15 Health Insurance

15 Health Insurance - Prentice-Hall, Inc. Why insurance?...

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Prentice-Hall, Inc. 1 Chapter 9 The Role of Life and Health Insurance Why insurance? • Risk: an uncertainty with respect to economic loss. – Risk avoidance Loss prevention – Loss prevention – Risk assumption – Insurance (shared risk) Health Insurance •$2,400,000,000,000 –USA spent on health care ___________ Average Annual Health Premium Source: Hewit Associates 5000 6000 7000 8000 0 1000 2000 3000 4000 2002 2003 2004 per worker In 2009……. . • Annual premium (what you pay to have health insurance coverage) was $ _______________ Per month? • $_______________ • Can you afford to have health insurance? – Rent/mortgage – Bills – Other insurance • Can you afford NOT to?
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Prentice-Hall, Inc. 2 And yet……… •__________________ –Uninsured Americans (including children) A look at the numbers… UNEMPLOYED IN U.S. • _____________ MILLION (end of 2009) • So what? What does this have to do with insurance lecture? Did you know… • Hospitals frequently charge higher prices for services for those who have no insurance. • Why? An Answer… • ______________________! • Hospitals typically receive less than their billing price because insurers and government programs “negotiate” discounts on behalf of the patient. • The uninsured have no such negotiators. • http://www.google.com Financial disaster • Unpaid medical bills account for ________________________ of bankruptcies filed in a recent study (Warren Sullivan) (Warren, Sullivan). – 500,000 Americans filed bankruptcy for medical reasons • Elderly • Single mothers • Middle class
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Prentice-Hall, Inc. 3 Major Types of Health Care Coverage • Basic health insurance • Major medical expense insurance • Dental and eye insurance Dread disease and accident insurance • Dread disease and accident insurance
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This note was uploaded on 06/06/2011 for the course HACE 3200 taught by Professor B during the Spring '09 term at UGA.

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15 Health Insurance - Prentice-Hall, Inc. Why insurance?...

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