Question

How does health insurance differ from other kinds of insurance? What are the similarities and differences between them? Why has the cost of employer-sponsored health plans increased significantly over the last 5 years?

Answer 1

There are different types of health insurance coverage it provides comprehensive coverage for hospital services, ambulance service, accidental and special care, etc. It provides financial protection for health-related expenses. It meets health emergency needs and other expenses.
Mediclaim health insurance provides coverage for hospital service
Premium plans are for sum insured. insurer age, gender, opted duration, plans and location it will differ.
claim settlement is a form of reimbursement with cashless treatment. insurance varies on reasonably small channels of loss.
Health insurance for sustainable insurance for wealth, loss and limited loss.
Fee for service for people's autonomy to provide better care with coverage. it is traditional health insurance. It is a type of health coverage that includes out of pocket expenses.
Managed-care plans include(PPO) preferred provider organization, point of service(POS), Health maintenance organization(HMOs). These plans between the insurer and health care providers for financial incentives to use providers network to assure quality care.
The average premium family cover has increased 22% in the last five years and 54% in the last 10 years more than workers' wages. In US employes health care cost rise to 6% though if they did not make any cost management adjustment. Plan premium and annual cost increased due to their workforce, it provides some predictability to employers. It increased their general inflation for the average large employer growth share of covered workers and the general annual deductible and average deductible out of pocket cost, it makes outpace wage growth.