PHSC 2 Week 4 Videos Notes PDF

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Week 4 lecture notes, Professor Clark...

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What is Health Insurance, and Why Do You Need It? Healthcare Triage: https://www.youtube.com/watch?v=dF3Dcol5XLg - Originally: Blue Cross for hospital services, and Blue Shield for physician services - Employers used need for employees by promising benefits and insurance - We pool money, and it transfers money from the healthy to the sick - Plans differ on the amount of actuarial value they have: ex: 60% actuarial value means they cover 60%, you cover 40% - Networks of physicians: doctors and hospitals who have negotiated lower rates - Premium: charged monthly and what you pay - Deductible: you are responsible for paying before they pay for anything, on top of premium - Co-pays: set fees you have to pay each time you access the healthcare system - Co-insurance: what you yourself pay for insurance before the plan pays - Annual out of pocket cap on most plans, 12k for a family, etc. - Your insurance can never run out How Insurance Works by eHealth: https://www.youtube.com/watch?v=A4-pklsDT_Q - Co-insurance: you pay a percentage and the insurance company pays the remainder for covering medical expenses after the deductible is met (until out of pocket limit is met) - Out of pocket limit: maximum you will pay yourself per year = deductible, and whatever coinsurance until you reach the limit - Annual coverage limit: dollar limit the insurance company will pay for one calendar year - Co-pay: set amount you pay for routine procedures, like $30 for a physical...