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Why is sponsored health insurance untenable by Homer Booker
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Why is sponsored health insurance untenable |
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Insurance
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Many businesses were once encouraged to take up health insurance for their employees. Many enterprises did answer the call and responded positively. Back then, the times were good. However, with the onset of the financial crisis from 2008 onwards, there has been a gradual reversal in this trend. The times were bad and businesses needed to shore upon cash in anyway possible and they viewed paying for the health insurance (we Danes call it Den bedste sundhedsforsikring) of employees as a needless investment. This article discusses on why sponsored insurance schemes are unviable in today’s world. Costly It is a sad but true reality that keeping a person healthy isn’t very cheap anymore. A few medical professionals do tend to take their patients for a ride prescribing tests and scans that are at times uncalled for but might be necessary considering the fact that health issues can come from a symptom. However, to point the whole “costliness” singularly onto the practitioners of medicine is grossly unfair. It must be said that the quality of medical care has risen and that comes at a price. A complicated health system and even tougher medical insurance requirements make this a very messy affair for patients. Moreover, keeping a hospital running on charity isn’t going to happen. Payment issues Sponsored insurance schemes are ambiguous on which party is in fact paying for the medical expenses. It seems as though the employer is the one who is paying for this policy or at least, a majority of it. The issue with this approach is that the employer will seek to reimburse themselves of the cost by increasing prices of goods and services which will discourage the consumer. This would therefore, make them less competitive against cheaper but just as high in quality products from China and India. This makes the practice of sponsoring another person’s health insurance scheme as unsustainable. As far as the employers are concerned, they do not see the effects of the company paying for their health. In fact, they seem to think of this as a gift from the company, which they are entitled to receive. This makes them careless and injury prone although how many of those injuries are real cannot be audited. Group schemes Employers generally tend to go for plans that are cheaper and the “group scheme” where the entire cost of the insurance scheme is shared by a group of people collectively is regarded as one of the cheapest. There is however, one draw back. Group schemes are not customizable. This means that it covers only specific cases of injury or disorder and more often than not, has limited coverage. This means that there is a restriction on the freedom of the patient to choose their treatment. In another case, these schemes often shoot the applicants in the foot by checking up the medical history of each person. If one had the misfortune of getting into an accident, the insurance company would raise the premiums that all would have to pay. These reasons and many more make sponsored health insurance schemes untenable in today’s world.
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