The Legacy Of Health Insurance

1146 WordsMay 24, 20165 Pages
As an individual becomes a part of something it is almost always necessary to comprehend the history and reasoning behind the way things are being completed in today’s world. With this being said, the history of health insurance has flourished throughout the centuries. With health insurance being one of the most needed household items, in the 1920s, the situation was somewhat a different story. In 1919, there was a study directed in Illinois to show that the wages that were lost from the individuals being out sick were actually four times larger than the incidentals linked with curing the illness. As the world was moving forward so was the need for health insurance. In the 1929, a group of Dallas school teachers made an agreement with the Baylor hospital to arrange for 21 days of hospitalization for $6 per year. Then in 1930, blue shield came into the insurance world with plans for people using physician services. With blue shield becoming an available insurance company, the businessmen soon realized that those who worked a job were healthier and better for business. Further marketable carriers began to raise the value of the business sense and they soon began to outperform blue cross/blue shield. As the insurance companies were becoming a booming business, in 1954, section 105 was added to the internal revenue code. This allows an employer to offer a plan to reimburse employees, medical expenses which include insurance premiums. Developments in medical equipment alongside

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