Health, Disability and Long Term Care Insurance Essay

Health, Disability and Long Term Care redress policy - Essay ExampleThis crisis is a fact and statistics are good large to prove its validity. USA spends doubly more than on its annual healthcare then does 19 of the developed countries in North the States and Europe. The percentage of GDP allotted to health seems to be at a rise since 1997 when it reached to 15.7% in the grade 2005, and as projected by the agencies of Medicare and Mediaid this percentage would further increase in the next 10 years to a figure of almost 17.5% of the GDP. Yet 15.6% of the American population is still uninsured. (services, april,2005) For a country that has the highest uptake rates on healthcare, it is quite shocking that the public gets to face the crisis of high rising prices for healthcare. The two major(ip) problems faced by the healthcare system of USA include rapid increase in the expenditures make on health and disabilities and high costs for administration of health care issues which acc ount for at to the lowest degree 26% of the total money in healthcare. The reasons for the rising costs are many including the dependence on the high costs of new checkup technologies, drugs and tests, the rising population of the elderly, the rising frequencies of road traffic inflectional morphology and criminal activities requiring aesculapian attention, intensive work hours and rising pays of health care professionals and doctors, high awareness of medical problems requiring immediate and most of the times unnecessary medical attention, untoward issues like fraud and issues causing dissolution of administrative money, the internal situation and inflation rates of the health care system and many more reasons. TYPES OF MEDICAL COVERAGE Broadly speaking, health insurance can be of two instances. First is the meeting health insurance in which an employee and his immediate family are covered by an insurance company that is either partially or mostly paid by the employer. This type of insurance comprises as high as 90% of the total insurance issued by the insurance companies. (DeNavas-Walt, 2008) Sometimes this type of insurance may not provide the necessary protection that an someone requires in that case an additional aid with the help of individual insurance can be purchased. Second type is the individual insurance plan. This type of plan, as the number suggests, is individually tailored to anyones needs. This type of insurance is usually acquired when the group insurance is not enough or requires certain addition. In that case one can choose their own preference of insurance company and select as much insurance coverage as they require. This means an extensive browsing of the options visible(prenominal) in the market as the mark ups and premiums on different plans by different companies vary to a great extent. The group and individual insurance plans provide different types of coverage. These policies further include the following types of coverag e 1) MAJOR MEDICAL EXPENSE INSURANCE Major medical expense insurance is a type of insurance which covers the excess medical expenses incurred due to sudden accidents, injuries or severe illnesses. It is usually in singing to the basic individual or group insurance that would provide the baseline insurance for the regular medical expenses. This type of insurance only covers the excess and high bills that are often faced after an accidental situation or a severe illness. Usually the amount that can be paid with this type of insurance is quite high which requires the premium to be covered by the individual by various ways.