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Insurance - Essay Example

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Health insurance helps in easing the burden and mitigating the risk of incurring expenses in seeking medical care among individuals. Prior to 1930, individuals seeking any assistance from physicians had to depend on their own pockets in paying the expenses…
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Download file to see previous pages However, in 1930, American healthcare changed into a third party payer, which could either be private or public. The healthcare system of the United States relies immensely on the private health insurance. This comprises the principal source of coverage for most individuals in the U.S. Research depicts that around 58% of the Americans rely on private health insurance (Singh, 2009). Low income families, children and most senior citizens have the coverage of the government, which is also known as public coverage. Private insurance coverage has been at the top of fulfilling the dreams of most Americans by providing essential health coverage, which is vital for survival. In the mid 1800s, employees were insured against lost wages, which resulted from work related injuries. Insurance was developed later to cover lost wages, which resulted from catastrophic illnesses. Health insurance began in 1930s, when insurance commenced paying part or entire cost of medical services provided. The emergence of private insurance for health services such as the Blue Cross insurance was an essential issue; it helped the Americans ease the burden of paying for their medical services. In writing this assignment, I will discuss the evolution of private health insurance and its effects on costs and access to services. ...
Most individuals were willing to take the position of an injured person due to the nature of early industries. This posed an immense danger of increased injuries emanating from the unsophisticated technology of the period. Just like the work force, the need for insurance and healthcare started to develop. As the need for healthcare increased from increased injuries, there was a need for the development of formal insurance plans. This led to the development of private insurance health coverage plans. In 1930, healthcare in the United States took a significant change, which commenced the intervention of a third party payer (Taylor, 2004). Blue Cross & Blue Shield health organization was initiated as the first private insurance company in 1930. The company was located at the Baylor University Medical Center. The company commenced selling medical insurance to the community around its environs and later spread out to the entire nation. Effects on Costs and Access to Services Evolution of the private health insurance led to various firms and large companies venturing into the business. This made access to health services more affordable to the high and middle income groups. These two groups could access medical care without spending a lot for the service. The private insurance companies ensured that those individuals who were healthy could access health services at a lower fee than those with sickness; however, the premiums paid by the individuals remained the same for both parties. This helped the insurance companies to redistribute the costs effectively. Although the middle and upper class individuals could access health services at a reasonably lower cost than before, ...Download file to see next pagesRead More
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