Bank & Financial Institution : Health Insurance

International Journal of Management, 2021

A descriptive study design was carried out to assess the knowledge, awareness, and perception of an insured person about health insurance in a tertiary care hospital. A well-framed structured questionnaire was administered to the opinions of the 384 respondents (insured and uninsured), out of which 92% are insured and only 8% are uninsured. Only a few (12%) of insured do not know how much policy coverage is there for hospital charges and 27% of insured have chosen health insurance policy in order to avail good quality treatment. The result clearly shows that most people are not that aware of the process of initiating cashless hospitalization. Hence the insurance companies, third-party administrators, and the hospital must work in synergy.

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2016

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2000

Many of the inefficiencies of the current health care system may have developed from poorly aligned incentives in traditional fee-for-service insurance systems. The major current alternatives to traditional insurance are capitated care plans provided by managed care organizations, and discounted care provided through preferred provider organizations. Capitated care incentives strongly encourage cost containment by health care providers, without explicit economic rewards for high quality care, and without inducements for patients to seek cost-effective care. Discounted care does not change the fundamental structure of insurance. Consequently, the replacement of traditional insurance with managed care plans and preferred provider plans will either fail to address many health care problems, or create new problems. Furthermore, a high turnover rate in health care policyholders prevents insurers from reaping any economic benefit from investments in policy holder's long term health. Thus, preventive care is potentially reduced to a public relations imperative or a legislative mandate, rather than a proactive investment in health. Combining life insurance policies with health insurance policies might address a number of health care problems. Health and life insurance policies might be structured to encourage mutual long-term commitments between policyholders and their insurers, while allowing some mobility for dissatisfied policyholders. The insurer would then acquire dual economic incentives regarding its policyholders. First, it would profit from reducing both current and long term health care expenditures. Second, it would profit from improving the life expectancy of its insured pool. Regardless of policy holders' current prospects or ultimate health insurer (e.g. Medicare), life insurance policies would create inducements for health and life insurers to promote longevity. The present value of future savings suggests prices that insurers should be willing to pay for medical interventions. A portion of these savings could be redistributed as reimbursements to The Integrated Health & Life Insurer p. 2 Walton Sumner, M.D. health care providers and as incentives to patients. If patients could invest their incentives in additional life insurance, they could encourage their insurers to take an even greater interest in their longevity. This proposal reviews smoking mortality data and a decision model for coronary bypass grafting to demonstrate that underwriting life insurance policies could produce meaningful economic incentives for insurers.

To assess the evidence of the effects of knowledge and perception of health insurance on the willingness to enrol and utilize health insurance among clienteles using tertiary health services. Method: This was a cross-sectional descriptive study. The instrument was a pre-tested, semi-structured self administered questionnaire. Descriptive statistics as well as chi-square test and regression analysis were done to show statistically significant associations. Results: The findings reveal that majority of the respondents had heard about health insurance at 275(78.6%), a significant number at 265(75.7%) had the right understanding of what it is; with the electronic and print media accounting for the major source of knowledge of health insurance at 85(24.3%) and 117(33.4%) respectively. Notwithstanding, most of the respondents 202(57.7%) felt that their current knowledge of health insurance is still very limited of such scheme(s) and as such affects their interest in enrolling in a scheme. Statistically significant association between the level of knowledge and the willingness to enrol in an insurance scheme feeling that they need more information on health insurance and the willingness to enrol in a health insurance scheme was shown (X2= 6.689, df= 1, p-value= 0.01). Accordingly, most respondents were willing to enrol and utilize the benefits of different types of health insurance services. Conclusion: The findings from this study has brought to the fore the relationship(s) between knowledge and perception of clients using health services and the effect(s) on their desire and willingness to participate in health insurance schemes. Still, there are concerns that necessitate wide spread advocacy for health insurance.

Health insurance is one of the ways that people in various countries finance their medical needs. It is estimated that out-of-pocket expenditure of over 15–20 % of total health expenditure or 40 % of household net income of subsistence needs can lead to financial catastrophe. When people on low incomes with no financial risk protection fall ill, they face a dilemma: they can use health services and suffer further impoverishment in paying for them, or they can forego services, remain ill, and risk being unable to work or function. Variation in financing and organization structures in various countries notwithstanding, there is now nearly a unanimous commitment to assuring universal access to medically necessary care in high-income countries. Internationally, health insurance serves to improve service utilization and protect households against impoverishment from out-of-pocket expenditures. Analysis of how health insurance schemes function in a particular country, especially in relation to other funding aspects and health outcomes, can provide a glimpse of the performance of the whole healthcare system.

Our country has been through economic Hell the past three years. (See the report of the Financial Crisis Inquiry Commission, www.fcic.gov.) The turmoil that began in 2008 with the collapse of Bear Stearns and Lehman Brothers and continued with the failure of American International Group (AIG), leading to implementation of the Troubled Assets Relief Program (TARP), set the stage for massive scrutiny, study and ultimately overhaul of federal regulation throughout the financial services sector. President Obama's signing of the Dodd-Frank Wall Street Reform and Consumer Protection Act (DFA) on July 21, 2010 brought the most sweeping financial services legislation since the 1930s. While the majority of the focus has been placed squarely on banks, where the primary problems are believed to be, interest has also extended to the insurance sector. Banks and insurance companies have historically been two of the most regulated sectors in the U.S. economy. However, it is the banking community that has endured the brunt of frequent regulatory overhauls. Since the 1930s, banks have been subjected to significant regulatory changes every six to seven years, whereas the insurance sector has largely operated within the governing confines of the McCarran-Ferguson Act for more than six decades. This changed with the failure of AIG and the economic crisis. As a result, the Dodd-Frank Act will have repercussions that will be felt throughout the financial services sector, including by the insurance industry. At the center of these insurance repercussions will be the Federal Insurance Office (FIO), created by Title V of the Dodd-Frank Act, within the U.S. Treasury Department. For the first time, a federal office will be charged with the responsibility of knowing all things insurance and leading the country's examination of how and by whom insurance should be regulated in the 21st century global marketplace. It will be the federal government's eyes and ears in the insurance sector. Title V of the DFA requires that, by the end of January 2012, the FIO Director is to submit a report to Congress recommending changes to modernize and improve insurance regulation in the United States. This document focuses on the report the FIO is to make on the system of state-based insurance regulation. The FIO Director's report, and any subsequent Congressional legislation based on the report, will have far-reaching implications for the insurance industry and insurance consumers. Networks Financial Institute (NFI) at Indiana State University (ISU) wants to be a resource for the FIO as it discharges its critically important mission. It is in this spirit that NFI presents its research and recommendations to the FIO.

Boston Globe, 2003

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Financial derivatives are financial instruments that cause major changes in financial markets. They appeared in order to protect the transistors' from a certain form of market risk, but also with the intention of making profit. The paper analyze a topic related to the forms of cooperation between the financial market entities, especially the cooperation between banks and insurance companies in the sphere of sale of insurance policies, to be more precise-bank insurance. Banking and insurance are complementary parts of the financial system. Bank insurance is relationship between a bank and an insurance company, whereby the insurance company uses the bank sales channels in order to sell insurance products, an agreement in which a bank and insurance company agree in a way that the insurance company can sell its products to customers of the bank. Insurance companies sell their insurance products through their direct sales network or through distribution channels, of which the most important are insurance brokers and agents. With the involvement of banks in the sale of insurance products in the 1980s, the development of bank insurance began in Europe and since then it has become increasingly widespread throughout the world. In the narrowest sense, bank insurance implies the sale of insurance products through a bank, while in a broader sense it is defined as a joint venture between banks and insurance companies in order to enable insurance products to reach customers of banking services. Banking is a winning combination for both institutional partners in a business relationship. The Bank enriches the offer of financial services for its customers by selling or integrating insurance products, while at the same time it receives a new source of income, while the insurance company uses the bank's marketing and increased sales through access to a significantly larger potential customer base. The focus of the bank are the consumers, and the success of this business cooperation depends on the synergy of the three most important elements, namely marketing strategy, organizational culture and market conditions. The banks and insurance companies have certain problems in its functioning, which can arise as a result of several reasons. The problem with the functioning of the bank insurance is in the various sales philosophies of banks and insurance companies. Banks have a passive sales philosophy, conditioned by traditional demand, while insurance companies have an aggressive sales philosophy.