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Actuarial Science 1021A/B Study Guide - Infant Mortality, Co-Insurance, Patient Protection And Affordable Care Act


Department
Actuarial Science
Course Code
AS 1021A/B
Professor
Steve Kopp

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Modules 3 and 4
The Problem of Poor Health
The problem of poor health can be split into 3
categories:
1. Poor health – medical needs Module 3
2. Poor health – disability Module 4
3. Poor health among the elderly – long term
care discussed at end of module 2

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Module 3
Poor Health – Medical Needs
If an individual gets sick or needs medical
treatment, he/she will need to obtain:
1. Hospitalization (includes surgery/operation),
or
2. Treatment from a medical practitioner (e.g.
physician), or
3. Drugs, or
4. Other medical (non-drug) needs
There is also the problem of:
dental needs
vision care
hearing care

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To meet these medical needs, an individual
needs money and access to services
the costs of these medical services/drugs can
be very high
without proper insurance protection, these
costs would have to come from an
individual’s private savings which if
substantial, could lead to financial insecurity.
Attacking the Problem of Poor Health – Medical
Needs
1. Individual – individual health insurance
2. Employer – group benefit plans
3. Government – provincial medical plans
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