discuss key factors that were instrumental in the growth of voluntary health insurance

Expert Solution

There are many factors that have contributed to the growth of voluntary health insurance. The first key factor is the inability of the employer sponsored or government based health insurance to provide adequate cover and benefits to the people who need special care and protection. It is the reason that people go for the voluntary health insurance programs. The second factor is the improving socioeconomic status of the people in the country. With improvement in socioeconomic condition, people want more coverage and specific benefits that can only come through the voluntary insurance programs. The third factor is the increase in the age, family size and awareness towards the health that makes people to cover themselves more than what is being offered by their employers or other mandatory insurance plans. The fourth factor is the increased case of lifestyle diseases and chronic illness that drive people to go for voluntary insurance plans.

keosha answered 1 year ago

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