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Ethics In Health Care And Finance Reflection

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Chemistry

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Miami Dade College

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Running head: REFLECTION 1

Reflections: Ethics in Healthcare and Finance

Student’s Name

Institutional Affiliations

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REFLECTION 2

Out-of-Pocket Expenses

Various financial arrangements can pay for healthcare services. In some countries,

healthcare services are predominantly paid to the government; in others, healthcare insurance

covers medical costs. Unrelatedly, increasing costs of care implies that people have to spend on

health through out-of-pocket expenses (Victoor et al., 2019). Out-of-pocket expenses refer to

costs that a person pays out of their cash reserve for healthcare services. These costs occur in

three forms: deductibles, co-payments, and co-insurance. Deductibles refer to the amount that

individuals have to spend for health services covered by the insurance before the insurance

policy pays for any medical services. Secondly, co-payments are expenses that individuals make

every time they use medical services. Thirdly, co-insurance refers to a percentage of expenses of

covered services individuals have to make after meeting their deductible. The purpose of out-of-

pocket expenses is to contain collective healthcare costs and increase patient awareness about

costs by shifting the obligation of healthcare spending to the patient. Therefore, patients can

prevent unforeseen financial costs by taking these expenses into account when they need medical

services to assess the cost of alternative payment options based on an individual insurance plan

(Victoor et al., 2019).

Out-of-pocket expenses impact a patient’s access to care negatively since high out-of-

pocket expenses limit access to care and the capability to pay for quality services. Studies on

determinants of healthcare access in the United States have shown that high out-of-pocket

expenses affect patient treatment utilization, implying that they are unlikely to access quality

treatment when patients pay more for healthcare services (DiFazio & Vessey, 2013). Despite

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Running head: REFLECTION 1 Reflections: Ethics in Healthcare and Finance Student’s Name Institutional Affiliations REFLECTION 2 Out-of-Pocket Expenses 1. Various financial arrangements can pay for healthcare services. In some countries, healthcare services are predominantly paid to the government; in others, healthcare insurance covers medical costs. Unrelatedly, increasing costs of care implies that people have to spend on health through out-of-pocket expenses (Victoor et al., 2019). Out-of-pocket expenses refer to costs that a person pays out of their cash reserve for healthcare services. These costs occur in three forms: deductibles, co-payments, and co-insurance. Deductibles refer to the amount that individuals have to spend for health services covered by the insurance before the insurance policy pays for any medical services. Secondly, co-payments are expenses that individuals make every time they use medical services. Thirdly, co-insurance refers to a percentage of expenses of covered services individuals have to make after meeting their deductible. The purpose of out-ofpocket expenses is to contain collective healthcare costs and increase patient awareness about costs by shifting the obligation of healthcare spending to the patient. Therefore, patients can prevent unforeseen financial costs by taking these expenses into account when they need medical services to assess the cost of alternative payment options based on an individual insurance plan (Victoor et al. ...
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Tags: healthcare management ethics in healthcare healthcare services management strategies financial arrangements