Insurance Options in America

Topics: Health insurance, Health care, Health economics Pages: 7 (2491 words) Published: June 14, 2013
Insurance Options in America

Insurance Options in America

1. What is the definition of health insurance
2. What is public health insurance
3. What is private health insurance
4. 2010 Healthcare Reform Bill
5. Conclusion

[ ]Abstract
Health insurance is not the first thing on the minds of seemingly healthy individuals. Many people, that are nonelderly, generally consider buying health insurance if they have a hazardous job, choose to have children, or have a chronic illness. But, is this section of American life without its drawbacks? With the rise in people being diagnosis with long term or chronic illnesses, the criminal act of defrauding the health insurance industry is becoming more and more commonplace. This paper will explore some of the history behind health insurance, the difference between public and private health insurance, and what the 2010 Health Care Reform Bill entails.

Insurance options in America
Changing Healthcare Options

What is the definition of health insurance
Individuals acquire health insurance for similar reasons they may acquire auto or homeowners insurance. Health insurance is a an agreement for the insurer to provide or reimburse medical care costs provided to the insured individual in the event of an illness or injury. [ (Obringer, 2006) ] Insurance is provided to individuals on a high risks kind of platform. An insurance company, like BCBS or The Hartford, agrees to pay certain medical costs incurred by the insured during the year of coverage. A health insurance policy tells what the insurance company and the insured will pay for medical expenses. The policy may stipulate that a co-payment be paid by the insured and the remaining bill will be picked up by the insurer. [ (Obringer, 2006) ] Or, the insurer may not cover any expenses until a certain amount that is chosen by the insured individual is met first. This is known as a deductible. [ (Obringer, 2006) ] Another type of policy coverage is known as coinsurance. Co-insurance is a policy provision under which you and the insurance company share the total cost of covered medical services after the deductible has been met set as fixed percentages. [ (Unknown) ] The United States spends more money per person on healthcare than any other country. [ (Institute, 2005) ] In 2007, the Census Bureau released the number of reported people without insurance or that were underinsured. [ (Klein, 2009) ] Nearly 46 million Americans, to include nearly 10 million that are not citizens, are uninsured. [ (Klein, 2009) ]

What is public health insurance
Health insurance has been around since the 17th century in the United States. [ (Public Health from Encyclopedia of Health Care Management, Sage, 2004) ] American colonists saw a need to control and prevent the spread of disease among the tightly pack colonies. What may be the very creation of the first public health service in the United States was founded in 1798. [ (Public Health from Encyclopedia of Health Care Management, Sage, 2004) ] The Act for the Relief of Sick and Disabled Seaman mandated a $.20 tax per month on a seaman’s wages to provide for mariners’ health care, which led to the creation of the Marine Hospital Service. [ (Public Health from Encyclopedia of Health Care Management, Sage, 2004) ] The time period surrounding the United States Civil War made the treatment and prevention of infectious disease even more apparent. [ (Public Health from Encyclopedia of Health Care Management, Sage, 2004) ] By 1869, the creation and management of state boards of health began. [ (Public Health from Encyclopedia of Health Care Management, Sage, 2004) ] And, by 1875 six states and the District of Columbia had boards of health put into place. From 1794, with the...

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