PPO medical providers can participate in other plans as well. PPO and CDHP have high deductible (usually paid by employer) and low premium. In CDHP “savings account” helps to pay the bills before deductible will be met (Valerius,
The Castor Standard plan is good for several reasons. The employees of ConstructIt have a chosen limit of $4,000 for a maximum annual premium cost. Therefore the premium cost of $3,428 is a fair point to make. The Castor Standard plan also includes full coverage for all service, with the exception of pre-existing conditions – which unfortunately means less payments into the insurance company, because staff members with those conditions would not be paying into the policy. The Castor Enhanced plan does allow for patients with those conditions to purchase coverage, as well as providing full coverage of services.
Grantham University HSN511 HSN511 – Health Services Management Professor Michael Snell Written Assignment 2 – Income, Risk and Consumer Demand for Health Care Why is the depreciation of capital good a cost of society? Capital good is defined as goods that are used in the creation of other goods to include tools, raw materials and even the factories that help create the goods for use. Capital goods depreciate because of physical wear and tear or technological change. Depreciation is not necessarily considered negative for society. Utilizing depreciation in health care high ticket items can be expensed over its projected life.
Therefore, a Health Savings Account participant can grow his or her savings tax-free for as long as he or she wants. The savings will only be taxed if they are withdrawn to pay for an non-qualifying expense. Increased control over health condition Another benefit of enrolling in a Health Savings Account is that participants will have increased control over how they spend their medical dollars. Funds from a Health Savings Account are limited and fully controlled by the account owner. Therefore, participants tend to pay close attention to which medical services they receive and what those prices are.
The insurance companies and Medicaid have a set allowable charge for nursing care and supplies. The system is efficient but some clients need more supplies than the allowable billing amount and it leaves the client to make up for the difference. References McCarty, E. (2012, February 20). Interview by LL Lee [Personal Interview]. Budget assessment.
For so many years they have paid doctors and hospitals a fee for every test, procedure or other service they perform. It rewards the quality of care, but not better care. I believe the doctors and hospitals should be paid for the quality and outcome of patients’ care. The new approach to paying for health care promotes improves patient care and slows the rise in health care costs. The Alternative Quality Contract (AQC), doctors and hospitals are paid for the quality, not just the quantity of the care they provide to the members.
The significance of a high-deductible health plan is that it covers catastrophic losses, while the savings account pays out-of-pocket, non-covered or medical expenses. Therefore, consumers will be less inclined to use money for minor medical issues and make informed choices, which will help keep cost down. HEALTH REIMBURSEMENT ACCOUNT: Health reimbursement accounts (HRAs) are plans that reimburse employees for qualified medical expenses, which are usually funded by the employer. A health reimbursement account reimburses you for qualified medical expenses up to an account balance. ( Valerius et al, 2014).
Ramifications of Participation Contracts HCR/230 June 9, 2011 Ramifications of Participation Contracts Participation contracts must be reviewed carefully by providers before they agree to one. In some cases a participation contract may “pay less than a physician’s set fees resulting in less revenue, and can they also can limit a physicians professional judgment when treating patients” (Valerius, Bayes, Newby, & Seggern, 2008, p.305). Aside from these issues, participation contracts can increase revenue and patient numbers by using a providers name in advertisements in the newspaper or on the radio or television. Their names are also added to the list of participating providers given to plan members, so the number of patients could
Under payment “bundling,” hospitals, doctors, and providers are paid a flat rate for an episode of care rather than the current fragmented system where each service or test or bundles of items or services are billed separately to Medicare. For example, instead of a surgical procedure generating multiple claims from multiple providers, the entire team is compensated with a “bundled” payment that provides incentives to deliver health care services more efficiently while maintaining or improving quality of care. It aligns the incentives of those delivering care, and savings are shared between providers and the Medicare program (Timeline of the Affordable Health Care Act,
Dominic Lombardozzi Health Care and Policy March 19th Projecting the Growth of Health Care Costs “The term “health care” evokes different images in people’s minds. To patients who find a miraculous cure, health care may be almost sacred. For physicians, nurses and other health care professionals it is a compassionate human activity. To hard-nosed economists, health care represents just another exchange of favors embedded in a wider market economy that consists of exchanging favors.” In this article Uwe. E. Reinhardt tackles the misconception of why American health care cost so much.