The importance of having adequate health insurance, the factors that lead to the increase in cost of health insurance.

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Answer 1

Question

Chapter 9, Problem 1LO

Summary Introduction

To identify: The importance of having adequate health insurance, the factors that lead to the increase in cost of health insurance.

Expert Solution & Answer

Explanation of Solution

The health insurance cover is very essential for an individual as it helps to cover all the hospital and medical bills in the advent of need. The medical treatments become quite expensive over the time period. The major illness can cause an average person to spend almost tens or hundreds thousands of dollar on its treatment. It is observed that majority of personal bankruptcies are the result of medical cost. Health insurance bears the medical bills both for the routine check up and major illness treatment. Thus, health insurance is vital for all the individuals.

The factors that lead to the increase in the cost of health insurance are listed as follows:

The technology advancement in the medical science is costly.
The major part of country U population is aging.
Demand and supply distribution of the health care facilities and services is poor.
Other factors include high administration cost, increased paper work, strict regulations and increasing frauds related to insurance.

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Answer 2

Question

Chapter 9, Problem 1LO

Summary Introduction

To identify: The importance of having adequate health insurance, the factors that lead to the increase in cost of health insurance.

Expert Solution & Answer

Explanation of Solution

The health insurance cover is very essential for an individual as it helps to cover all the hospital and medical bills in the advent of need. The medical treatments become quite expensive over the time period. The major illness can cause an average person to spend almost tens or hundreds thousands of dollar on its treatment. It is observed that majority of personal bankruptcies are the result of medical cost. Health insurance bears the medical bills both for the routine check up and major illness treatment. Thus, health insurance is vital for all the individuals.

The factors that lead to the increase in the cost of health insurance are listed as follows:

The technology advancement in the medical science is costly.
The major part of country U population is aging.
Demand and supply distribution of the health care facilities and services is poor.
Other factors include high administration cost, increased paper work, strict regulations and increasing frauds related to insurance.

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Answer 3

Question

Chapter 9, Problem 1LO

Summary Introduction

To identify: The importance of having adequate health insurance, the factors that lead to the increase in cost of health insurance.

Expert Solution & Answer

Explanation of Solution

The health insurance cover is very essential for an individual as it helps to cover all the hospital and medical bills in the advent of need. The medical treatments become quite expensive over the time period. The major illness can cause an average person to spend almost tens or hundreds thousands of dollar on its treatment. It is observed that majority of personal bankruptcies are the result of medical cost. Health insurance bears the medical bills both for the routine check up and major illness treatment. Thus, health insurance is vital for all the individuals.

The factors that lead to the increase in the cost of health insurance are listed as follows:

The technology advancement in the medical science is costly.
The major part of country U population is aging.
Demand and supply distribution of the health care facilities and services is poor.
Other factors include high administration cost, increased paper work, strict regulations and increasing frauds related to insurance.

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Answer 4

Question

Chapter 9, Problem 1LO

Summary Introduction

To identify: The importance of having adequate health insurance, the factors that lead to the increase in cost of health insurance.

Expert Solution & Answer

Explanation of Solution

The health insurance cover is very essential for an individual as it helps to cover all the hospital and medical bills in the advent of need. The medical treatments become quite expensive over the time period. The major illness can cause an average person to spend almost tens or hundreds thousands of dollar on its treatment. It is observed that majority of personal bankruptcies are the result of medical cost. Health insurance bears the medical bills both for the routine check up and major illness treatment. Thus, health insurance is vital for all the individuals.

The factors that lead to the increase in the cost of health insurance are listed as follows:

The technology advancement in the medical science is costly.
The major part of country U population is aging.
Demand and supply distribution of the health care facilities and services is poor.
Other factors include high administration cost, increased paper work, strict regulations and increasing frauds related to insurance.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 9, Problem 1LO

Summary Introduction

To identify: The importance of having adequate health insurance, the factors that lead to the increase in cost of health insurance.

Expert Solution & Answer

Explanation of Solution

The health insurance cover is very essential for an individual as it helps to cover all the hospital and medical bills in the advent of need. The medical treatments become quite expensive over the time period. The major illness can cause an average person to spend almost tens or hundreds thousands of dollar on its treatment. It is observed that majority of personal bankruptcies are the result of medical cost. Health insurance bears the medical bills both for the routine check up and major illness treatment. Thus, health insurance is vital for all the individuals.

The factors that lead to the increase in the cost of health insurance are listed as follows:

The technology advancement in the medical science is costly.
The major part of country U population is aging.
Demand and supply distribution of the health care facilities and services is poor.
Other factors include high administration cost, increased paper work, strict regulations and increasing frauds related to insurance.

Answer 6

Chapter 9, Problem 1LO

Summary Introduction

To identify: The importance of having adequate health insurance, the factors that lead to the increase in cost of health insurance.

Expert Solution & Answer

Explanation of Solution

The health insurance cover is very essential for an individual as it helps to cover all the hospital and medical bills in the advent of need. The medical treatments become quite expensive over the time period. The major illness can cause an average person to spend almost tens or hundreds thousands of dollar on its treatment. It is observed that majority of personal bankruptcies are the result of medical cost. Health insurance bears the medical bills both for the routine check up and major illness treatment. Thus, health insurance is vital for all the individuals.

The factors that lead to the increase in the cost of health insurance are listed as follows:

The technology advancement in the medical science is costly.
The major part of country U population is aging.
Demand and supply distribution of the health care facilities and services is poor.
Other factors include high administration cost, increased paper work, strict regulations and increasing frauds related to insurance.

Answer 7

Chapter 9, Problem 1LO

Summary Introduction

To identify: The importance of having adequate health insurance, the factors that lead to the increase in cost of health insurance.

Answer 8

Expert Solution & Answer

Explanation of Solution

The health insurance cover is very essential for an individual as it helps to cover all the hospital and medical bills in the advent of need. The medical treatments become quite expensive over the time period. The major illness can cause an average person to spend almost tens or hundreds thousands of dollar on its treatment. It is observed that majority of personal bankruptcies are the result of medical cost. Health insurance bears the medical bills both for the routine check up and major illness treatment. Thus, health insurance is vital for all the individuals.

The factors that lead to the increase in the cost of health insurance are listed as follows:

The technology advancement in the medical science is costly.
The major part of country U population is aging.
Demand and supply distribution of the health care facilities and services is poor.
Other factors include high administration cost, increased paper work, strict regulations and increasing frauds related to insurance.