Assignment

Course Code: STA101

Section: 05

Instructor: Mohammad Mastak Al Amin (MMA)

Submitted by:

Saleh Md. Abu Sinan 14104108

Md.Nazmus Sakib 15204100

Minhazul Hoque 14204129

Sajid Hasan Nion 16104180

Submission Date: 2nd April 20

Introduction

Having health insurance is important for several reasons. Uninsured people receive less medical
care and less timely care, they have worse health outcomes, and lack of insurance is a fiscal
burden for them and their families. Moreover, the benefits of expanding coverage outweigh the
costs for added services. Safety-net care from hospitals and clinics improves access to care but
does not fully substitute for health insurance. These findings are supported by much research,
although some cautions are appropriate in using these results. If one is 65 or older, he/she has a
few different ways to obtain senior medical insurance. With the rising cost of healthcare, having
just one plan may not be sufficient to provide the coverage their need. As senior people age, they
are increasingly prone to disease and injury, so it’s important that they are properly insured.
Many adult children assist aging parents in the search for senior’s health insurance, so
understanding the options is essential for everyone involved.

Analysis

This analysis is conducted based on the filled questionnaire of twenty randomly selected people.

Frequency Distribution

Class Interval (Age) Frequency Cumulative Frequency Percentage

10-20 Age 1 1 5%

20-30 Age 6 7 35%

30-40 Age 3 10 50%

40-50 Age 2 12 60%

50-60 Age 3 15 75%

60-70 Age 5 20 100%

Bar Chart:
20
18
16
14
12
Frequency
10 Cumulative Frequecny
8 Percentage
6
4
2
0
10-20 Age 20-30 Age 30-40 Age 40-50 Age 50-60 Age 60-70 Age

Pie Chart:

25%
5%

30%
10-20 Age
20-30 Age
30-40 Age
40-50 Age
50-60 Age
60-70 Age
15%
10% 15%

Mean
Mean of cost that is expensed by people every year:

CLASS x f fixi
30000-55000 42500 4 170000
55000-80000 67500 3 202500
80000-105000 92500 5 462500
105000-130000 117500 5 587500
130000-155000 142500 3 427500
    ∑f=20 ∑fixi=1850000

∑fixi
Mean = x=
∑fi
1850000
=
20

= 92,500 BDT

Median
Median Class = 55000-80000

Lower Limit = 55000

F=4

Frequency of the median class (fo) = 3

Class Width (h) = 25000

Me = 55000+ 25000/3 (20/2 -4) = 104998

Conclusion
Health Insurance is a key source of financial security. It allows individuals, families to protect
and accumulate assets, provides financial security in retirement, and allows for the inter-
generational transfer of wealth. In short, insurance can provide economic opportunity for all
eligible personnel. In addition, well-functioning insurance markets can reduce the burden on
taxpayer-funded government programs. Promoting fairness, affordability, and accessibility in
personal and commercial health insurance policy will greatly help in the socio-economic
development of Bangladesh. For these reasons, this report underscores the critical importance of
the protection of health insurance consumers and access to insurance; highlights areas where the
consumer interest is inconsistently represented based on their status, and presents a number of
recommended actions for consideration as a path forward.

Recommendation
From the presiding discussions of the report, we can realize that the policy makers within the
government and the insurance company should adopt effective measures in order to make
good use of the opportunities and to tackle the threats for ensuring a healthy development of
the insurance industry. The following actions are suggested

 The insurance companies of Bangladesh should practice marketing through the use of
promotional tools such as advertising, sales promotion, public relation and publicity,
personal selling and direct marketing.
 Government must minimize the restrictions on premium so that insurance companies can
fix their premium according to their demand. This will increase the profitability of the
insurance companies.
 To regain and maintain a positive public image the insurance companies should
overcome the dissatisfaction in regards to services and claim settlements and should
maintain a service standard.
 The collected premium should be invested in large and beneficial sectors so that
insurance companies can return their clients expected return in timely.

Questionnaire
  Please tick the option you think is most relevant for your case. Fill in the boxes where applicable.

1. Name:
2. Age:

3. Sex: Male Female

4. Number of Family Members
5. Number of Self-Sufficient Family Members
6. Educational Status:
Primary
Secondary
SSC/Equivalent
HSC/Equivalent
Honours
Above
7. Marital Status:

Married

Unmarried

Divorced

Widowed

8. Profession:
9. Monthly Income:
10. Have you ever been affiliated with any kind of health insurance? Yes No

If yes, what type of health insurance did you have? (You can check more than one)

Preferred Provider Organization (PPO)

Health Maintenance Organization (HMO)

Health Saving Accounts (HSA)

Point of Service (POS)

Exclusive Provider Organization (EPO)

Indemnity Plans

11. Are you suffering from any health related issues? If yes, please mention them below

(Leave it blank if your answer is No)

12. “Health Insurance is highly beneficial”. What is your standpoint regarding this statement?

Strongly Agree

Agree

Neutral

Disagree

Strongly Disagree

13. Did you ever face difficulties paying the fee for health insurance? Yes No
14. Do you have any major complains regarding your health insurance provider? If yes,
please mention in the box.

(Leave it blank if you never had any health insurance before)

15. What kind of improvement you want to see in the health insurance companies?

16. Do you think government should manage health insurance? Yes No

17. “Health insurance will improve the standard of living?” What is you standpoint regarding
the statement?

Strongly Agree

Agree

Neutral

Disagree

Strongly Disagree

18. If you previously had any health insurance, for how long did you have it?
19. What proportion of your monthly income you spend on medical services?
20. If you have or had any health insurance, how much money you pay or paid as premium?
21. What kind of health risks you prefer to give to insurance company? Mention below:

22. How many times a month you go to a doctor or hospital?

23. What is the total amount you have to pay for medical expense in a year?
24. Do you think that the premium of health insurance should be based on one’s income?

Strongly Agree

Agree

Neutral

Disagree

Strongly Disagree
25. Did your insurance company cover any of your illness in the last 12 months?

Yes No

26. Who pays for your health insurance?

Local Government

State Government

Myself

Others

27. What are the things that you think should be covered by your insurance company?
Mention below:

28. Which of the following services are covered by you health insurance company?

Emergency

Prescription Drugs

Maternity Care

Dental Service

Ambulance service

Chronic Diseases

Others
29. To what extent do you think your health insurance has been beneficial to you?

Strongly Agree

Agree

Neutral

Disagree

Strongly Disagree

30. Have you ever been denied insurance coverage? Yes No