Health Insurance: Basic Actuarial Models by Ermanno Pitacco

By Ermanno Pitacco

Health Insurance goals at filling a spot in actuarial literature, trying to clear up the widespread false impression with regard to either the aim and the contents of medical health insurance items (and ‘protection products’, extra often) at the one hand, and the correct actuarial constructions at the other.

In order to hide the fundamental ideas concerning medical health insurance options, the 1st few chapters during this publication are normally dedicated to the necessity for medical insurance and an outline of coverage items during this region (sickness assurance, twist of fate assurance, serious disorder covers, source of revenue defense, long term care coverage, health-related advantages as riders to existence assurance policies). An advent to basic actuarial and risk-management concerns follows.

Basic actuarial types are awarded for disease assurance and source of revenue security (i.e. incapacity annuities). a number of numerical examples support the reader comprehend the most gains of pricing and booking within the medical insurance sector. a brief creation to actuarial versions for long term care assurance items is additionally supplied.

Advanced undergraduate and graduate scholars in actuarial sciences; graduate scholars in economics, company and finance; and execs and technicians working in assurance and pension parts will locate this e-book of benefit.

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Of course, the “enhancement” in the annuity payment (compared to a standard life annuity, same premium) comes, in particular for this type of annuity, from the use of a higher mortality assumption. 3. g. ). 46 3 Health Insurance Products 4. Finally, care annuities are aimed at individuals, usually beyond age 75, with very serious impairments or individuals who are already in a LTC state. Thus, moving from type 1 to type 4 results in progressively higher mortality assumptions, shorter life expectancy, and hence, for a given single premium amount, in higher annuity incomes.

2), which in particular arises from the uncertainty in future mortality trends (and thus constitutes an example of uncertainty risk, see Sect. 3). Finally, we address some issues concerning the management of lifetime-related risks (Sect. 3). 1 The Individual Lifetime The lifetime of any given individual is, in mathematical terms, a random variable. Random fluctuations of the outcomes of individual lifetimes around the life expectancy (consistent with a given age-pattern of mortality) constitute the apparent consequence of this randomness.

3 Monetary Benefits and Service Benefits As regards the amounts of monetary benefits provided by health insurance products, we can recognize the following types. Reimbursement benefits are designed to meet health costs (totally or partially), for example medical expenses. Hence, this category consists of expense-related benefits. Limitations such as deductibles and limit values are usually included in the policy conditions. The amount of a predefined benefit is stated at policy issue, for example to provide an income when the insured is prevented from working by sickness or injury.

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