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Health - health economics, Essay

Answer One question from 300 words- 500 Read the passage below and provide a discussion response to the question. Insurance Company Response to Adverse Selection. The insurer company’s response to adverse selection is twofold. Insurance companies will only underwrite prospective risk. The insurer will try to determine the expected level of usage prior to entering into the contract. This risk rating of prospective customers is done either through the use of a questionnaire or a physical exam or a combination of the two. In addition, insurance companies will not provide insurance for known ailments. A preexisting condition is associated with an extremely high probability of use (approaching unity). Without the ability to spread risk, the insurance premium would likely exceed the expected loss. Consumers experience no gain from joining such a risk pool and thus have little demand for this high-cost insurance. The failure of the market to provide opportunities for chronically (lifestyle based) and congenitally (genetically based) ill to purchase insurance at average premiums should come as no surprise. The purpose of insurance is to share risk, not wealth. Policymakers, even those not interested in wealth redistribution, have used market failure to justify the provision of social insurance as a safety net. Since the private insurance market cannot provide adequate insurance for those with preexisting conditions, it seems reasonable that the government take on this responsibility by operating and subsidizing high-risk insurance pools. Bear in mind the following: Income and education Lifestyle Factors Access, Affordability and Quality of health care available to an individual Should the government provide insurance for high-risk individuals with preexisting conditions whether those conditions are based on genetics or lifestyle?
Answer One question from 300 words- 500 Read the passage below and provide a discussion response to the question. Insurance Company Response to Adverse Selection. The insurer company’s response to adverse selection is twofold. Insurance companies will only underwrite prospective risk. The insurer will try to determine the expected level of usage prior to entering into the contract.
Assignment ID
852064
Discipline
Type
CREATED ON
18 February 2019
COMPLETED ON
19 February 2019
Price
$30
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18 February 2019
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18 February 2019
18 writers responded and offered to do the job for a price between $60 and $70
18 February 2019
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18 February 2019
User hired writer annwaweru
19 February 2019
Writer completed order Health - health economics, Essay for 1 day, meeting the deadline
19 February 2019
User accepted the job right away and completed the payment
19 February 2019
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