In: Nursing
Benifits of purchasing Insurance:
? Insurance is important for both human life and nusiness
environment.For the society it provides lot of benifits..
- It provides employment opportunity
? - Insurance provides income sources for
housewives,retired people and students can work as a agent and earn
money.
? - Insurance provides security to insured for life
and to his dependents..
? - It provides a sense of security
- Insurance is an important risk of protection device
for society.
-Insurance companies provides funds for
infrastructure development.
-Most health insurance covers cost for
pre and post hospitalization.
Cost of health insurance:
? -In the USA the average health insurance cost
440dollar/month for individual 1,100 dollar for families,or 5,280
dollar and 13,200 dollar/year
? -Annual premiums reaches 18,764 dollar for 2017,up to 3% from
2015 for an average family coverage with worker on average paying
5,714dollar towards the cost of their coverage..
? -Those brought insurance on 2017,the average increase befor
subsidies for 25%.
2018 health insurance premiums:
- Average prices listed may not reveal
lower costs or higher cost,so each individual must have a closer
look at plans..
? -The federal HHS-sponsored website will provide the
list of price information
? - Subsidies for annual income upto 400% of federal
poverty calculated by those who enter their confidential financial
information average cost of health insurance..
Average cost of health insurance:
? -Platinum plans offer the greatest amount coverage expected to
cover 90% of all costs.
? -According to the US department of health and human
services,the average monthly health insurance cost around
328dollars.This data is based on silver health plan it does not
include any subsidies..
?Welfare Gain:
The economic welfare that is gained as as result of
increasing or decreasing the production and consumption of goods or
resources..
? - The individual's optimal insurance policy
therefore involves some degree of risk sharing or
'coinsurance'.
- Welfare of health insurance tax exclusion as coming
directly from excessive health insurance rather than from
overconsumption of medical care that we account for the labor
market effect of the tax exclusion on welfare..
- The welfare gain is about 21% of current
health insurance tax expenditures..
? -Government tax expenditures would fall by
38%.
? - Health insurance spending would fall by 77% after the
reform..
? - The moral hazard is generated by insurance income effects is
efficient and welfare increasing.
? -Welfare gain from moral hazard was incorrectly deemed to
generated welfare losses,and the value of health insurance
increased more.This helps for price-payoff insurance and cost
containment policies and strong justification for government in
health insurance market..