Open Access
Subscription or Fee Access
The role of health finance in the personal finance of the communities to reduce financial stress during healthcare
Abstract
Personal finance play significant role to fulfill the present and future need and expectation of the individual. The individual fulfills their need based on the earning from the livelihood of the individual. But the saving and investment of finance need to fulfill their present and future expectation. Individual savings mainly considered as income minus expenses. The investment means invest the saving money to fulfill the future need of individual therefore the deposited money in the saving account and current account is not defined as investment. Investment helpful to purchase assets in the future, fulfill the retirement source of income like PPF and CPF, insurance investment like life insurance to fulfill the family need in the future, health insurance to fulfill the healthcare need etc. During the pandemic, community requires the healthcare finance which play major role to sustain and improve the quality life. This study reviews previous article and discuss the role of the healthcare finance to prepare the personal finance by the communities of the nation. The studyprovides the result which beneficial for the communities and policy maker to consider the healthcare finance as major concern for their personal finance.
Keywords
References
Prinja, S., Chauhan, A. S., Karan, A., Kaur, G., & Kumar, R. (2017). Impact of publicly financed health insurance schemes on healthcare utilization and financial risk protection in India: a systematic review. PloS One, 12(2), e0170996.
Asante, A., Price, J., Hayen, A., Jan, S., & Wiseman, V. (2016). Equity in health care financing in low-and middle-income countries: a systematic review of evidence from studies using benefit and financing incidence analyses. PloS One, 11(4), e0152866.
Agyemang-Duah, W., Peprah, C., &Peprah, P. (2019). “Let’s talk about money”: how do poor older people finance their healthcare in rural Ghana? A qualitative study. International Journal for Equity in Health, 18(1), 47. https://doi.org/10.1186/s12939-019-0927-0.
Corscadden, L., Allin, S., Wolfson, M., &Grignon, M. (2014). Publicly financed healthcare and income inequality in Canada. Healthcare Quarterly (Toronto, Ont.), 17(2), 7–10. https://doi.org/10.12927/hcq.2014.23886
Mantzari, E., Vogt, F., Shemilt, I., Wei, Y., Higgins, J. P. T., &Marteau, T. M. (2015). Personal financial incentives for changing habitual health-related behaviors: a systematic review and meta-analysis. Preventive Medicine, 75, 75–85.
Welch, E., Jones, K., Caiels, J., Windle, K., & Bass, R. (2017). Implementing personal health budgets in E ngland: a user‐led approach to substance misuse. Health & Social Care in the Community, 25(5), 1634–1643.
Achdut, L. (2019). Private expenditures on healthcare: determinants, patterns and progressivity aspects. Israel Journal of Health Policy Research, 8(1), 87. https://doi.org/10.1186/s13584-019-0356-y
Mondaca, A. L. N., & Chi, C. (2017). Equity in out-of-pocket payment in Chile. Revista de SaudePublica, 51, 44. https://doi.org/10.1590/S1518-8787.2017051006666
Nidar, S. R., &Bestari, S. (2012). Personal Financial Literacy among University Students (Case Study at Padjadjaran University Students, Bandung, Indonesia). World Journal of Social Sciences, 2(4), 162–171.
Peng, T. C. M., Bartholomae, S., Fox, J. J., &Cravener, G. (2007). The impact of personal finance education delivered in high school and college courses. Journal of Family and Economic Issues, 28(2), 265–284. https://doi.org/10.1007/s10834-007-9058-7
Bhabha, J. I., Khan, S., Qureshi, Q. A., Naeem, A., & Khan, I. (2014). Impact of financial literacy on saving-investment behavior of working women in the developing countries. Research Journal of Finance and Accounting, 13(5), 118–122.
Jappelli, Tullio; Padula, M. W. (2011). Investment in financial literacy and saving decisions.
Delafrooz, N., &Paim, L. (2011). Personal Saving Behavior among Malaysian Employees: Socio Demographic Comparison. International Conference on Social and Humanity, 5, 361–363. Retrieved from http://www.ipedr.com/vol5/no2/79-H10207.pdf
Murithi, S. S., Narayanan, B., &Arivazhagan, M. (2012). Investorsbehaviour in various investment avenues–A study. International Journals of Marketing and Technology, 2(7), 164–189.
Billingsley, R., Gitman, L. J., &Joehnk, M. D. (2016). Personal financial planning. Cengage Learning.
Gitman, L. J., Joehnk, M. D., & Billingsley, R. S. (2010). Personal financial planning. Cengage Learning.
Shenbagavalli, R., Ramachandran, T., Ponniah, V. M., &Senthilkumar, S. (2015). A study of saving and investment behaviour of individual households – An empirical evidence from Tamilnadu, India. International Journal of Applied Engineering Research, 10(2), 4471–4486.
Lee, I., & Shin, Y. J. (2018). Fintech: Ecosystem, business models, investment decisions, and challenges. Business Horizons, 61(1), 35–46.
Erner, Carsten, et al. Can prospect theory be used to predict an investor’s willingness to pay?. Journal of Banking and Finance. 2013:37(6):1960-1973.
Schaaf, M., &Topp, S. M. (2019). A critical interpretive synthesis of informal payments in maternal health care. Health Policy and Planning, 34(3), 216–229.
Caswell, K. J., &Waidmann, T. A. (2019). The affordable care act Medicaid expansions and personal finance. Medical Care Research and Review, 76(5), 538–571.
Holahan, J., &Zedlewski, S. (1992). Who pays for health care in the United States? Implications for health system reform. Inquiry, 1992;29(2):231-48.
Hill, A. D., Ortega, M. E., & Williams, A. C. (2014). Personal Finances for the Physician: A Primer on Maintaining and Protecting Your Earnings. Journal of Orthopaedic Trauma, 28, S50–S58.
Dhaliwal, G., & Chou, C. L. (2007). A brief educational intervention in personal finance for medical residents. Journal of General Internal Medicine,22(3), 374–377.
Chui, M. A. (2009). An elective course in personal finance for health care professionals. American Journal of Pharmaceutical Education, 73(1).
Garman, E. T., &Forgue, R. (2011). Personal finance. Nelson Education.
Mtei, G., Makawia, S., Ally, M., Kuwawenaruwa, A., Meheus, F., &Borghi, J. (2012). Who pays and who benefits from health care? An assessment of equity in health care financing and benefit distribution in Tanzania. Health Policy and Planning, 27(suppl_1), i23–i34.
Achdut, L. (2019). Private expenditures on healthcare: determinants, patterns and progressivityaspects. Israel Journal of Health Policy Research, 8(1), 87. https://doi.org/10.1186/s13584-019-0356-y
Wang, Z., Zhou, X., Gao, Y., Chen, M., Palmer, A. J., & Si, L. (2019). Did expansion of health insurance coverage reduce horizontal inequity in healthcare finance? A decomposition analysis for China. BMJ Open, 9(1), e025184
Molla, A. A., Chi, C., & Mondaca, A. L. N. (2017). Predictors of high out-of-pocket healthcare expenditure: an analysis using Bangladesh household income and expenditure survey, 2010. BMC Health Services Research, 17(1), 94.
Edmonds, S., & Hajizadeh, M. (2019). Assessing progressivity and catastrophic effect of out-of-pocket payments for healthcare in Canada: 2010–2015. The European Journal of Health Economics, 20(7), 1001–1011.
Quintal, C., & Lopes, J. (2016). Equity in health care financing in Portugal: findings from the household budget survey 2010/2011. Health Economics, Policy and Law, 11(3), 233–252.
Falkingham, J., Akkazieva, B., &Baschieri, A. (2010). Trends in out-of-pocket payments for health care in Kyrgyzstan, 2001–2007. Health Policy and Planning, 25(5), 427–436.
Kaonga, O., Banda, C., & Masiye, F. (2019). Hardship financing of out-of-pocket payments in the context of free healthcare in Zambia. PloS One, 14(4), e0214750.
Pradhan, J., & Dwivedi, R. (2017). Do we provide affordable, accessible and administrable health care? An assessment of SES differential in out-of-pocket expenditure on delivery care in India. Sexual & Reproductive Healthcare, 11, 69–78.
Refbacks
- There are currently no refbacks.
Copyright (c) 2022 Research & Reviews: A Journal of Health Professions