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Health Insurance Plans Essay

778 words - 4 pages

Health Insurance Plans

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Insurance is important to everyone in the country. Health insurance covers the certain amount of money to the insured person upon a certain event such as hospitalization and surgery. Commonly health insurance premium buying choices cover a simple resolution in purchasing the private health insurance. The premium is the amount that needs to be satisfied by either the households or the authority to become underwrite. While of career the payment should be affordable, there are many other trials that exigency be respected while makeup one's mind the premium. For employees with higher incomes, there was no relationship between risks and the probability of being ...view middle of the document...

The type of policy is hospitalization, surgical insurance, critical illness insurance and hospital income insurance. According to (Yiing and Yi, 2012) self-employed respondents are found to acquire more life insurance policies than a professional or white collar employee. Perhaps this is because a professional or a white collar employee may be hooded by his/her organization's group insurance while a self-employed respondent does not enjoy such protection advantages. Therefore, self-employed respondents may need to buy more life insurance policies to alleviate any unforeseen circumstances. The superiority on health insurance policies regularly cover general hospital and professional fees, plus a daily cash allowance for as extend as the employees is warded. The expenses of contributing insurance rely on the identity of the employees. For example year of health insurance policy for 25 years old costs more to purchaser than for middle aged man of 50 stated by (Zeckhauser, 2002). Research by (Mossin, 1968), in an insurance market with complete information, exposure averse employees chooser policies that offer full coverage when insurance is valued actuarially impartial and most insurance policies do not offer full coverage. Research, stated by (Arrow, 1971) found that if the insurance premium relies only on the policy’s actuarial value, then employees prefer the policies that give full coverage above a...

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