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A risk group can be defined as a group that shares roughly the same risks of an adverse event occurring. Insurance companies often classify people into risk groups, and charge lower premiums to those with lower risks. How does this practice effect the market for healthcare? Select the correct answer below: If people are not separated into risk groups, then those with low-risk must pay for those with high risks. When people are classified into risk groups each pays according to their risk. O When risk group are used to establish the cost of health care those with high risk cannot afford the cost of care. All of the above.

8. What is the difference between a copay and coinsurance? a. Copay is typically a percentage of the health care service, coinsurance is a flat fee b. Copay is typically a flat fee, coinsurance is a percentage of the health care service c. Copay is paid by the individual when receiving a health care service, coinsurance is paid by the insurance company

You would have a better chance of insurance coverage for medical services not provided by the network with a preferred provider organization (PPO) than with a health maintenance organization (HMO) plan.   Group of answer choices a. True b. False

The risk of patients not paying their account balances resulting in bad debt expense is a reality today.  This risk is greater as employers increase out-of-pocket maximums, deductibles, and co-pays as part of their medical insurance plans.  Research and discuss some best practices healthcare organizations are using today to improve their patient liability or balance due collection process.

A Quick Response will be appreciated

How does the imperfect information in insurance markets cause an  increase in health care costs? Explain with great detail.

An important distinction in health insurance is between the list price (PL) and out-of-pocket price (PP) of a medical good or service. The list price is the official price that the provider charges the insurance company, while the out-of-pocket price is the price that the insurance customer faces. Sometimes, the out-of-pocket price depends on the list price.   Now assume the consumer is part of a partial insurance plan with a coinsurance provision. Her insurance pays 50% of all medical expenses. Consider again the relationship between PL and PP and plot a coinsurance plan demand curve in PL - Q space. Label this curve D3. Finally, assume the consumer is part of a partial insurance plan with a copayment provision. Her insurance pays all expenses above and beyond her copayment of $25 for each unit of Q. Consider again the relationship between PL and PP and plot a copayment-plan demand curve in PL - Q space. Label this curve D4.

Health maintenance organizations (HMOs) provide health care to participants without requiring them to file insurance claims. a. True O b. False

Which is Idemenity Plan and which is Managed Care Plan? Insureds create contract with an insurer who does not provide health care services       The higher the deductible, the lower the premium       Insured receive health care services from a designated group of providers       May not even involve an insurance company       No annual deduction is incurred, but a small co-payment may be required I most value the freedom of choice and am willing to pay for it.       Cost is my most important consideration.       I’d rather have the flexibility of either having the insurance company reimburse me or directly paying the health care provider.

The best strategy for health insurance coverage is to purchase a comprehensive policy. Of the following, which additional coverage should you not buy if it is not provided at work or in your individual policy? ○ Accident Terminal Disease O Dental O Eyewear O You should not buy any of the above

Course Name: Principle of Healthcare Finance   How does Medicare reimburse physician services?

We said in our Risk Management and Insurance Planning course that Traditional/Non-Guaranteed Life Insurance could be thought of as a combination of Term Life insurance and the Cash Value account feature of Whole Life insurance. Which of the two components provides a death benefit/insurance payout if needed? Term Life component Cash Value account A combination of the Term Life component & Cash Value account None of the above

Purchasing auto insurance with a $500 deductible is an example of Group of answer choice risk transfer to an insurance company. risk reduction of $500. risk assumption of $500.

How do economic factors influence healthcare policy decisions and outcomes?l am not satisfy give downvote

How can a patient benefit if the premiums paid are more than the cost of the medical care received? How can an insurance company benefit if the medical care it provides costs more than the premiums paid in?

what is the dilemma faced by health care finance managers in light of the ultimate goals of health care finance?

The executive team is debating offering a standard group health insurance plan with a healthcare flexible spending account (FSA) or a high deductible group health insurance plan with a health savings account (HSA). They believe they understand the differences between the two group health insurance plans but are less clear on how FSAs and HSAs differ. Explain in clear language the differences between FSAs and HSAs so they can make an informed decision.