Health Care Concepts and their Impact on Finances
Student’s Name
Institutional Affiliation
Reinsurance
Reinsurance XX an insurance company's XXXXXXXX XXXXXXXXXX its risks XX XXXXXXXXXXXX some XX its risk portfolios to XXXXX parties XXXXXXX an XXXXXXXXX. XX XXXX XX a huge claim, the insurer can distribute the payment XXXXXXXXX XX XXX partners and XXXXXXX itself from XXX liability. XXXXX an XXXXXXXXX holder, a reinsurance XXXXXXXXXXX XX XXXXXXXXXXXXXXX. Dealing with two or more XXXXXXX XX XXX XXXX and time-XXXXXXXXX. XX XXXXX XXXX XX money to XXX XXXXXXX multiple XXXXXX, XX which XXXX amount XXXXXXXXXXXXX is XXX guaranteed.
XXXXXXXX XXXXXXX Accounts (FSAs)
A flexible XXXXXXX account, XXXXXXXXX called flexible XXXXXXXX XXXXXXXX, XX a spending XXXXXXXXXXX XXXX XXXXXXXX XXXXXXX up a XXXXXXX account. XXX account is XXXX to XXX XXX certain out-of-pocket health care costs. The flexible XXXXXXX accounts XXXXXX their XXXXX to XXXXXXX and listed XXXXXXXXXX. XXX XXXXXXX can be used to XXX for XXXXX, including certain XXXXXXX and dental expenses (Healthcare.gov, 2020).XXXX XXXX of XXXXXXX XXXXXXXXXXX is exempted from XXXXXXXX. This plan is a good saving XXXX XXXXXXXXX to savings equivalent XX XXX XXXXXX which XXXXX XXXX XXXX taxed. However, XXXXX an FSA account XX a year plan, XXX money not XXXX XXXXXX the year XX XXXX, XXXXXXXXXX my XXXXXXXXX XXXXXX.
XXXXXXXXXXX XXXXXXXXXXXXX
This XX a XXXXXX XX reimbursement of XXXXXXXX payment with a predetermined fixed amount XXXX XX XXXXXXXXXXX (XXXXXX Fool Staff, 2016). XXX XXXXXXXXXXXXX is XXXXXXXXXX XX factors XXXX XX XXX type of diagnosis or the services XXX medication XX be XXXXXXXXXXXX XXX the classification XX XXXXXXX XXXXXXXX. The fixed amount of reimbursement XXXXXX XXXXXXXXXX the security of XX XXXXXX. XXXXX XXX no fluctuations in the payment XXX services, XXX out of pocket XXXXXXX is minimized, therefore XXXXXX XX XXXXX.
XXXXXXXXX-XXXXXXX Group (XXX)
It is a standardization XXXXXX XX prospective XXXXXXX to hospitals that XXXXXXX XX the XXXXXXXXXXX initiative. A XXXXXXXXX-related XXXXX is a XXXXXXXXXXXXXX system XXXXX payment XXXXXX an XXXXXXXXX from the point XX XXXXXXXXX, the XXXXX stay, up to discharge. The DRG XXXXXXXXXX XXXXXXX XX patient demographics. Like XXX prospective payment systems, the Diagnosis-related group is a XXXXX saver. XXX XXXXXXX plan is XXXXXXXXX from the XXXXX of admission XX XXX point XX XXXXXXXXX. This eliminates loopholes, XXXXX increase XXX XXXXXXX XX XXXXXXXXXXX.
Resource XXXXXXXXXXX XXXXX (RUG)
RUG includes XXX 44 XXXXXXXXXXXXXXX XX XXXXXXX XXXXXXXX XXXXX XX the patients’ activity levels, cognitive status, underlying diseases, and XXX degree of the complexity XX XXXXX care. XXX main XXX XX XXX XX for calculations for XXX XXXXXXX of insurance XXXXXXXXXXXXX. XXXXX on Resource utilization group calculations, an inclusive XXXXXXXXX cover is XXXXXXXX, XXXXX means XXXX XXXXXXX payment.
XXXXXXXXXXX
Coinsurance XX an amount expressed XX a percentage that an insured XXXX pay after a claim XXXX XXX deductible XXXXXXXXXXXX. XX XXXXXX XXXX, the XXXXXXX is required XX pay a XXXXXXX XXXXXX at XXX XXXX of the service (Kagan, 2020). From the nature XX XXXX XXXXXXXXXXX, in XXXXXXXX XX the insurance XXXX, XXX payments XXXX XXXXX out of my wallet.
XXXXXXXX-XXXXXX Health Plans
XX is a XXXX-effective health XXXXXXXXX plan that XXXXX employers XXX XXXXXXXXX set aside pretax XXXXX that XXXXX XXX XXX XXXXXXX expenses that are XXX XXXXXXX XX their health XXXXXXXXX XXXX. XXXXXXXX for a XXXXXXXX-XXXXXX XXXXXX plan cost XXXX per individual pay XXXXX. Consequently, it XXXXXXXX a XXXX XXXXXXXXX health XXXX. With XXXX XXXX, I XXX XXXXXX to use pretax XXXXX XX minimize my spending on health XXXX.
The Donut XXXX
XXX XXXXX hole is the point of XXXXXX XXX XXXXXXXXXXXX benefits. At this XXXXX, XXX initial XXXXXXXX limit XX reached XXXX XXX total XXXX XX paid, and XXX insurance XXXX reaches XXX XXXXX. XXXX XXX XXXXXXX XXX XXXXX XXXX, XXXX XXXXX XXXX XX pay more out XX pocket, XXXXX the following XXXX XX cover is XXXXXXX, or XXX out-XX-pocket XXXX is high XXXXXX XX qualify XXX for a catastrophic insurance XXXXX (XXXXXXXX, 2020). XXX donut hole is bound XX drill a XXXX hole in my XXXXXX XXXX the XXXXX of XXXXXX.
Cost Sharing
XX is an out XX pocket payment made for cost covered XX XXXXXXXXX. XXX cost-sharing extends XX XXXXXXXXXXX, XXXXXXXXXXX, XXXXXXXXXX, XXX similar XXXXXXX XXX does not XXXXX premiums or XXX cost of XXX-covered XXXXXXXX. Cost-sharing XX a XXXXXX. I will XXXX XX XXX XXX already covered XXXXXXXX, things which the insurance should XXXXX, is remotely XXXXXXXXX XXXXX from XX XXX no XXXXXXXX reason.
Entitlement XXXXXXX
XX is a type of XXXXXXXXXX program XXXX grants legal rights XX individuals, dependent XX meeting certain eligible XXXXXXXXXX to access personal financial XXXXXXXX or special XXXXXXXXXX XXXXXXXX goods XXX XXXXXXXX. XX XXX XXXXXXX level of XXX XXXXXX XXXXXX, social security, XXXXXXXX, and Medicaid are XXXX XX XXX most recognized XXXXXXXXXXX programs. As a beneficiary of an entitlement XXXXXXX XXXX as XXXXXXXX, it XXX XXXX me access health XXXX financial XXXXXXXX. Therefore, I XXXXX XXXX XXXXX, XXXXX could XXXX XXXXXXXXX XXXX XXXX XX foot bills for the same medical XXXXXXXX.
References
Healthcare.XXX. (2020). Using a XXXXXXXX spending account (XXX). XXXXXXXX on October XX, 2020.XXXXX://XXX.XXXXXXXXXX.XXX/have-job-XXXXX-coverage/flexible-XXXXXXXX-XXXXXXXX/#:~:XXXX=XXX%20use%20your%XXXXX%XXXX,to%20use%XXXXXX%XXXXXXXXXX%XXXXX
XXXXXX XXXXX. (2020). Coinsurance. Investopedia.com. accessed on October 24. XXXX.XXXXX://www.XXXXXXXXXXXX.XXX/XXXXX/c/coinsurance.XXX
XXXXXXXX. (XXXX). XXX Donut XXXX: X Step-XX-XXXX Explanation. XXXXXXXXXXXXXXXXXXXXX.XXX. XXXXXXXX XX October 24, 2020.XXXXX://XXX.XXXXXXXXXXXXXXXXXXXXXX.XXX/members/prescription-drug-coverage/XXXXX-hole-step-step-explanation
Motley XXXX Staff. (2016). What XXX XXX differences between a prospective payment XXX XXXXXXXXXXXXX payment XXXX? XXXX.XXX. XXXXXXXX on October XX, 2020.https://XXX.XXXX.com/knowledge-XXXXXX/prospective-payment-plan-XX-retrospective-payment.aspx#:~:XXXX=Prospective%XXXXXXXXX%XXXXXXX%XXXXXX%XXX%XXXXXXXX%20of%XXXXXXXXXX.&XXX;XXXX=XXXXXXX%20providers%20receive%XXXXX%XXXXXX,based%XXXX%20their%XXXXXXXX%XXXXXXXXX.