If health insurance is supposed to cover the cost of care how would you explain to...

If health insurance is supposed to cover the cost of care how would you explain to a patient that a drug costing $800 a month be covered by only $200. Do you think that’s ethical and morally right?

Expert Solution

Insurance is primarily hedging tool which helps individuals protect themselves from contingencies or uncertain loses. The very idea of insurance is to spread the financial risks among a large number of contributors and covering them against the risk for a relatively small financial contribution. This financial contribution is known as insurance premium. Insurance subscribers who do not face the financial risk lose the premium paid and benefits is received to the people facing the risks.

I don't think there is anything morally or ethically wrong in risk pooling and protecting individuals from financial risks.

Rahul Sunny answered 2 years ago

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