ECONOMICS
INSURANCE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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It reduces the cost of health insurance premiums.
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It prevents the providers from delivering expensive services without approval.
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It limits the insureds’ out-of-pocket costs.
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It controls the utilization of health care.
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Detailed explanation-1: -Plans with lower cost-sharing (ie, lower deductibles, copayments, and total out-of-pocket costs when you need medical care) tend to have higher premiums, whereas plans with higher cost-sharing tend to have lower premiums. Cost-sharing reduces premiums (because it saves your health insurance company money) in two ways.
Detailed explanation-2: -Helps economy The majority of our population is economically weak, so free healthcare must be provided. Not only do they deserve healthcare regardless of economic status, they also help the economy if they are healthy and able to work. A country with free healthcare can become a developed nation.
Detailed explanation-3: -What is the best practice for collection of a patient’s cost sharing amount? Best practice is to collect the cost sharing amount prior to service delivery-for example, during registration.
Detailed explanation-4: -A Group Health Insurance policy, covers a group of people related to one another by at least one common factor. For example, employees of the same company or family members related by blood. It offers coverage to more than one person.
Detailed explanation-5: -To calculate an out-of-pocket cost, add together the deductible cost and the coinsurance amount.