Answered: Explain why the percentage of all money…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Please paraphrase this answer with your own words (not AI) making sure it correctly answers this question: Explain why the percentage of all money paid to hospitals “out of pocket” is much smaller than the percentage of money paid out of pocket for all health care goods and services. Compared to all healthcare goods and services, the percentage paid out-of-pocket for hospital care is lower because it costs more than other types, but it's possible that the actual amount paid for hospital care out of pocket will still be substantial even if only a smaller percentage of costs are covered. Similarly, when it comes down to different healthcare options available out there, hospitals tend to have a greater sense of urgency attached which makes them an essential component in treating diseases, thus making sure that the financial aspect does not hinder the patient's decision-making process while seeking medical aid. Insurance policies that cover hospitals are typically more thorough than those covering other types of medical facilities, so this often means that fewer expenses need to be paid from personal funds.

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