There are also instances of emergency direct admits and payment can not be

There are also instances of emergency direct admits

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for services and may ask for payment if deductibles have not been met. There are also instances of emergency direct admits and payment can not be discussed at the time so a representative may have to collect deductibles at bedside. Patients will decrease the amount of visits to avoid paying out of pocket and having to file claims with their insurance.
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Running head: INCOME, RISK, AND CONSUMER DEMAND FOR HEALTHCARE 4 5. Describe the benefits to society from purchasing insurance. Describe the costs. Define and discuss the welfare gains from changes in insurance coverage. The benefits to society from purchasing insurance is the avoidance of paying self-pay rates for healthcare services. Insurance companies have a contractual rate with different facilities which makes the health care service less expensive after the contractual rate has been applied. The cost of of insurance include the premium, which is the amount you pay to receive healthcare. The premium may be taken from your paycheck weekly or bi-weekly. The deductible is the amount an insured has to pay before the insurance pays. The deductible is normally determined by the plan chosen. If the premium is low, the deductible is usually high and vice versa. The co- insurance is the shared amount the insured pays toward a claim in percentage. For example, if a claim is $1000, the insurance will pay $800 or 80% and the patient will pay $200 or 20%. The out of-pocket maximum is the amount the insured will pay out of pocket in a calendar year or benefit period. Once the out-of-pocket maximum has been met, the insurance will pay at 100%.
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  • Fall '15
  • omar
  • consumer demand

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