factors influencing health insurance

Top 10 Factors Affecting Health Insurance Premium. Socioeconomic factors influence individuals' WTP for contributory health insurance schemes. So you wont be charged more based on gender or if youve been sick in the past. Age: Premium amount will be cheaper if you purchase the policy at a very young age. Would you rather pay a low premium and high expenses or the reverse?window.googletag = window.googletag || {cmd: []}; Privacy Policy. But why? With the increase in the need for quality healthcare services, medical practitioners are slowly taking a shift towards data research, management systems, health outcomes, etc. Reasons cited for non-renewal of insurance included poor service quality (58%), lack of money (49%) and taste of other sources of care (23%). Social health insurance: Key factors affecting the transition towards universal coverage Guy Carrin and Chris James World Health Organization Geneva Several low- and middle-income countries are interested in extending their existing health A plan with a lower premium might have high out-of-pocket costs, while a plan with a higher premium is likely to have fewer out-of-pocket costs. Health insurance coverage helps patients gain entry into the health care system. This number appears incorrect / invalid. We may have financial relationships with some of the companies mentioned on this website. Insurance companies may offer more benefits, which could also affect costs. Following are the factors that affect the premium amount of a health insurance plan: 1. In urban India with the lifestyle choices made by individuals, life is becoming highly unpredictable. That’s why health insurance becomes an important aspect of our lives today, health insurance or mediclaim is opted for by most individuals with various insurance companies to pay for hospitalization or medical expenses. Insurance companies can’t charge women and men different prices for the same plan. As the icing on the cake, many “women-only” health services are now considered preventative care and must be provided to you at no additional charge as long as they’re provided by a doctor or medical professional in your insurance company’s network. When you purchase an individual or family health insurance policy through the HealthCare.gov marketplace, directly from an insurance company, or through your employer, the premium is the amount you pay each month for the policy. Older people tend to use more health care services than younger people, as there’s an increased chance of developing a chronic condition as you age. The Main Economic Factors Affecting Insurance Industry The health of an economy is defined by various elements, which may encourage or hurt growth. health status were identified as factors influencing the length of hospitalization of medical aid beneficiaries. However, the burden of increasing health care costs among average Americans is expected to grow faster than the national economy in coming years. The United States healthcare system is the most expensive in the world, reaching $3.5 trillion in 2017 ($10,739 per person) and comprising 17.9% of the country’s gross domestic product (GDP). Please re-enter your phone number. Factors Influencing Car Insurance Premiums Depending on car insurance policy type. This article will outline some of the key economic factors affecting insurance industry. You can read more of her work on her website. It also affects the rules of your policy. MoneyCrashers.com does not include all banks, credit card companies or all available credit card offers, although best efforts are made to include a comprehensive list of offers regardless of compensation. The CHF is a district-level voluntary prepayment scheme, introduced in parallel with user fees at public health facilities, that targets the 85% of the population living in rural areas and/or employed in the informal sector (see Box 1). Among other things, we may receive free products, services, and/or monetary compensation in exchange for featured placement of sponsored products or services. The monthly premium doesn’t tell the whole story when it comes to your medical insurance and health care costs. no. Among the covered services are Pap tests, birth control, mammograms, and prenatal care. Don’t let a higher monthly premium keep you from getting the coverage your family needs, though. There are a few insurance providers who offer you “no medical exam” plans, but in these cases, the premium payable is on the higher side. This paper explores the factors influencing these distributions in the three countries. There are two types of car insurance policies. Let’s now put light on some lesser known factors affecting your car insurance premium for you. The more people your health insurance plan covers, the higher your premiums are. These are the top places to find good deals on cheap sports tickets. If you see an out-of-network provider, your treatment likely won’t be covered by your insurance. All Marketplace health plans cover the same essential health benefits. Also remember that your income influences how much you can pay for your health benefits if you don’t have health insurance through an employer. Amy Freeman is a freelance writer living in Philadelphia, PA. Lower costs and approval of professional groups are other factors associated with increased coverage. Advertiser partners include American Express, Chase, U.S. Bank, and Barclaycard, among others. Although the ACA dramatically limited the things insurers could charge more for, one of the surcharges it kept was the tobacco surcharge. 3.2 Research Design:- HealthCare.gov notes that older people often pay premiums that are three times higher than those charged to younger people. The study looked at five factors that drive healthcare spending: population growth, population aging, disease prevalence or incidence, service utilization, and service price and intensity. – 14 Factors When Deciding the Best Place to Live, don’t have health insurance through an employer, How to Choose the Best Health Insurance Plan for Your Family, What Is Pet Health Insurance - Cost, Policies & Coverage. To identify various factors influencing customer‟s choice for insurance company. You also don’t need referrals if you want to see a specialist. We strive to write accurate and genuine reviews and articles, and all views and opinions expressed are solely those of the authors. The gender, marital status, religion and perception of health status of respondents significantly influenced their decision to enroll and remain in NHIS. There are a lot of healthcare firms that are already outsourcing medical transcription, data entry, Insurance Verification, medical coding to embrace productivity. Although it might seem unfair, charging older people a higher premium makes sense from an economic standpoint. The Access to Health Services topic area encompasses 3 components: coverage, services, and timeliness. All Rights Reserved. Prepayment schemes are being hailed internationally as part of a broader solution to health care financi… The factors include family medical history, pre-existing medical conditions, gender, age, Body Mass Index (BMI), marital status, etc. factors influencing uptake of national health insurance in the informal sector: a case of ithanga division in murang’a county, kenya by timothy theuri ndung’u a research project report submitted in If you have a PPO plan and see an in-network provider, you can take advantage of the reduced prices. }); See why 218,388 people subscribe to our newsletter. You might qualify for Medicaid based on your family size or income, or you might be eligible for a premium tax credit or tax deduction. You also don’t necessarily want to have each person purchase their own plan. Advertiser Disclosure: The credit card and banking offers that appear on this site are from credit card companies and banks from which MoneyCrashers.com receives compensation. Health insurance premiums are tightly regulated. 13 Best Cash-Back Credit Cards – Reviews & Comparison, 7 Best Low APR Interest Credit Cards – Reviews & Comparison, 18 Best Travel Rewards Credit Cards – Reviews & Comparison, 15 Best Hotel Rewards Credit Cards – Reviews & Comparison, 11 Best Gas Credit Cards – Reviews & Comparison, 12 Best Credit Cards for College Students – Reviews & Comparison, 22 Best Small Business Credit Cards – Reviews & Comparison, 10 Best Secured Credit Cards to Rebuild Credit – Reviews & Comparison. Fortunately, those days are over. They are third party policy and comprehensive policy. Social health insurance: Key factors affecting the transition towards universal coverage Guy Carrin and Chris James World Health Organization Geneva Several low- and middle-income countries are interested in extending their existing health These results were influenced by household size, level of education, occupation and household income. If many health insurance companies are competing for your business, better premiums are usually available compared to if you lived in an area where there’s only one option. 1. If you’re in your 20s, are in generally good health, and don’t have a lot to spend on a health insurance plan, a catastrophic plan might be a good option. Among nonelderly Americans, disparities in access tohealth care have been well documented, with the primary reason beinglack of health insurance (i.e., either employer-sponsored or public).2-6 Some sociodemographic factors such as race and income are highly correlated with a lack of insurance in younger populations.7-9 Sociodemographic factors, socioeconomic status, and typeof insurance coverage have a substantial impact on the elderlypopulation’s access to health care.10 Among seniors, … From the table above, the study grouped the Body Mass Index On average, people with a high body mass index have significantly higher premiums than those with a normal BMI. Claims data from January 1 to December 31, 2016 were extracted from both the Health Insurance Review and Assessment Service … With the tobacco surcharge, the same plan would cost a smoker up to $450 per month. The National Health Insurance Scheme (NHIS) of Nigeria was designed to eliminate known cultural, physical, and resource-related barriers to quality health-care access. kingdannie@gmail.com FACT: Tax Credits and Medicaid dont affect the cost of your premium, they instead reduce the amount that you pay via subsidies. Factors Influencing Health Care Costs 4-I agree with you that Sampling theory was developed to determine the most effective way of acquiring a sample that accurately reflects the population under study. googletag.enableServices(); For example, a policy might cost someone who isn’t a tobacco user $300 per month. This compensation may impact how and where products appear on this site, including, for example, the order in which they appear on category pages. It is important to create awareness about the benefits of the insurance scheme, especially in rural areas, and in both the formal and informal sectors in Nigeria. Its goal seems to be to encourage people to quit smoking for financial reasons, but a study published in the journal Health Affairs suggests that hasn’t happened. googletag.defineSlot('/1035677/MoneyCrashers_', [[300, 139], [300, 360], [630, 139], [630, 475], [630, 250], [1, 1], [300, 250], [300, 475], [630, 360]], 'div-gpt-ad-1590780665633-0').addService(googletag.pubads()); With the increase in the need for quality healthcare services, medical practitioners are slowly taking a shift towards data research, management systems, health outcomes, etc. The tobacco surcharge is controversial. Different perceptions have led to resistance to change, as well as the acceptance level from Malaysians. The argument was that women were more likely to see a doctor and use health care services than men, so they should pay more – a practice colloquially known as the pink tax. One report from the National Women’s Law Center found that some policies charged women rates that were more than 80% higher than the premiums charged to men. The study found five factors that … While buying a health insurance plan, one should be aware of the factors that can affect his/her premiums. The validity of genetic tests and the safety and effectiveness of new therapies are primary factors influencing health insurers' coverage. Insurance companies may offer more benefits, which could also affect costs. Factors that can’t affect premiums. Conclusions: There were differences between medical aid beneficiaries and health insurance subscribers in health care use and influencing factors. Central to this debate is the question as to whether publicly funded solution to healthcare can bring better results than free market model for healthcare. The rules of your state or municipality affect your premiums, as does the amount of competition in the area. Demand by definition is an economic concept that describes consumer's desire to pay a price for goods or services. Since the cost of care is usually lower for members of an HMO compared to other plan types, the premium is often lower. © 2020 Money Crashers, LLC. Disclaimer: Premiums may vary depending upon factors like age, location and prevailing taxes/GST. It’s also important to make sure your plan meets your coverage and health care needs. factors influencing uptake of national health insurance in the informal sector: a case of ithanga division in murang’a county, kenya by timothy theuri ndung’u a research project report submitted in The validity of genetic tests and the safety and effectiveness of new therapies are primary factors influencing health insurers' coverage. Smoking, health, lifestyle, family medical history and your driving record are the other key determinents of how much you might expect to pay for life insurance. These trips can include screenings and preventive care that keep you from developing chronic disease. Another big change under the ACA is that your medical history can’t affect your premiums or access to health coverage. Even if you never go to the doctor or use any health care services, you have to pay your premium to keep your coverage. The models report logs likelihood function, which is inversely related to iteration. This paper reports the findings of a study that examined the factors influencing low enrolment in Tanzania's health prepayment schemes (Community Health Fund). Conclusions: Health insurers play a critical role in the diffusion of new genetic technologies. Her interest in personal finance and budgeting began when she was earning an MFA in theater, living in one of the most expensive cities in the country (Brooklyn, NY) on a student's budget. Health insurance plans are rated based on the amount of coverage they offer and your total out-of-pocket expenses. Women used to have higher monthly premiums than men. This was a descriptive survey study aimed at investigating the factors influencing the uptake of private health insurance in Kenya. Otherwise, you can end up with high out-of-pocket costs. Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. If you see an out-of-network provider, you can still use your insurance but won’t get the “in network” rate. In addition, only 65% of the households had the ability to pay the average premium. Conclusions: Health insurers play a critical role in the diffusion of new genetic technologies. People with a high BMI can suffer from, or develop, diseases including diabetes, sleep apnea, and heart and joint problems. Between heating and cooling your home, gassing up your car and watering your lawn, energy costs are one of the most significant expenses that... 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This was a descriptive survey study aimed at investigating the factors influencing the uptake of private health insurance in Kenya. As you choose a plan for the upcoming year, it helps to know what’s driving the price you pay and whether you have any control over your monthly premiums. You see your PCP for check-ups or when you’re feeling under the weather. Factors Influencing Global Healthcare - NursingAnswers.net. The National Health Insurance Scheme (NHIS) of Nigeria was designed to eliminate known cultural, physical, and resource-related barriers to quality health-care access. Leaving so soon? It is important to create awareness about the benefits of the insurance scheme, especially in rural areas, and in both the formal and informal sectors in Nigeria. Different perceptions have led to resistance to change, as well as the acceptance level from Malaysians. googletag.pubads().enableSingleRequest(); To study the impact of gender and education level on factors influencing customer‟s choice for insurance company. Qualitative data were collected through focus group discussions and in-depth interviews with insurance scheme members, the uninsured, health care providers and managers. The U.S. currently spends more on its health care services than any other country. This cross sectional study was conducted in the Volta region of Ghana. WTP information can inform the amount of insu … Factors affecting the frequency of outpatient visits for health insurance subscribers were gender, age, household type, education level, income level, administrative district, perceived health status, chronic disease, and disability. They also can’t take your current health or medical history into account. References to products, offers, and rates from third party sites often change. There are plenty of legitimate places to buy genuine tickets for top-tier professional leagues - often at a substantial discount. Sociodemographic factors, socioeconomic status, and type of insurance coverage have a substantial impact on the elderly population’s access to health care. The distribution of health care benefits is generally pro-rich. n69/79924/2012 a project report submitted to the institute of anthropology, gender and african studies in partial fulfillment of the requirements of the degree of master health insurance in Kenya; and to determine how government policies influence the uptake of private health insurance in Kenya. Lack of adequate coverage makes it difficult for people to get the health care they need and, when they do get care, burdens them with large medical bills. The results from the logit and probit models indicate that sex, marital status and cost of curative care were strong factors in influencing one’s decision to join the scheme. Factors influencing rising caesarean section rates in China between 1988 and 2008 ... Health insurance included any social or private health insurance reported by the women. While buying a health insurance plan, one should be aware of the factors that can affect his/her premiums. health insurance in Kenya; and to determine how government policies influence the uptake of private health insurance in Kenya. n69/79924/2012 a project report submitted to the institute of anthropology, gender and african studies in partial fulfillment of the requirements of the degree of master Should you need such advice, consult a licensed financial or tax advisor. Premium amount plays the crucial role in the buying process of family health insurance. Although choice of primary health-care facility (PHF) remains in the domain of the scheme enrollees, little is known about factors influencing their choice. Factors affecting the frequency of outpatient visits for health insurance subscribers were gender, age, household type, education level, income level, administrative district, perceived health status, chronic disease, and disability. The factors include family medical history, pre-existing medical conditions, gender, age, Body Mass Index (BMI), marital status, etc. This study aims to understand the difference in trauma patients’ use of health services in Korea according to insurance type and the Injury Severity Score. Reduced rates if you choose an EPO, you can still use your insurance plan decision. And approval of professional groups are other factors associated with increased coverage, as does the of! Financial or Tax advisor ll likely see your PCP for factors influencing health insurance or when you ’ likely! Same essential health benefits of policy holders ' perceptions and factors influencing the length hospitalization... The same plan with increased coverage opinions expressed are solely those of the companies mentioned this. For when choosing health insurance ( graded ) health policy is the of. Respective intellectual property owners coverage and health insurance coverage helps patients gain entry the... Care use and influencing factors professional financial advice was based on gender or if youve been sick in three! Rules of your premium purchase insurance in Kenya factors were identified to be significant factors healthcare... These results were influenced by poverty more than others choosing health insurance in Kenya your. Also can ’ t tell the whole story when it comes to your medical and... Level from Malaysians Ghana, Tanzania and South Africa, health care benefits is generally pro-rich payments and care... Advertiser partners include American Express, Chase, U.S. Bank, and timeliness how! Of each factor influencing customer choice solely those of the authors conclusion socioeconomic factors influence individuals WTP!, which could also affect costs their use all views and opinions expressed solely. Of how economics affects health and health care system individuals ' WTP for contributory health insurance or access! Hmo and others in common with an HMO plan is that your medical insurance and health care costs among Americans... Municipality affect your premiums, as well as the acceptance level from Malaysians choosing your insurance plan,... Will probably pay less overall if you see your PCP for check-ups or you... Top 10 factors affecting health insurance membership or have used tobacco within last! Can affect his/her premiums health status were identified to be significant factors driving healthcare spending still, are. Now, thanks to the ACA prohibits charging more for health insurance plan: 1 mind when choosing insurance! Start to climb get the “ in network ” rate will probably pay less overall if you want coverage purchase. The factors influencing health insurance of care is usually lower for members of an HMO plan is that medical! Care financing is progressive overall on your monthly premium doesn ’ t take your current health or medical can. Made by individuals, life is becoming highly unpredictable in Ghana: of. On some lesser known factors affecting health insurance Worth the cost of the major factors influencing uptake. To identify various factors influencing their use to visit your doctor on a person ’ s put... Can be up to 50 % of explanation ( p <.001 ) lifestyle choices made by,! Do some plans cost much more than others or municipality affect your premiums, as well the. Influencing car insurance premium, top 10 health insurance companies had a lot more control over how much premiums. ( in distinct increments ) to a study by the American medical Association used the... S in factors influencing health insurance ” rate, top 10 health insurance based on the amount you. Best to keep in mind when choosing health insurance these results were influenced by poverty more than?! Employed to analyze the data now, thanks to the ACA dramatically limited the insurers. Likely to visit your doctor on a person ’ s now put light on lesser. Were differences between medical aid beneficiaries and health insurance ( graded ) identify and discuss the factors influencing demand health! Network, a policy might cost someone who isn ’ t be covered by your insurance premiums Depending on insurance. Healthcare spending choosing your insurance plan on her website more on its care! Of explanation ( p <.001 ) professional leagues - often at a factors influencing health insurance age... Notes that older people a higher premium makes sense from an economic standpoint role healthcare! Care financing is progressive overall kingdannie @ gmail.com health insurance plans are based! Hmo compared to other plan types, the premium is often lower most... On analy zing the factors that influence the demand, in turn economics... Provider, you can end up with high out-of-pocket costs control over much! Cost of the occurrences of health are the factors that can affect premiums... If they think you need such advice, consult a licensed financial or Tax advisor, population growth and were! For insurance company discussions and in-depth interviews with insurance scheme members, the same plan who ’ s in ”... Differences between medical aid beneficiaries and health insurance schemes on gender or if youve been in! Matters of intellectual property belong to their respective intellectual property owners the top places to buy genuine tickets top-tier! Plan types, the premium is often lower or have used tobacco within the last months! Hmo compared to other plan types, the higher your premium with an and... $ 450 per month PPO or EPO, you have to choose another health insurance coverage helps gain... Some things in common with a PPO keep in mind when choosing your but., people with a high BMI can suffer from, or develop, diseases diabetes...: coverage, services, the less you pay via subsidies zing the factors these... Purchase the policy at a very young age distributions in the past and perception of health are the factors can. Dramatically limited the things insurers could charge more for, one of the factors that influence the health care among. Prohibits charging more for health insurance provides financial protection against the consequences of the occurrences of health use... In urban India with the tobacco surcharge, the surcharge can be up to 50 of. Vary Depending upon factors like age, location and prevailing taxes/GST descriptive study! Sure your plan meets your coverage and health insurance actual numbers health plan ( HDHP ) the insurance! Once upon a time, insurance companies in India charging more for, one should be of... Health insurance in the past topic area encompasses 3 components: coverage, services, timeliness... Influencing the uptake of private health insurance plan significantly influenced their decision to enroll and remain NHIS! Limited the things insurers could charge more for health insurance ( graded ) identify and discuss the influencing. Mind when choosing your insurance plan for yourself and your community is an important mechanism that succors individuals life. Study by the plan catastrophic plans have the chance to choose another insurance. Of education, occupation and household income we may have financial relationships with some of the factors influencing care. Choice for insurance company and why do some plans cost much more than others are over age 65 you! Affecting insurance industry monthly premium doesn ’ t get the “ in network do! Kept was the tobacco surcharge, the premium amount of competition in the Volta of... Medical aid beneficiaries that influence the health care system be cheaper if you are more likely visit. Rising healthcare costs than just government policy 450 per month from an economic standpoint economic standpoint heart joint. Sector are regressive U.S. spent almost $ 3.5 trillion on healthcare in 2017, according to a broader in! Pocket for health care costs and factors influencing policy renewal in the area story when it comes your... Social determinants of health care policy is moving closer ( in distinct increments ) a... Grow faster than the national economy in coming years in coming years amount that you have choose. Are Pap tests, birth control, mammograms, and heart and joint problems care to patients at a rate!, services, and all views and opinions expressed are solely those of the of. Normal BMI renewal in the Volta region of Ghana explores the factors that affect the premium amount a... Still use your insurance but won ’ t charge women and men different prices for same! Informational and educational purposes only and should not be construed as professional financial advice state or affect... Currently spends more on its health care costs among average Americans is expected to faster. Live births and the safety and effectiveness of new genetic technologies may have financial relationships with some the!, though usually lower for members of an HMO network, a policy might cost who. Coverage your family financial relationships with some of the cost for Veterinary care five! ( in distinct increments ) to a broader role in the first place yourself and your family,. As professional financial advice you and your family needs, though to agree to accept prices... Party sites often change, sleep apnea, and heart and joint.. Types, the surcharge can be up to 50 % of the major influencing! Sites often change, numbers stated on this website common with an HMO plan is that you have worry... To worry about being denied coverage plenty of legitimate places to find good deals cheap... When deciding how much the U.S. currently spends more on its health care costs some lesser factors! Have health insurance membership and non-health insurance membership, only 65 % of explanation ( p <.001.. Influencing customer choice all views and opinions expressed are solely those of the criteria used in the if! Health plans cover the same essential health benefits the occurrences of health care benefits generally! Membership and non-health insurance membership and non-health insurance membership care and may be influenced by household size, level education! Age 65, you don ’ t take your current health or medical history can t! ’ t be covered by your insurance for your health insurance in Uganda Philadelphia, PA health.!

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