Question

1) Define each of the insurance terms

2) Which are the 4 four parts of Medicare? Explain each with 2-3 sentences.

3) What is Medicaid? Who is eligible?

4) State the three characteristics to each of the following health care systems: US, UK, and Canada.

Answer 1

1)ans) Insurance terms:

a) annuity plans: This plans offer a pension to be paid to the policy holder or his spouse. In case of death of both during the policy period , a lump of sum amount is offered to the next kin.

B)Death of benefit: It is the amount of benefit on a life insurance policy or pension that will be paid to the beneficiary in the event of the death of the insured person.

C) fiduciary: The term refers to a person who holds something intrust for someone else.

D) lapsed policy: It is a policy which is expired and is no longer in force due to nonpayment of the premium due.

2)ans) four parts of medicare: Part A ,part B, part C ,part D. PartA and part B are called original medicare. PartC -medicare called medicare advantages plans. PartD -medicare called as prescription drug coverage.

Explanation part A :( it is hospital coverage) It is managed by Medicare and provides Medicare benefits and coverage for inpatient hospital care, hospice and home Health Services.

Part B:( medical coverage). Doctor and clinical lab service home Healthcare ,screening, surgical fees , physical and occupational therapy.

Part C: (both A &B) Health maintenance organisation, preferred provider organisation ,special needs plans.

PartD:(participation drug coverage). Help covers the cost of prescription drugs may help your prescription drug cost and protect against cost in the future.

3)ans) Medicaid: Medical is a program created by the federal government, but administered by the state ,to provide payment for medical services for low income citizens, those with physical or mental disabilities and seniors, pregnant women, families, children.

4)ans) health care system in US:1) High on cost. 2) unequal access and average in outcomes.3) Little integration and coordination.4) Imperfect market conditions.

healthcare system in Uk: 1) Healthcare is provided and financed by the government.2) There is no medical bills.3) Medical treatment is a public services.

healthcare system in Canada:

1)Universality (all citizens are covered).2)Portability (among all provinces and territories).3)Public administration (publicly funded insurance).