Health Insurance

Given that illness is unpredictable and that everyone's future health status is uncertain,  demand for heathcare is also uncertain.The Institutional response to this uncertainty is the development oif institutional mechanisms whereby covered individuals make regular payments to some risk pooling agency in return for guarantee of some form of reimbursement in the event of illness.This agency might be a public body or a private firm.the payments might be premiums or taxes,and the benefits might be indemnities (fixed cash payments) varying across illness events,reimbursement of all or part or part of healthcare expenditure or direct provision (public or private) of services as needed (Evans)                             www.nlm.nih/nichsr/edu/healthecon/glossary.html

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