and practitioners alike. Risk has been identified as a central fact of life in the rural areas of less-developed countries (Udry, 1994). Some of the problems associated with this have been marketing. For example, Omar

As for as contribution of LIC and private companies to the total investments of the life insurance sector, during the period under study was concerned LIC contributed the maximum share of total investment. The maximum annual variation in case of investment of LIC and total investment was in the year 2009-10, which were 23.19 percent and 31.51 percent respectively. The minimum annual variation for LIC was 10.49 percent in the year 2011-12 and 10.35 percent in 2012-13 for total investment. Growth rate of investment of private companies ranged between 9.51 percent to 94.96 percent. The compound annual growth rate

The first two decades of the twentieth century saw lot of growth in insurance business. From 44 companies with total business-in-force as Rs.22.44 Crore, it rose to 176 companies with total business-in-force as Rs.298 Crore in 1938. During the mushrooming of insurance companies many financially unsound concerns were also floated which failed miserably. The Insurance Act 1938 was the first legislation governing not only life insurance but also non-life insurance to provide strict state control over insurance business. The demand for nationalization of life insurance industry was made repeatedly in the past but it gathered momentum in 1944 when a bill to amend the Life Insurance Act 1938 was introduced in the Legislative Assembly. However, it was much later on the 19th of January 1956 that life insurance in India was nationalized. About 154 Indian insurance companies, 16 non-Indian companies and 75 provident were

It was the 10th Prime Minister of India, P. V. Narasimha Rao and his then Finance Minister Dr. Manmohan Singh, who set into motion, Phase 1 of the privatisation of the Indian Insurance Industry. The government was forced to act on the ‘globalization of India’ due to the country being economically weak and was suspected to be on the verge of bankruptcy. After the privatisation of the banking sector was looked into, the government setup a committee led by Chairman R. N. Malhotra in 1993 to propose change and reforms to be made in the Insurance Industry. The findings and recommendations of the committee in 1994 eventually led to the formation of the Indian Insurance regulator, the minor yet