is insurance an asset or liability

Is Insurance an Asset or Liability

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Is Insurance an Asset or Liability, the lack of health insurance coverage for more than 41 million Americans is one of the most pressing problems facing the country? While most elderly Americans are covered by Medicare and nearly two-thirds of non-elderly Americans are covered by employer-funded plans, many workers and their families remain uninsured because their employer doesn’t offer insurance or cannot afford the cost of insurance. So we have thought, is Insurance an Asset or Liability.

 is insurance an asset or liability now

Is Insurance an Expense ?

Medicaid and the State Children’s Health Insurance Program (SCHIP) or HAWK-I here in Iowa are helping fill the gaps for low-income children and some of their parents, but the scope of these programs is limited. As a result, millions of uninsured Americans are facing negative health consequences due to late or missing medical care, and expanding coverage to the uninsured has become a national priority. – (Information from kff.org)

The number of people who have to get by without health insurance in this country is downright a crisis today. In the last few decades, we have gotten into a vicious circle in which health insurance premiums have become too expensive even for a middle-class family. This, in turn, results in the uninsured being unable to cover medical costs, which often leads to the financial ruin of the family and consequent continued loss of income for the community, which in turn increases the cost of medical costs. higher and eventually goes back to the insurance company, which then has to increase health insurance premiums to cover rising health care costs.

 

Is Insurance An Equity ?

Is insurance an equity or an asset or liability ? Politicians on both sides of the island have come up with many proposals, ranging from socializing the health care system comparable to the Canadian system, to supporting health savings accounts, to combating frivolous lawsuits against the medical community. A lot of these suggestions have good points, but along with the good points that they bring, they also bring big drops. For example; a socialized national health program would eliminate the need for health insurance and the costs would be borne by taxes, which in theory doesn’t seem like a bad idea.

One of the pitfalls of this system, however, is a lack of new working doctors due to the inevitable drop in income, while demand would increase due to a lack of ownership. In short, if one didn’t have to worry about deductibles or co-payments that would normally prevent the person from seeking medical attention for little things, they would simply see the doctor every time they experience pain or discomfort. So now we have queued for people with major health problems as everyone makes an appointment and at the same time loses doctors due to a lack of incentives.

is insurance an asset or liability

Is Business Insurance an Asset ?

The current battle cry of the Bush Republican administration is to push for Health Savings Accounts (HSAs), which lower premiums by purchasing lower-cost, high-deductible health insurance with a tax-deductible savings account that you contribute. with your posts every month. All withdrawals from the qualified medical savings account are deducted “tax-free” and, unlike a flexible spending account that many people know from employer-based plans, the money is not lost.

If you’ve never used any of that money in your savings account, you can withdraw it or transfer it to another vehicle once you’re 62 1/2 years old without using it to retire. For some people this is a viable option; For many, however, the premiums on these plans are still too expensive, and the problem remains that if you need major treatment in the early years of the policy, your savings account won’t have enough amount to cover the gaps that leave those responsible for a large part of the costs out of their pockets.

 

Asset Insurance Meaning

Now we come to what I believe to be one of the biggest problems from a health insurance representative’s point of view, namely the inability of people with pre-existing medical conditions to obtain insurance. Of the people who contact my law firm to apply for health insurance, I have to say that around half of them have a state of health that results in an insurance company rejecting that person’s application or introducing an amending clause, which excludes coverage for all claims related to this condition.

An example of a condition I encounter all the time is high blood pressure or high blood pressure. This condition sometimes results in a company rejecting an application entirely when other factors are involved, but it usually results in an amendment disclaimer. You might think this isn’t that important, after all, blood pressure medication is pretty much the only thing you would have to pay out of pocket, but what a lot of people don’t realize is that this clause precludes ANYTHING that could be considered part of this Illness, including heart attacks, strokes, and aneurysms, which would result in a huge out-of-pocket claim.

 

What is Insurance in Accounting

Consider the fact that my father recently underwent double bypass surgery that ended up with a final bill of around $ 150,000. That entire amount should have come out of your pocket if you had a high blood pressure driver on your health insurance, not to mention the additional cost of 2 months of lost work that is included in the mix. With a modest income of $ 40,000 a year, that would have ruined him financially.

So how do we solve this problem? Obviously, the proposals made so far have been flawed from the start, and even if any of these plans win the support of the American people, political power struggles will likely never make them law. One side wants to keep the healthcare system privatized while the other wants to socialize it, which, as already mentioned, has both advantages and disadvantages. It seems we are doomed on this subject and there are no real ideas or light at the end of the tunnel, right? Maybe not, let me tell you about a client I had in my office a few years ago.

A young woman came in to look for health insurance plans to see if there were options for her and her family. He had several children, was 19 Medicaid, and was in government-paid college. He had recently graduated from college and accepted a job in the local school system, but for some reason, he was not eligible for health insurance. She still couldn’t pay five or six hundred dollars a month for a plan, so she went back to the help desk and explained her situation. They worked with us to find acceptable private health insurance and they reimbursed you a percentage of the cost that you didn’t even know was possible.

 

Is Life Insurance an Asset

This got me thinking, is life insurance an asset or liability, think how many people could still get insurance coverage if the government could reimburse them a percentage of the premium based on their income. For example; For example, consider a young couple in their twenties with one child, their family income is $ 25,000, and the average premium for health insurance with a deductible of $ 500 is $ 450 three with an annual income of $ 25,000 Return 50% of their premium, bringing the real cost to the family to $ 225 per month. This is now an affordable premium for the family to consider.

With this merger of private insurance with government support, we are getting the best of both worlds. Of course, the next question arises: how much more would it cost the American taxpayer and how much would it raise taxes? I don’t think it would cost taxpayers much more, so I think: First, we would significantly reduce the number of uninsured people who cannot afford their health care, which in turn reduces the total. Medical care costs. Second, it would significantly reduce the number of people forced to file for bankruptcy and get the help of Medicaid Title 19 due to medical bills due to catastrophic illnesses that are not covered by health insurance.

 

Insurance in Balance Sheet

This is important considering that someone on Medicaid is getting medical care that is essentially 100% government covered, so there is no further incentive not to seek treatment for minor or non-existent medical conditions. In the other side, there’s question On the flip side, many conditions that would not have been recognized before they became serious because a person did not seek treatment for lack of insurance would be recognized now before they became a catastrophic event. Finally, if the government allocates a certain amount of money to cover the claims of people with pre-existing conditions, private insurance companies could eliminate exclusions and denials due to existing health problems in plans that assure Iowans they won’t get coverage elsewhere.

You may sit there thinking that this is all wishful thinking and that these ideas could never be implemented, but all of these ideas are already being implemented. The problem is, few states have some programs, and even most health insurance companies don’t know that some low-income families can get their health insurance reimbursed. If all of these programs were to be standardized and widely implemented at the national level, I believe that this would have a major impact on the uninsured population of this country.

 

Insurance Expense in Income Statement

Now I am not pretending to know what the payback should be for what income, but I do know that anything is better than nothing and in my opinion, this is the best compromise we can find. There’s questions about this, is life insurance an asset or liability. Democrats would be happy with the socializing aspect of reimbursement, and Republicans should be happy that health care remains privatized, giving this solution better chances of party support.

I’ve faxed this idea to several senators and congressmen, but I’ve always received the same standard response about their health problems and that they are working hard to find a solution, knowing full well that no one is reading my letters. The only way you can get these ideas out there is by reading this and sharing it with others orally, via email, or by linking your sites to this webpage.

If enough attention is drawn, these ideas would get the due attention, and if enough people like you and I demand that a solution be found, perhaps enough stress can be put on politicians to get something done. The number of uninsured Americans will only rise, the cost of health care will only rise, and the cost of health insurance premiums will only rise if something is not done now. Until then, as a health insurance agent, I can only compare all the options and present you with the slightest evil, whereby in too many cases the variant chosen is the greatest evil. go without cover.

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kang digi is a freelance blogger, writer and a little bit web developer.

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