Question

Discuss the theory of insurance and its impact on the medical insurance industry in the U.S. AND assess where this theory has advanced the needs of U.S. population.

Answer 1

The theory of insurance means protection of financial loss. In other words it is a form of risk management, primarily used for uncertainty. An entity which provides insurance is known as an insurer , the insurance transaction involves the insured assuming a guaranteed and known relatively small loss in the form of payment to the insurers promise to compensate the insured in the event of loss covered.

The impact of health insurance in US is a program that helps pay for medical expenses , whether through privately , social health care coverage and health benefits , in a more technical sense.

Hospital and medical expense policies were introduced during the first half the 20th c. During 1920s , individual hospitals began offering services to individuals on a prepaid basis, eventually leading to the development of Blue cross organization in the 1930s. Health care providers in the US encompass individual health care personel , health care facilities and medical products that improve life expectancy of US citizens up to 78.6 years. US health care system is mainly in private hands , though federal , state , county , and city governments also own certain facilities.

American's enjoy optimal health as individuals and as a population , they must have the benefit of high quality health care services that are effectively coordinated with in a strong public health system.

The health care sector in the US consists of an array of clinicians , hospitals and other health care facilities , insurance plans , and purchasers of health care services , all operating in various configurations of groups , networks and independent practices.

In 2010 , the patient protection and Affordable care Act became law, enacting major changes in health insurance . The supreme court upheld the Constitution ality of most of the law in June 2012 and affirmed insurance exchange subsidies in all states in june 2015. U S health care system is unique among advanced industrialized countries . The U.S does not have a uniform health system, has no universal health care coverage , and only recently enacted legislation mandating health care coverage for almost every one. The U.S health care system can best be described as a hybrid system.