Question

There is an ongoing debate about the respective merits of public and private health insurance. Why do we have insurance (of any type) in the first place? What is the underlying principle of insurance that encourages people to acquire it? How do insurers decide what to charge for it? Illustrate some of the issues insurers consider in setting their rates for auto, life, fire, travel and other insurance. Health policy analysts argue that health insurance is different from other insurance. Why is insuring health different? What is the effect of treating health in the same way as other insurance in terms of coverage, access, cost and equity? How does universal public health insurance overcome some of the problems of private insurance?

Answer 1

i) Insurance plans will support us to pay for medical extremities, hospitalisation, decline of any illnesses and treatment, and medical care needed in the future.
The financial dropping to the family due to the misfortunate death of the single earner can be covered by insurance plans.Insurance plans will support our family sustain their standard of living in the future.

ii) Insurance motivates savings by decreasing the expenses in the long run. We can avoid out of pocket payments for misfortunate events like medical illness, loss of the vehicle, accidents and more. It is also a great tax saving method that helps us to reduce our tax burden.

iii)Insurance companies use a approach called risk estimation to calculate premium rates for policyholders. Using software that calculates a prearranged algorithm, insurance underwriters meter the risk that we may file a claim against our policy.

iv) Interest rates, current economic situations, natural crisis, pandemic situations, economic downfall and economic policies are some of the issues which effect the rates of insurance

v) Health insurance differs from other types of insurance in three key ways: Health insurance covers regular costs, it covers the cost of expected things, like an annual check-up, mammograms or cholesterol tests, it covers all expenses of the person.

vi) Healthcare insurance impacts not only the cost persons must pay for care, but also their approach to care and the quality of care acquired, which can influence their overall health status. The increasing cost of healthcare has placed a rising strain on the disposable income of customers as well as on state budgets.

vii) Universal coverage for everyone in the United States and provides following benefits,comprehensive advantages, including health maintenance, preventive and all types of illnesses and health conditions.