Wednesday, May 6, 2020

Definition of Health Insurance - 887 Words

Definition Health insurance is insurance against the risk of incurring health care related expenses. It indemnifies the insured for the related financial loss. It is important to note that health insurance is a form of short term insurance. Disability, critical illness and long-term care insurance are all subclasses of health insurance. When an individual buys health insurance, he/she enters into a contract (policy) with the insurance company so that for a monthly premium, the insurance company will provide cover for medical expenses incurred. The level of cover and the health care providers allowed will range between different products. Coverage will include visits to doctors or hospitals, prescriptions, cost of medical examinations or†¦show more content†¦(Obringer Jeffries, 2006) There are many different types of health insurance, the main forms include: †¢ Health Maintenance Organizations (HMOs) and Exclusive Provider Organizations: Where you choose a primary care physician. You are then cover for care received from specifies hospitals and doctors, all other care providers are not covered. †¢ Preferred Provider Organizations (PPOs): You pay higher fees for care received from a preferred provider list and higher fees for all hospitals and doctors visited that are not on the list. †¢ Point-of-Service plans (POS): Combination of HMO and PPO. †¢ High Deductible Health Plan (HDHP): A cheap form of health insurance with higher deductibles. †¢ Catastrophic Health Insurance Plan: Provides cover in the event of an accident or serious illness. (HealthCare.gov, 2014) Other health care related products that aren’t indemnifying include: †¢ Hospital Cash cover: Provides a cash lump sum per day that you are in hospital. Can also provide some cover from loss of income. †¢ Medical Gap Cover: insures you against the event that there is a shortfall between the cover your medical scheme provides and the actual payment required. The two main risks that all standard health insurance products provide cover for are: †¢ Pharmaceutical expenses, doctor visits and tests: High frequency and low cost. †¢ Hospitalization: Low frequency and high cost. (Rosner, Leppert,Show MoreRelatedHealth Care At The United States1742 Words   |  7 PagesProblem or Opportunity Health care in the United States has had a steady rise in terms of the cost of running the service and receiving the service. Due to the heightened costs of running the health care sector, the pinch has been transferred to the consumer. In this case, the health care service seekers are the consumers. Among the significantly affected consumer group is the low income-earning individuals. These individuals already struggle with welfare costs and an increase in health care costs seemsRead MoreFuture Consideration For Employer Based Health Insurance1628 Words   |  7 PagesConsideration for Employer-Based Health Insurance Speculation about the future of employer-based health coverage began in earnest with the passage of the Affordable Care Act (ACA), also known as Obamacare. Critics of the federal subsidy, designed to provide working, uninsured Americans with the to purchase â€Å"affordable† health insurance believe this may have presented employers with the unprecedented opportunity to cancel group plans and refer employees to health exchanges, while proponents of theRead MoreHealthcare Information Systems1063 Words   |  5 PagesPost Week 1 Health Care Information Systems Terms HCS/483 Healthcare Information Systems - Week 1 Name: Guidelines: Please use this form to submit your assignment and NOT the one on the UOPX website. Define the following terms. Your definitions must be in your own words; do not copy them from the textbook. After you have defined each term in your own words, describe in at least 50 words the health care setting in which each term would be applied. Utilize a minimum of two researchRead MoreThe Impact Of The Patient Protection And Affordable Care Act On Americans And Its True Intentions Through Communism1616 Words   |  7 PagesThe Impact of the Patient Protection and Affordable Care Act on Americans and its True Intentions through Communism Amanda N. McFarlane CUNY School of Professionals HCA 602: The Politics of Health Abstract In this essay, through supporting articles and video clips we will analyze the truth behind the Patient Protection and Affordable Care Act also known as the Obamacare, and its social justice issues and arguments. We will find those supporters and opponents of the PPACA on whether it is a beneficialRead MoreInsurance Policies And The Insurance Policy1209 Words   |  5 Pagesinsured, the address, the duration of the insurance policy, the location, the scope of the policy, and other key information from the insured to the insured. Definitions: In determining the scope of coverage, the insurance policy depends on a very specific and very clear meaning of the terms and phrases. Since these terms and phrases are often repeated many times in an insurance policy, a single definition of a term or phrase is included in the definition of the policy, rather than when the termRead MoreWhat Is The Health Insurance Portability And Accountability Act860 Words   |  4 PagesHealth Insurance Portability and Accountability Act HIPAA is the acronym for the Health Insurance Portability and Accountability Act that was passed by Congress in 1996, Federal law that restricts access to individuals private medical information: The Health Insurance Portability and Accountability Act of 1996 was enacted by the United States Congress and signed by President Bill Clinton in 1996. . HIPAA does the following: Provides the ability to transfer and continue health insurance coverageRead MoreEssay on ObamaCare and How It Greatly Affects Our Health Care System1644 Words   |  7 PagesGreatly Effects Our Health Care System Final Research Paper: ObamaCare and How It Greatly Effects Our Health Care System As the years go on, everything around us is constantly changing and becoming more advanced. The recent election of our president has and will force us to see some very big changes in the next few months. ObamaCare also known as the Affordable Care Act was set in place by President Obama in order to reduce health care costs and give affordable health insurance to Americans. IRead MoreThe Affordable Care Act ( Aca )1440 Words   |  6 Pagesbe moving further away from humanity-based health care and more towards the patient as a commodity. This was not the way my father practiced—nor will I.† This quote, from a surgeon in Michigan, was only one of many quotes gathered by The Doctors Company, which is the largest insurer of physician and surgeon medical liability in the nation, when they asked over 5,100 doctors about their thoughts on different aspects of Health Care Reform. American health care reform is something that was nearly seventy-fiveRead MoreThe Affordable Car e Act Is The Us Healthcare Reform Law1389 Words   |  6 Pagesthe US healthcare reform law. The law makes healthcare and health insurance more affordable and move available to more Americans the official name is the Patient Protection and Affordable Care Act of 210, but is mostly referred to as Obamacare. This law was signed on March 23, 2010. Originally the ACA was enacted to increase the quality and affordable of health insurance, lower the uninsured rate by expanding public and private insurance coverage, and reduce the costs of healthcare for individualsRead MoreThe Affordable Care Act Is The Us Healthcare Reform Law1393 Words   |  6 Pageshealthcare reform law. The law makes health care and health insurance more affordable and move available to more Americans the official name is the Patient Protection and Affordable Care Act of 210, but is mostly referred to as Obamacare. This law was signed on March 23, 2010. Originally the ACA was enacted to increase the quality and aff ordable of health insurance, lower the uninsured rate by expanding public and private insurance coverage, and reduce the costs of health care for individuals. There have

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.