The importance of having adequate health insurance, the factors that lead to the increase in cost of health insurance.

Question

Want to see more full solutions like this?

Answer 1

Question

Chapter 9, Problem 1LO

Summary Introduction

To identify: The importance of having adequate health insurance, the factors that lead to the increase in cost of health insurance.

Expert Solution & Answer

Explanation of Solution

The health insurance cover is very essential for an individual as it helps to cover all the hospital and medical bills in the advent of need. The medical treatments become quite expensive over the time period. The major illness can cause an average person to spend almost tens or hundreds thousands of dollar on its treatment. It is observed that majority of personal bankruptcies are the result of medical cost. Health insurance bears the medical bills both for the routine check up and major illness treatment. Thus, health insurance is vital for all the individuals.

The factors that lead to the increase in the cost of health insurance are listed as follows:

The technology advancement in the medical science is costly.
The major part of country U population is aging.
Demand and supply distribution of the health care facilities and services is poor.
Other factors include high administration cost, increased paper work, strict regulations and increasing frauds related to insurance.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Students have asked these similar questions

An annuity provides payments at the end of each two-year period for twenty years. It pays $1,000 at the end of the first period and increases the payment by $1,000 in each subsequent period, so that at the end of the tenth period it pays $10,000. Given a 2% nominal annual interest rate compounded semiannually, determine in which of the following ranges is the present value of this annuity. please use tvm if neededI

A. What is the amount of the annuity purchase required if you wish to receive a fixed payment of $200,000 for 20 years? Assume that the annuity will earn 10 percent per year.B. Calculate the annual cash flows (annuity payments) from a fixed-payment annuity if the present value of the 20-year annuity is $1 million and the annuity earns a guaranteed annual return of 10 percent. The payments are to begin at the end of the current year.C. Calculate the annual cash flows (annuity payments) from a fixed-payment annuity if the present value of the 20-year annuity is $1 million and the annuity earns a guaranteed annual return of 10 percent. The payments are to begin at the end of five years. I need help solving question C on a financial calculator.

John wants to buy a property for $105,000 and wants an 80 percent loan for $84,000. A lenderindicates that a fully amortizing loan can be obtained for 30 years (360 months) at 6 percentinterest; however, a loan fee of $3,500 will also be necessary for John to obtain the loan.a. How much will the lender actually disburse?b. What is the APR for the borrower, assuming that the mortgage is paid off after 30 years (fullterm)?c. If John pays off the loan after five years, what is the effective interest rate? Why is it differ-ent from the effective interest rate in (b)?d. Assume the lender also imposes a prepayment penalty of 2 percent of the outstanding loanbalance if the loan is repaid within eight years of closing. If John repays the loan after fiveyears with the prepayment penalty, what is the effective interest rate?

Answer 2

Question

Chapter 9, Problem 1LO

Summary Introduction

To identify: The importance of having adequate health insurance, the factors that lead to the increase in cost of health insurance.

Expert Solution & Answer

Explanation of Solution

The health insurance cover is very essential for an individual as it helps to cover all the hospital and medical bills in the advent of need. The medical treatments become quite expensive over the time period. The major illness can cause an average person to spend almost tens or hundreds thousands of dollar on its treatment. It is observed that majority of personal bankruptcies are the result of medical cost. Health insurance bears the medical bills both for the routine check up and major illness treatment. Thus, health insurance is vital for all the individuals.

The factors that lead to the increase in the cost of health insurance are listed as follows:

The technology advancement in the medical science is costly.
The major part of country U population is aging.
Demand and supply distribution of the health care facilities and services is poor.
Other factors include high administration cost, increased paper work, strict regulations and increasing frauds related to insurance.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 9, Problem 1LO

Summary Introduction

To identify: The importance of having adequate health insurance, the factors that lead to the increase in cost of health insurance.

Expert Solution & Answer

Explanation of Solution

The health insurance cover is very essential for an individual as it helps to cover all the hospital and medical bills in the advent of need. The medical treatments become quite expensive over the time period. The major illness can cause an average person to spend almost tens or hundreds thousands of dollar on its treatment. It is observed that majority of personal bankruptcies are the result of medical cost. Health insurance bears the medical bills both for the routine check up and major illness treatment. Thus, health insurance is vital for all the individuals.

The factors that lead to the increase in the cost of health insurance are listed as follows:

The technology advancement in the medical science is costly.
The major part of country U population is aging.
Demand and supply distribution of the health care facilities and services is poor.
Other factors include high administration cost, increased paper work, strict regulations and increasing frauds related to insurance.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 9, Problem 1LO

Summary Introduction

To identify: The importance of having adequate health insurance, the factors that lead to the increase in cost of health insurance.

Expert Solution & Answer

Explanation of Solution

The health insurance cover is very essential for an individual as it helps to cover all the hospital and medical bills in the advent of need. The medical treatments become quite expensive over the time period. The major illness can cause an average person to spend almost tens or hundreds thousands of dollar on its treatment. It is observed that majority of personal bankruptcies are the result of medical cost. Health insurance bears the medical bills both for the routine check up and major illness treatment. Thus, health insurance is vital for all the individuals.

The factors that lead to the increase in the cost of health insurance are listed as follows:

The technology advancement in the medical science is costly.
The major part of country U population is aging.
Demand and supply distribution of the health care facilities and services is poor.
Other factors include high administration cost, increased paper work, strict regulations and increasing frauds related to insurance.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 9, Problem 1LO

Summary Introduction

To identify: The importance of having adequate health insurance, the factors that lead to the increase in cost of health insurance.

Expert Solution & Answer

Explanation of Solution

The health insurance cover is very essential for an individual as it helps to cover all the hospital and medical bills in the advent of need. The medical treatments become quite expensive over the time period. The major illness can cause an average person to spend almost tens or hundreds thousands of dollar on its treatment. It is observed that majority of personal bankruptcies are the result of medical cost. Health insurance bears the medical bills both for the routine check up and major illness treatment. Thus, health insurance is vital for all the individuals.

The factors that lead to the increase in the cost of health insurance are listed as follows:

The technology advancement in the medical science is costly.
The major part of country U population is aging.
Demand and supply distribution of the health care facilities and services is poor.
Other factors include high administration cost, increased paper work, strict regulations and increasing frauds related to insurance.

Answer 6

Chapter 9, Problem 1LO

Summary Introduction

To identify: The importance of having adequate health insurance, the factors that lead to the increase in cost of health insurance.

Expert Solution & Answer

Explanation of Solution

The health insurance cover is very essential for an individual as it helps to cover all the hospital and medical bills in the advent of need. The medical treatments become quite expensive over the time period. The major illness can cause an average person to spend almost tens or hundreds thousands of dollar on its treatment. It is observed that majority of personal bankruptcies are the result of medical cost. Health insurance bears the medical bills both for the routine check up and major illness treatment. Thus, health insurance is vital for all the individuals.

The factors that lead to the increase in the cost of health insurance are listed as follows:

The technology advancement in the medical science is costly.
The major part of country U population is aging.
Demand and supply distribution of the health care facilities and services is poor.
Other factors include high administration cost, increased paper work, strict regulations and increasing frauds related to insurance.

Answer 7

Chapter 9, Problem 1LO

Summary Introduction

To identify: The importance of having adequate health insurance, the factors that lead to the increase in cost of health insurance.

Answer 8

Expert Solution & Answer

Explanation of Solution

The health insurance cover is very essential for an individual as it helps to cover all the hospital and medical bills in the advent of need. The medical treatments become quite expensive over the time period. The major illness can cause an average person to spend almost tens or hundreds thousands of dollar on its treatment. It is observed that majority of personal bankruptcies are the result of medical cost. Health insurance bears the medical bills both for the routine check up and major illness treatment. Thus, health insurance is vital for all the individuals.

The factors that lead to the increase in the cost of health insurance are listed as follows:

The technology advancement in the medical science is costly.
The major part of country U population is aging.
Demand and supply distribution of the health care facilities and services is poor.
Other factors include high administration cost, increased paper work, strict regulations and increasing frauds related to insurance.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Ch. 9 - Prob. 1LO Ch. 9 - Prob. 2LO Ch. 9 - Prob. 3LO Ch. 9 - Prob. 4LO Ch. 9 - Prob. 5LO Ch. 9 - Prob. 6LO Ch. 9 - Prob. 1FPE Ch. 9 - Prob. 2FPE Ch. 9 - Prob. 3FPE Ch. 9 - Prob. 4FPE

The importance of having adequate health insurance, the factors that lead to the increase in cost of health insurance.

To identify: The importance of having adequate health insurance, the factors that lead to the increase in cost of health insurance.

Explanation of Solution

Want to see more full solutions like this?

Chapter 9 Solutions