what is the role of health insurance in determining the demand for health services

Expert Solution

ANS: Health Insurance is a type of Insurance coverage that bears the medical treatment expenses on behalf of the insured person. Health Insurance protects beneficiary from high medical cost & get other benefits like- vaccines, screeing, preventive care etc. The person insured either have to pay the medical bills by his own & later on get it re-imbursed from the insurance company or the insurance company settles the bill directly to the hospital.

Role of health insurance in determining the demand for health services are -

Health Insurance helps people to pay for health care by combining the risk of high health care cost amongst the large number of people allowing them to pay the premium based on the average cost of medical care, which makes the health insurance affordable for the common people.

Moreover, In current COVID-19 pandemic has been spread world wide, so in order to assure regarding medical facilities & to overcome from financial stress, ones importantly need health Insurance to tackle from Hospitalisation cost & Medical services.

Some other important aspects of Health Insurance services are -

Brings safegaurd to the family
Overcome from high medical cost
Protects the personal savings and,
Most important, it brings PEACE OF MIND.

jeff jeffy answered 2 years ago

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